Bill Status of HB 5666   97th General Assembly

Short Description:  PEN CD-IMRF-SELF MANAGED PLAN

House Sponsors
Rep. Mike Fortner

Last Action  View All Actions

DateChamber Action
  1/8/2013HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/7-130.1 new
40 ILCS 5/7-130.2 new
40 ILCS 5/7-140.5 new
40 ILCS 5/7-173from Ch. 108 1/2, par. 7-173
40 ILCS 5/7-173.3 new
30 ILCS 805/8.36 new

Synopsis As Introduced
Amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code. Allows persons who first become participants on or after January 1, 2011 to elect to participate in a self-managed program of retirement benefits instead of the program of reformed retirement benefits currently offered. Provides that a self-managed plan shall authorize a participant to accumulate assets for retirement through a combination of employer and employee contributions that may be invested at the participant's direction in mutual funds, collective investment funds, or other investment products and used to purchase annuity contracts. Requires the Fund to make the self-managed plan available within 6 months after the effective date of the amendatory Act. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Actions 
DateChamber Action
  2/16/2012HouseFiled with the Clerk by Rep. Mike Fortner
  2/16/2012HouseFirst Reading
  2/16/2012HouseReferred to Rules Committee
  1/8/2013HouseSession Sine Die

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