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.

SB 1671

Emerging Manager RFP Exemption

As it passed the Senate, SB 1671 amends the General Provisions article of the Illinois Pension Code to facilitate contracts with emerging investment managers.

Specifically, SB 1671 establishes that an “emerging investment manager” means a qualified investment adviser that manages an investment portfolio of at least $10 million but less than $20 billion at the time of the initial...

SB 1698

Public Retirement Systems Broadcast Open Meetings

SB 1698 requires certain public pension funds and retirement systems to broadcast and maintain audio and video of their open meetings in real-time on their websites.

Specifically, SB 1698 amends the General Provisions article of the Illinois Pension Code to require any open meeting of the board of trustees of a retirement system or pension fund or any committee thereof to be broadcast...

SB 1784

Public Retirement Systems – Personal Information Disclosures

HA #1 to SB 1784 amends the Freedom of Information Act to exempt information prohibited from being disclosed under the Illinois Pension Code from inspection and copying under the Act.

Furthermore, HA #1 amends the General Provisions article of the Illinois Pension Code to prohibit a pension fund or retirement system from disclosing the following information of any members or...

SB 1814

Fiscal Year 2020 Budget Implementation Bill

SB 1814 creates the FY 2020 Budget Implementation Act to make changes in state programs that are necessary to implement the state budget for fiscal year 2020.  It authorizes the use of moneys in the State Pensions Fund as part of the FY 2020 state contribution to SURS and makes two additional changes: (1) repeals the 3% Rule and reenacts the 6% Rule; and (2) it extends the existing...

SB 1846

Veteran-Owned Businesses Utilization

As it relates to SURS, Senate Amendment #1 to SB 1846 makes technical changes.

SB 1846 requires public retirement systems, pension funds and investment boards to utilize veteran-owned businesses for certain contracts and services. 

Specifically, SB 1846 amends the General Provisions article of the Illinois Pension Code to add veteran-owned businesses to MWDBE utilization...

SB 1948

3% Rule Exemptions

SB 1948 creates exemptions to the 3% rule created by Public Act 100-0587 for overload work, overtime and promotions under the State Universities Retirement System.

Public Act 100-0587 establishes that, for academic years beginning on or after July 1, 2018, the actual employer must pay the present value of the resulting increase in benefits attributable to the portion of any salary...

SB 1952

Repeal 3% Rule and Re-Enact 6% Rule

House Amendment #1 to SB 1952 removes provisions of the bill that repeal the 3% rule and re-enact the 6% rule.

As it passed the Senate, SB 1952 amends the State Universities Retirement System and Teachers’ Retirement System Articles of the Illinois Pension Code to repeal the 3% rule and re-enact the 6% rule.

Specifically, 1952 repeals the requirement that employers pay the...

SB 2060

Emerging Investment Manager Goals – Total Fees Paid

SB 2060 requires goals for the utilization of emerging investment managers to be based on the percentage of total fees paid for (instead of the dollar amount of) assets under management.

Specifically, SB 2060 amends the General Provisions article of the Illinois Pension Code to establish that, by January 1, 2020 (currently, January 1, 2010), a retirement system, pension fund, or...

SB 2062

Investment Policies – Sustainability Factors

Senate Amendment #2 to SB 2062 modifies the description of human capital factors to include responsible contractor and responsible bidder policies. 

As amended by Senate Amendment #1, SB 2062 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.

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SB 2145

3% Rule Exemptions

SB 2145 creates exemptions to the 3% rule created by Public Act 100-0587 for participants who are 10 or more years away from retirement eligibility, overload work, overtime, and promotions under the State Universities Retirement System.

Public Act 100-0587 establishes that, for academic years beginning on or after July 1, 2018, the actual employer must pay the present value of the...

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