PEN CD-ART 6-REVERSIONARY Senate SponsorsSen. Terry Link-Pamela J. Althoff-Kwame Raoul, Mike Jacobs and Susan Garrett House Sponsors(Rep. Kevin A. McCarthy) 12/30/2010SenatePublic Act . . . . . . . . . 96-1495 40 ILCS 5/6-229 new30 ILCS 805/8.34 newAmends the Chicago Firefighter Article of the Illinois Pension Code. Allows a fireman, prior to retirement on annuity, to elect to take a lesser amount of annuity and provide, with the actuarial value of the amount by which his or her annuity is reduced, a reversionary annuity for a spouse. Provides that a fireman exercising the option to provide a reversionary annuity may not reduce his or her annuity by more than $400 per month or elect to provide a reversionary annuity of less than $100 per month. Provides that a reversionary annuity shall begin on the day following the death of the annuitant and shall continue monthly thereafter until the death of the reversionary annuitant. Provides a method for calculating the amount of the reversionary annuity. Amends the State Mandates Act to require implementation without reimbursement.House Committee Amendment No. 1 Deletes reference to:30 ILCS 805/8.3440 ILCS 5/6-229 newAdds reference to:40 ILCS 5/6-101from Ch. 108 1/2, par. 6-101Replaces everything after the enacting clause. Amends the Chicago Firefighter Article of the Illinois Pension Code. Makes a technical change in a provision concerning the creation of the firemen's annuity and benefit fund.House Floor Amendment No. 3 Deletes reference to:40 ILCS 5/6-101Adds reference to:40 ILCS 5/1-113.240 ILCS 5/1-113.4a new40 ILCS 5/1-165 new40 ILCS 5/3-111from Ch. 108 1/2, par. 3-11140 ILCS 5/3-111.1from Ch. 108 1/2, par. 3-111.140 ILCS 5/3-112from Ch. 108 1/2, par. 3-11240 ILCS 5/3-125from Ch. 108 1/2, par. 3-12540 ILCS 5/4-109from Ch. 108 1/2, par. 4-10940 ILCS 5/4-109.1from Ch. 108 1/2, par. 4-109.140 ILCS 5/4-114from Ch. 108 1/2, par. 4-11440 ILCS 5/4-118from Ch. 108 1/2, par. 4-11840 ILCS 5/5-167.1from Ch. 108 1/2, par. 5-167.140 ILCS 5/5-168from Ch. 108 1/2, par. 5-16840 ILCS 5/5-238 new40 ILCS 5/6-164from Ch. 108 1/2, par. 6-16440 ILCS 5/6-165from Ch. 108 1/2, par. 6-16540 ILCS 5/6-229 new40 ILCS 5/7-142.1from Ch. 108 1/2, par. 7-142.1Replaces everything after the enacting clause. Amends the Illinois Pension Code. In the Downstate Police, Downstate Fire, Chicago Police, and Chicago Fire Articles of the Code, as well as provisions in the IMRF Article regarding sheriff's law enforcement employees, makes changes concerning eligibility for a pension, the method of calculating retirement pensions, the amount of survivor pensions, and the amount and timing of annual increases; authorizes the Comptroller to deduct amounts owed by a municipality from specified percentages of grants of State funds to the municipality, if the municipality fails to transmit required contributions within a specified time; changes the way that public safety tax levies are calculated; and specifies the means for calculating the value of fund assets. In the General Provisions Article of the Code, provides that a downstate police or downstate firefighter pension fund that has net assets of at least $10,000,000 and has appointed an investment adviser may, through that investment adviser, invest an additional portion of its assets in certain common and preferred stocks and mutual funds; authorizes Downstate Police and Downstate Fire pension funds to invest in corporate bonds that meet certain requirements; and requires COGFA to conduct a study on the feasibility of creating an investment pool and enacting a contribution cost-share component. Effective January 1, 2011. 2/10/2010SenateFiled with Secretary by Sen. Kwame Raoul 2/10/2010SenateFirst Reading 2/10/2010SenateReferred to Assignments 2/24/2010SenateAssigned to Pensions and Investments 3/4/2010SenateDo Pass Pensions and Investments; 008-000-000 3/4/2010SenatePlaced on Calendar Order of 2nd Reading March 9, 2010 3/12/2010SenateSecond Reading 3/12/2010SenatePlaced on Calendar Order of 3rd Reading March 15, 2010 3/15/2010SenateThird Reading - Passed; 046-000-000 3/15/2010HouseArrived in House 3/17/2010HouseChief House Sponsor Rep. Kevin A. McCarthy 3/17/2010HousePlaced on Calendar Order of First Reading 3/17/2010HouseFirst Reading 3/17/2010HouseReferred to Rules Committee 11/10/2010HouseFinal Action Deadline Extended-9(b) January 11, 2011 11/10/2010HouseAssigned to Personnel and Pensions Committee 11/29/2010HouseHouse Committee Amendment No. 1 Filed with Clerk by Personnel and Pensions Committee 11/29/2010HouseHouse Committee Amendment No. 1 Adopted in Personnel and Pensions Committee; 006-004-000 11/29/2010HouseRemains in Personnel and Pensions Committee 11/29/2010HouseDo Pass as Amended / Short Debate Personnel and Pensions Committee; 006-004-000 11/29/2010HousePlaced on Calendar 2nd Reading - Short Debate 11/29/2010HouseSecond Reading - Short Debate 11/29/2010HouseHeld on Calendar Order of Second Reading - Short Debate 11/29/2010HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Kevin A. McCarthy 11/29/2010HouseHouse Floor Amendment No. 2 Referred to Rules Committee 11/30/2010HouseHouse Floor Amendment No. 3 Filed with Clerk by Rep. Kevin A. McCarthy 11/30/2010HouseHouse Floor Amendment No. 3 Referred to Rules Committee 11/30/2010HouseHouse Floor Amendment No. 3 Rules Refers to Personnel and Pensions Committee 11/30/2010HouseHouse Floor Amendment No. 3 Recommends Be Adopted Personnel and Pensions Committee; 008-002-000 11/30/2010HouseHouse Floor Amendment No. 3 Adopted by Voice Vote 11/30/2010HousePlaced on Calendar Order of 3rd Reading - Short Debate 11/30/2010House3/5 Vote Required 11/30/2010HouseThird Reading - Short Debate - Passed 095-018-000 11/30/2010HouseHouse Floor Amendment No. 2 Tabled Pursuant to Rule 40(a) 11/30/2010SenateSecretary's Desk - Concurrence House Amendment(s) 1, 3 11/30/2010SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1, 3 - December 1, 2010 11/30/2010SenateHouse Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Terry Link 11/30/2010SenateHouse Committee Amendment No. 1 Motion to Concur Referred to Assignments 11/30/2010SenateHouse Floor Amendment No. 3 Motion to Concur Filed with Secretary Sen. Terry Link 11/30/2010SenateHouse Floor Amendment No. 3 Motion to Concur Referred to Assignments 12/1/2010SenateAdded as Chief Co-Sponsor Sen. Pamela J. Althoff 12/1/2010SenateHouse Committee Amendment No. 1 Motion to Concur Assignments Referred to Pensions and Investments 12/1/2010SenateHouse Floor Amendment No. 3 Motion to Concur Assignments Referred to Pensions and Investments 12/1/2010SenateHouse Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Pensions and Investments; 008-000-001 12/1/2010SenateHouse Floor Amendment No. 3 Motion To Concur Recommended Do Adopt Pensions and Investments; 008-000-001 12/1/2010SenateChief Sponsor Changed to Sen. Terry Link 12/1/2010SenateHouse Committee Amendment No. 1 Chief Sponsor changed to Senator Link on Motion to Concur 12/1/2010SenateHouse Floor Amendment No. 3 Chief Sponsor changed to Senator Link on Motion to Concur 12/1/2010SenateAdded as Chief Co-Sponsor Sen. Kwame Raoul 12/2/2010SenateAdded as Co-Sponsor Sen. Mike Jacobs 12/2/2010Senate3/5 Vote Required 12/2/2010SenateHouse Committee Amendment No. 1 Senate Concurs 046-004-002 12/2/2010SenateHouse Floor Amendment No. 3 Senate Concurs 046-004-002 12/2/2010SenateAdded as Co-Sponsor Sen. Susan Garrett 12/2/2010SenatePassed Both Houses 12/17/2010SenateSent to the Governor 12/30/2010SenateGovernor Approved 12/30/2010SenateEffective Date January 1, 2011 12/30/2010SenatePublic Act . . . . . . . . . 96-1495