Bill Status of SB2526 100th General Assembly
Short Description: PENCD-STATE SYS-DC PLAN
Sen. Donald P. DeWitte and Win Stoller
| 1/10/2023||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the General Assembly, State Employees, State Universities, Downstate Teachers, and Judges Articles of the Illinois Pension Code. Requires each System to prepare and implement a defined contribution plan by July 1, 2023 that aggregates State and employee contributions in individual participant accounts that are used for payouts after retirement. Provides that persons who first become participants on or after July 1, 2023 shall participate in the defined contribution plan in lieu of the defined benefit plan. Makes related changes in the State Employees Group Insurance Act of 1971. Effective immediately.