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   New JRS Legislation   

Legislation Affecting JRS

During the 94th session of the General Assembly, several pension-related bills passed both the House and the Senate and were signed by the Governor that affect JRS members. Below is the list of JRS legislation.

  • SB0023 - Sudan Investments PA 94-0079
  • SB0027 - Funding and Alternative Formula Changes. PA 94-0004
  • SB0253 - Emerging Investment Managers PA 94-0471
  • SB0529 - Lawful Child Definition PA 94-0229


Senate Bill 0023 - Sudan Investments

SB0023 stipulates that a State of Illinois retirement system or pension fund shall not, directly or through a fund manager, invest or deposit funds with certain entities doing business in or with the Republic of Sudan. Senate Bill 0023

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Senate Bill 0027 - Funding Changes Affecting JRS

SB0027 has an immediate impact on the Judges' Retirement System by reducing the amount of the employer contributions in both FY06 and FY07. This reduction totals $8.761 million in FY06 and $9.297 million in FY07. The shortfall will have to be made up with additional transfers from the Illinois State Board of Investment. From FY08 through FY10, the state will increase employer contributions so that by FY 2011, the state is contributing at the amount determined to be sufficient to bring the System's total assets up to 90% of the System's total actuarial liabilities by the end of FY 2045.

Other provisions of SB0027 include:

  • Creating a 15-member Advisory Commission on Pension Benefits to consider and make recommendations on pension-related issues. The Commission is expected to report its findings to the Governor by November 1, 2005.
  • Requiring all future JRS benefit increases to be fully-funded by an identified funding source and expire after five years if not reauthorized by law.

This new legislation will not affect JRS members currently receiving benefits, since these benefits are guaranteed under the Illinois Constitution. Senate Bill 0027


Senate Bill 0253 - Emerging Investment Managers

SB0253 allows an emerging investment manager to handle an investment portfolio with a maximum value of $2,000,000,000 (was $400,000,000) Also expands the definition of "emerging investment manager." Senate Bill 0253


Senate Bill 0529 - Lawful Child Definition

SB0529 changes the reference from “illegitimate child” to “child born out of wedlock” and from “legitimate child” to “lawful child” in matters of marriage and adoption. Senate Bill 0529


Senate Bill 1446 - QILDRO

SB1446 makes a technical change in provisions of the Qualified Illinois Domestic Relations Orders. Defines who would receive earned benefits, allows for non-periodic death benefits to be divided. It also allows for a division of benefits by percentage. This bill takes effect on July 1, 2006. Senate Bill 1446


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