Legislation 99th General Assembly (2015-2016)
House
HB 0422 - Actuarial Experience Study Every Three Years Became Public Act 99-0232 on 8/3/2015 HB 422 requires the actuarial experience study to occur at least once every three years (instead of at least once every five years) for the General Assembly Retirement System, State Employees Retirement System, State Universities Retirement System, Teachers Retirement System, and Judges Retirement System. Status:Click Here |
HB 3484 - State Retirement Systems Administrative Technical Changes Became Public Act 99-0450 on 8/24/2015 HB 3484 makes the following technical changes to strengthen the oversight and administration of the State Universities Retirement System ("SURS"):
HB 3484 makes technical changes for three of the other State-funded retirement systems (General Assembly Retirement System, State Employees Retirement System, and Teachers Retirement System). Status:Click Here |
HB 4259 - SURS Participation Limited to Public Employees Became Public Act 99-0830 on 8/19/2016 HB 4259 excludes individuals who begin employment with the following employers on or after the effective date from participation under SURS: certain associations of community college boards, the Association of Illinois Middle-Grade Schools, the Illinois Association of School Administrators, the Illinois Association for Supervision and Curriculum Development, the Illinois Principals Association, the Illinois Association of School Business Officials, the Illinois Special Olympics, and any entity not defined as an employer. HB 4259 also gives the SURS Board of Trustees final determination as to whether a person is an employee covered under SURS. HB 4259 makes similar changes to the Illinois Municipal Retirement Fund and the Teachers Retirement System. Status:Click Here |
HB 6021 - Election to Restore Survivors Insurance BenefitsBecame Public Act 99-0682 on 7/29/2016 HB 6021 allows eligible SURS retirees to restore their survivors insurance benefits by making a one-time, irrevocable election to repay their survivors refund or additional annuity, along with interest compounded at the actuarially assumed rate of return (7.25%), to SURS. The compounded interest applies from the date of issuance of the refund to the SURS retiree, or the date of issuance of each additional annuity payment to the SURS retiree, until the date of repayment to SURS. Full repayment must be made to SURS by the earlier of: 24 months after the date of the election, or the date of the retiree’s death. Eligible retirees have one year, beginning five months after the effective date of the legislation, to irrevocably elect to restore their survivors insurance Under HB 6021, an eligible SURS retiree must meet the following requirements:
HB 6021 makes similar changes to the Illinois Municipal Retirement Fund and Teachers Retirement System. HB 6021 is very similar to House Bill 2520 of the 99th General Assembly, as introduced. Status: Click Here |
HB 6030 - Deceased Annuitant Identification ProcessBecame Public Act 99-0683 on 7/29/2016 HB 6030 requires each pension fund and retirement system under the Illinois Pension Code, except for downstate police and firefighters pension funds, to develop and implement, by June 30, 2017, a process to identify deceased annuitants. Specifically, HB 6030 requires the pension fund or retirement system to check for deceased annuitants at least once per month and to use common methods to identify deceased persons, including:
HB 6030 also amends the Vital Records Act to require any information contained in the State vital records to be made available, at no cost, to any pension fund or retirement system under the Illinois Pension Code for administrative purposes. Status:Click Here |
HJR 137 - SURS 75th AnniversaryHJR 137 congratulates the State Universities Retirement System on its 75th Anniversary. Status:Click Here |
HR 0146 - Urge Federal Repeal of the Government Pension Offset and Windfall Elimination ProvisionHR 146 urges the United States Congress to introduce and pass legislation repealing the Government Pension Offset and the Windfall Elimination Provision. These federal laws reduce the Social Security benefits of certain public sector retirees and their survivors. Status:Click Here |
HR 0531 - Fee Reductions for Reductions in State Aid to MunicipalitiesHR 531 urges members of the General Assembly not to implement any cuts to State aid to municipalities unless those cuts are matched by equally proportionate reductions in fees for financial services paid by State agencies, including fees for all financial services, including cash management, investment management, and debt management. Additionally, HR 531 urges that, if the General Assembly cuts State aid to municipalities, all State agencies request that the firms that provide financial services to them reduce fees by an equally proportionate amount. Lastly, HR 531 urges State agencies not to make any payments to firms that refuse to reduce fees for financial services by the set amount until they have first met all of their other financial obligations, including fully funding public services and State aid to municipalities, paying workers, making pension fund contributions, and paying other legitimate bills. Status:Click Here |
HR 1100 - SURS 75th AnniversaryHR 1100 congratulates the State Universities Retirement System on its 75th Anniversary. Status:Click Here |
Senate
SB 0842 - Fiscal Year 2016 Budget ImplementationBecame Public Act 99-0008 on 7/9/2015 SB 842 contains budget implementation language authorizing the appropriation of $190,000,000 from the State Pensions Fund to the State Universities Retirement System as part of the annual required State contribution for Fiscal Year 2016. SB 842 also makes other changes. Status:Click Here |
SB 1334 - Aspirational Diversity Goals for State ContractsBecame Public Act 99-0462 on 8/25/2015 SB 1334 establishes that, beginning January 1, 2016, it is the aspirational goal for a retirement system, pension fund, or investment board under the Illinois Pension Code to use emerging investment managers for not less than 20% of total funds under management. SB 1334 establishes that it is the aspirational goal that not less than 20% of investment advisors be minorities, females, and persons with disabilities. SB 1334 establishes that it is the aspirational goal to utilize businesses owned by minorities, females, and persons with disabilities for not less than 20% of contracts awarded for internet technology services, accounting services, insurance brokers, architectural and engineering services, and legal services. SB 1334 also makes changes to the Business Enterprise for Minorities, Females, and Persons with Disabilities Act. Status:Click Here |
SB 1761 - No Investments in Companies that Boycott IsraelBecame Public Act 99-0128 on 7/23/2015 SB 1761 prohibits investments in companies that boycott Israel and streamlines the current divestiture policies for Iran and Sudan. SB 1761 defines boycotting Israel as "engaging in actions that are politically motivated and are intended to penalize, inflict economic harm on, or otherwise limit commercial relations with the State of Israel or companies based in the State of Israel or in territories controlled by the State of Israel." Additionally, SB 1761 creates the Illinois Investment Policy Board, consisting of 4 members appointed by the Governor and 3 members appointed by each of the Boards of the State Universities Retirement System, Teachers Retirement System, and Illinois State Board of Investments, respectively. The Illinois Investment Policy Board will identify all Iran-restricted companies, Sudan-restricted companies, and companies that boycott Israel and develop a list of restricted companies for the retirement systems. The Illinois Investment Policy Board will also send a written notice to a company informing it of its status on the list of restricted companies and that it may become subject to divestiture by the retirement systems and will collect information from each retirement system regarding investments sold, redeemed, divested, or withdrawn from the list of restricted companies in accordance with the Act. Status:Click Here |
SB 1810 - FY 2017 Stopgap Budget Implementation ActBecame Public Act 99-0523 pm 6/30/2015 SB 1810 creates the FY2017 Stopgap Budget Implementation Act. SB 1810 contains budget implementation language authorizing use of money in the State Pensions Fund as part of the annual required State contribution to SURS for Fiscal Year 2017. SB 1810 also makes other changes. Status:Click Here |
SB 2047 - FY 2016 and FY 2017 Stopgap BudgetBecame Public Act 99-0524 on 6/30/2015 As it relates to SURS, SB 2047 appropriates $190 million from the State Pensions Fund as part of the annual required State contribution to SURS for FY 2016 and appropriates $190 million from the State Pensions Fund as part of the annual required State contribution to SURS for FY 2017. SB 2047 also makes other appropriations. In Fiscal Year 2016, SURS received $190 million from the State Pensions Fund and submitted vouchers for payment of the remaining $1,411,480,000 of the annual required State contribution from the General Revenue Fund under the State Pension Funds Continuing Appropriation Act. Additionally, $4,624,625 was transferred from the General Revenue Fund to the Community College Health Insurance Security Fund under the State Pension Funds Continuing Appropriation Act for the State contribution to the College Insurance Program (“CIP”) for FY 2016. Under current law, the State Pension Funds Continuing Appropriation Act gives SURS the ability to submit vouchers for an amount up to the full certified State contribution to the System ($1,671,426,000 for FY 2017) for payment from the General Revenue Fund. SB 2047 appropriates $190 million of the annual required State contribution for FY 2017 from the State Pensions Fund instead of the General Revenue Fund. This means that SURS will receive the remaining $1,481,426,000 from the General Revenue Fund for FY 2017 under the State Pension Funds Continuing Appropriation Act. The State Pension Funds Continuing Appropriation Act also annually appropriates an amount equal to the full certified State contribution for CIP ($4,309,111 for FY 2017) from the General Revenue Fund to the Community College Health Insurance Security Fund. Status: Governor Rauner Signed into Law on 6/30/2016 as Public Act 99-0524 (Senate Vote: 54-0-0; House Vote: 105-4-1). Status:Click Here |
SB 2156 - SURS Participation, Basic Compensation, and Earnings LimitationsBecame Public Act 99-0897 on 8/26/2016 SB 2156 makes the following changes for employees:
SB 2156 makes the following changes for employers:
Beginning on the 91st calendar day after the System’s request for information necessary for the proper administration of the System, or the 61st calendar day if the request is pursuant to an employer audit, it allows the System to assess a penalty of $250 per calendar day until the System receives the information, with a maximum penalty of $25,000. Should the employer fail to make the required payment within the earlier of one calendar year after receipt of the information by the System or one calendar year of the employer reaching the maximum penalty of $25,000, the legislation allows the System to seek payment from the Comptroller through State funds payable to the employer.
SB 2156 also makes the following changes related to furloughs and voluntary pay reductions experienced by public higher education employees:
Finally, SB 2156 codifies the default investment fund under the Self-Managed Plan. Status:Click Here |