Date	Chamber	Action
2/2/2024	Senate	Referred to Assignments

Statutes Amended In Order of Appearance

5 ILCS 375/3

from Ch. 127, par. 523

5 ILCS 375/10

from Ch. 127, par. 530

40 ILCS 5/1-160

40 ILCS 5/1-161

40 ILCS 5/14-103.05

from Ch. 108 1/2, par. 14-103.05

40 ILCS 5/14-103.41

40 ILCS 5/14-152.1

40 ILCS 5/14-155.5 new

40 ILCS 5/20-121

from Ch. 108 1/2, par. 20-121

40 ILCS 5/20-123

from Ch. 108 1/2, par. 20-123

40 ILCS 5/20-124

from Ch. 108 1/2, par. 20-124

40 ILCS 5/20-125

from Ch. 108 1/2, par. 20-125

Synopsis As Introduced
Amends the Illinois Pension Code. Requires the State Employees' Retirement System of Illinois to prepare and implement a defined contribution plan by July 1, 2026 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 irrevocably 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 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.

Actions 

Date	Chamber	Action
2/2/2024	Senate	Filed with Secretary by Sen. Dan McConchie
2/2/2024	Senate	First Reading
2/2/2024	Senate	Referred to Assignments

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