Loading
Loading
Your feedback directly shapes Sporos.
Sign in to track your feedback history
Amends the Illinois Pension Code. Requires the State Employees' Retirement System of Illinois to prepare and implement a defined contribution plan by July 1, 2027 that aggregates State and employee contributions in individual participant accounts that are used for payouts after retirement. Provides that a Tier 1 or Tier 2 participant may elect to participate in the defined contribution plan instead of the defined benefit plan and may also elect to terminate all participation in the defined benefit plan and to have a specified amount credited to his or her account under the defined contribution plan. Provides that a person who first becomes an employee after the effective date of the amendatory Act is not required to participate in the System as a condition of employment. Provides that, if a person who made the election to participate in the defined contribution plan terminates service and thereafter returns to service, he or she may either elect to participate in the defined contribution plan with regard to that service or not elect to participate in the defined contribution plan with regard to that service. Provides that an employee may elect not to participate in the System by notifying the System in writing in a manner specified by the System. Provides that any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase". Makes conforming and other changes. Makes related changes in the State Employees Group Insurance Act of 1971. Effective immediately.
Introduced
Feb 7, 2025
Last Action
Apr 10, 2025
Session
IL 104th
Sponsors
1 primary · 3 co
Added as Co-Sponsor Sen. Lakesia Collins
Added as Co-Sponsor Sen. Jil Tracy
Added as Co-Sponsor Sen. Neil Anderson
Filed with Secretary by Sen. Chris Balkema
First Reading
Referred to Assignments
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
Added as Co-Sponsor Sen. Lakesia Collins