Search Form
First, enter a politician or zip code
Now, choose a category

Key Votes

SB 1 - Amends State Employees' Pension Plans - Key Vote

Illinois Key Votes

Stages

Family

Issues

Stage Details

Legislation - Signed (Executive) -

Title: Amends State Employees' Pension Plans

Signed by Governor Pat Quinn
Legislation - Conference Report Adopted (House) (62-53) - (Key vote)

Title: Amends State Employees' Pension Plans

Vote Smart's Synopsis:

Vote to adopt a conference report that amends state employees' pension plans.

Highlights:

 Project Vote Smart staff and volunteers have provided this synopsis based on an initial review of the text and voting record of SB 1. We will continue to analyze the contents of this bill and will have more information available as soon as possible.


For further status information, call the Voter's Research Hotline at 1-888-VOTE-SMART (1-888-868-3762).

Legislation - Conference Report Adopted (Senate) (30-24) - (Key vote)

Title: Amends State Employees' Pension Plans

Vote Smart's Synopsis:

Vote to adopt a conference report that amends state employees' pension plans.

Highlights:

 Project Vote Smart staff and volunteers have provided this synopsis based on an initial review of the text and voting record of SB 1. We will continue to analyze the contents of this bill and will have more information available as soon as possible.


For further status information, call the Voter's Research Hotline at 1-888-VOTE-SMART (1-888-868-3762).

Legislation - Nonconcurrence Vote Passed (Senate) (45-11) -

Title: Amends State Employees' Pension Plans

Legislation - Bill Passed With Amendment (House) (62-51) - (Key vote)

Title: Amends State Employees' Pension Plans

Vote Smart's Synopsis:

Project Vote Smart staff and volunteers are working hard to produce a clear and accurate summary of the contents of the bill. At this time, we have posted the voting record for SB 1 so you can see how the office holder representing you has voted on this piece of legislation. We will have a detailed summary available as soon as possible.

For further status information, call the Voter's Research Hotline at 1-888-VOTE-SMART (1-888-868-3762).

Legislation - Bill Passed (Senate) (30-22) - (Key vote)

Title: Amends State Employees' Pension Plans

Vote Smart's Synopsis:

Vote to pass a bill that amends state employees' pension plans.

Highlights:
  • Establishes the “Optional Cash Balance Plan” which provides to participating Tier I employees an automatic annual increase in retirement annuity of 3 percent or one-half of the annual unadjusted percentage increase in the Consumer Price Index-U, whichever is less, of the original granted retirement annuity (Sec. 25).
  • Authorizes Tier I employees from the following retirement systems to opt into the Optional Cash Balance Plan (Sec. 25):
    • The Teachers’ Retirement System of the State of Illinois;
    • The State Employees’ Retirement System of Illinois;
    • The State Universities Retirement System;
    • The Judges Retirement System of Illinois; and
    • The General Assembly Retirement System.
  • Requires Tier I employees to make a decision to opt into the retirement annuity plan between January 1, 2014 and May 31, 2014, except in the following circumstances (Sec. 25):
    • The individual becomes a Tier I employee after January 1, 2014; or
    • The individual returns to active service as a Tier I employee after January 1, 2014.
  • Specifies that employees who fail to make a decision to opt into the retirement annuity plan by May 31, 2014 will be deemed to have not opt into the plan (Sec. 25).
  • Prohibits employees who opt out of the retirement annuity plan from being required to make contributions toward the program of health benefits while he or she is an employee or active contributor (Sec. 12).
  • Requires the cash balance account of a participating Tier I employee to consist of the following (Sec. 25):
    • The amounts contributed by or on behalf of the participant as employee contributions;
    • The “notional employer contributions”; and
    • The interest credit that is attributable to the account.
  • Requires Tier I employees participating in the Optional Cash Balance Plan to make a contribution to the applicable retirement system at the rate of 2 percent of each payment of salary (Sec. 25).
  • Authorizes a participant in the optional cash balance plan to begin collecting a retirement annuity at age 59 and one-half (Sec. 25).
  • Requires the State Treasurer to transfer $1 billion from the General Revenue Fund to the Pension Stabilization Fund from fiscal year 2020 through fiscal year 2045 or until each of the designated retirement systems has achieved the funding ratio defined by law for that retirement system, whichever occurs first (Sec. 22).
  • Specifies that there no disability benefits are provided under the Optional Cash Balance Plan (Sec. 25).
Legislation - Introduced (Senate) -

Title: Amends State Employees' Pension Plans

Sponsors

Co-sponsors

Skip to top
Back to top