Legislation

Legislation

Please note: SURS does not endorse specific pension reform legislation. Our goal is to update and educate SURS members concerning legislation that may affect their retirement benefits.

HB 2592

No Elected Official Participation in Public Retirement Systems

HB 2592 amends the General Provisions article of the Illinois Pension Code to prohibit newly elected or appointed officials from participating in any public pension fund or public retirement system with respect to that service.

Specifically, HB 2592 establishes that, notwithstanding any other provision of the Illinois Pension Code to the contrary, a person may not participate in any...

HB 2664

RUUPA – Trailer Bill for Public Retirement Systems

HB 2664 amends the Revised Uniform Unclaimed Property Act to ensure that annuity, pension and benefit funds held in a fiduciary capacity by or on behalf of public retirement systems remain in their respective trusts.

Public retirement systems were previously exempt from the Uniform Distribution of Unclaimed Property Act. However, this exemption did not carry over to the newly created...

HB 2740

Supplemental Defined Contribution Plan

HB 2740 amends multiple provisions of the Illinois Pension Code to create supplemental defined contribution plans for each of the state-funded retirement systems.

As it relates to SURS, HB 2740 requires the SURS Board of Trustees, within one year after the effective date of the legislation, to establish and maintain a defined contribution plan to address the retirement preparedness gap...

HB 2749

Alternative Retirement Plan – Local Control of Benefits

HB 2749 amends multiple provisions of the Illinois Pension Code to create an alternative retirement plan, the costs and benefits of which are determined by local employers, under many of the public pension funds and public retirement systems.

As it relates to SURS, HB 2749 authorizes the board of trustees of a community college district that is an employer under Article 15 of the...

HB 2902

Tier II SURS Public Safety Retire at 60

HB 2902 allows Tier II police officers and Tier II firefighters in SURS to retire at age 60 with 20 years of service, if eligible for the retirement annuity calculation for police officers and firefighters under SURS.

Specifically, HB 2902 amends the State Universities Retirement System article of the Illinois Pension Code to establish that a Tier II member who has at least 20 years of...

HB 2910

Early Retirement Incentive

HB 2910 creates early retirement incentives under the State Universities Retirement System and the Teachers’ Retirement System.

Specifically, as it relates to SURS, HB 2910 allows certain Tier I members between 55 and 60 years of age under the State Universities Retirement System to elect to retire with an undiscounted retirement annuity up to five years early in exchange for accepting...

HB 3131

Annuitant Database

HB 3131 creates an annuitant database within each of the five state-funded retirement systems.

Specifically, HB 3131 requires SURS to establish and post an annuitant database on its website by July 1, 2020. The annuitant database is searchable database of the names of all persons receiving an annuity from SURS and the amount of the annuity paid by SURS to that person each month. The...

HB 3256

Tier II SURS Police Officers Retire at 50 or 55

HB 3256 allows Tier II members under SURS to retire with an undiscounted retirement annuity at age 55 with at least 10 years of service as a police officer or to retire with a discounted retirement annuity at age 50 with at least 10 years of service as a police officer.

Specifically, HB 3256 amends the State Universities Retirement System article of the Illinois Pension Code to...

HB 3308

Sports Wagering Act

House Amendment #4 to HB 3308 creates the Illinois Lottery Sports Wagering Act. As it relates to SURS, HA #4 requires the privilege tax on sports wagering revenue to be deposited in equal amounts to the Pension Stabilization Fund, the Common School Fund, and the State Construction Account Fund. (The Pension Stabilization Fund is used to transfer moneys to the State Employees’ Retirement...

HB 3376

Property Tax Relief and Pension Stabilization Fund Act

HB 3376 creates the Property Tax Relief and Pension Stabilization Fund Act. It reduces the funding target for each of the five state-funded retirement systems from 90 percent to 70 percent of assets to liabilities in state fiscal year 2045, requires the state to contribute the normal cost and unfunded liability components to the state-funded retirement systems each year, and requires a...

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