Bill Status of HB4925 102nd General Assembly
Short Description: PENCD-SERS-DEFERRED RETIREMENT
Rep. Jay Hoffman
| 2/18/2022||House||Rule 19(a) / Re-referred to Rules Committee|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the State Employee Article of the Illinois Pension Code. Creates a deferred retirement option plan (DROP) for a member who is otherwise eligible to retire under the Article; is a State policeman; holds the rank of trooper, special agent, or sergeant; and makes an election to participate in the DROP on or before January 1, 2027. Provides that a participant in the DROP may elect to participate for a period of time not to exceed 5 years. Provides that the System shall process the election and shall begin to make payments into an account on behalf of the member equal to the monthly amount of retirement annuity the member would otherwise be eligible to receive had the member retired on the date of the election to participate in the DROP. Provides that any automatic annual increases that would have otherwise been applied to the member's benefit had the member elected to retire instead of participate in the DROP shall accrue to the member's monthly payment placed into the account prior to the expiration of the DROP and shall otherwise apply to the member's annuity upon expiration of the DROP. Provides that after expiration of the DROP, control of the account shall transfer to the member. Provides that an expiration of a DROP may not occur after January 1, 2032. Contains provisions concerning financial service providers; selections governing the interest or investments; management of the account; and transfer of the account.