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 2054

Hydraulic Fracturing Tax Revenues Fund Pensions

HB 2054 amends the Illinois Hydraulic Fracturing Tax Act to require all moneys received by the Illinois Department of Revenue under the Act to be used only for the payment of pension obligations of the state of Illinois.

HB 2054 takes effect immediately upon becoming law.

HB 2101

Racial Bias, Discrimination, and Harassment Omnibus

HB 2101amends the State Officials and Employees Ethics Act. It establishes that all persons have a right to work in an environment free from racial discrimination and harassment. All persons subject to the Act are prohibited from racially discriminating against or harassing any person, regardless of any employment relationship or lack thereof. Any person who violates the prohibition on...

HB 2279

Voluntary Tier III Plan + Opt-Out + No Credit for Unused Vacation/Sick Leave

HB 2279 amends multiple articles of the Illinois Pension Code to create a voluntary Tier III plan for Tier I and Tier II members under the General Assembly Retirement System, State Employees’ Retirement System, State Universities Retirement System, Teachers’ Retirement System, and Judges’ Retirement System.

HB 2279 requires SURS to prepare and implement a Tier III plan by July 1, 2020...

HB 2394

New Revenues Fund State Pension Obligations

HB 2394 amends the State Budget Law of the Civil Administrative Code of Illinois to require the state to allocate any new and additional revenue sources to fund its pension obligations.

Specifically, HB 2394 requires the state of Illinois to allocate any new and additional revenue sources that exceed the fiscal year 2019 revenue forecasts reported by the Commission on Government...

HB 2440

SURS Technical Corrections Bill

HB 2440 is an initiative of SURS that makes three technical changes under Article 15 of the Illinois Pension Code.

First, HB 2440 amends the definition of an “employee” under Section 15-107 to mirror a change to the definition of an “employer” under Section 15-106 by Public Act 100-0611 (which allowed certain legacy employees within the newly created Department of Innovation and...

HB 2441

State Serial Long Term Pension Obligation Bonds

HB 2441 authorizes the issuance of $105.620 billion in State Serial Long Term Pension Obligation Bonds to bring the funded status of the state pension systems up to 90 percent of assets to liabilities. (Currently, SURS is approximately funded at 40 percent of assets to liabilities.)

Specifically, HB 2441 amends the General Obligation Bond Act to authorize the issuance of $105.620...

HB 2452

Tier I Social Security Benefit Buyout Option

HB 2452 creates a voluntary buyout option whereby an eligible SURS member receives 50 percent of the difference between the present value of his or her Tier I retirement benefits and estimated Social Security benefits in exchange for a retirement annuity equal to estimated Social Security benefits with reduced and delayed automatic annual increases.

Specifically, HB 2452 creates a Tier...

HB 2460

Investment Policies – Sustainability Factors

As it passed the House, HB 2460 amends the General Provisions article of the Illinois Pension Code to require investment policies to include sustainability factors to be considered in evaluating investment decisions.

Specifically, HB 2460 requires every retirement system, pension fund, or investment board subject to the Illinois Pension Code to adopt a written investment policy and file...

HB 2547

Racial Bias, Discrimination, and Harassment Omnibus

HB 2547 amends the State Officials and Employees Ethics Act. It establishes that all persons have a right to work in an environment free from racial discrimination and harassment. All persons subject to the Act are prohibited from racially discriminating against or harassing any person, regardless of any employment relationship or lack thereof. Any person who violates the prohibition on...

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...

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