PENCD-ST SYS-CREDITS-FUNDING Senate SponsorsSen. Jim Oberweis 1/13/2015SenateSession Sine Die 40 ILCS 5/1-161 new40 ILCS 5/2-124from Ch. 108 1/2, par. 2-12440 ILCS 5/14-13140 ILCS 5/15-155from Ch. 108 1/2, par. 15-15540 ILCS 5/16-158from Ch. 108 1/2, par. 16-15840 ILCS 5/18-131from Ch. 108 1/2, par. 18-13130 ILCS 805/8.38 newAmends the Illinois Pension Code. Shifts the required State contributions under the State Universities and Downstate Teacher retirement systems to the actual employers, beginning in State fiscal year 2016. With respect to the 5 State-funded retirement systems: Provides a new funding formula for State and employer contributions, with a 100% funding goal through 2045 (determined using the projected unit credit actuarial cost method) and a 90% funding goal thereafter. Provides that no additional service credit may be accrued and no automatic increase in a retirement annuity shall be received. Provides that the pensionable salary of an active participant may not exceed that individual's pensionable salary as of the effective date. Provides that State-funded retirement systems shall establish self-directed retirement plans for all active participants and all employees hired on or after the effective date. Provides that all active participants shall have the option of participating in a self-directed retirement plan. Provides that these changes are controlling over any other law. Amends the State Mandates Act to require implementation without reimbursement. Includes a nonacceleration provision. 2/14/2014SenateFiled with Secretary by Sen. Jim Oberweis 2/14/2014SenateFirst Reading 2/14/2014SenateReferred to Assignments 3/5/2014SenateAssigned to Executive 3/6/2014SenateTo Subcommittee on Special Issues (EX) 3/21/2014SenatePostponed - Executive; Subcommittee on Special Issues 3/28/2014SenateRule 3-9(a) / Re-referred to Assignments 1/13/2015SenateSession Sine Die