HB 2851

Abstract

Amends the General Assembly, State Employees, Downstate Teachers, and Judges Articles of the Illinois Pension Code. Requires each System to establish a self-managed plan that shall offer participants the opportunity to accumulate assets for retirement through a combination of participant and State contributions that may be invested. Provides that the System shall establish an opening account balance in the self-managed plan for a participant who elects to participate in the self-managed plan and elects to terminate all rights and credits in the System due to previous participation in the traditional benefit package. Provides that a participant in the self-managed plan may not participate in any other retirement program administered by the System. Contains provisions concerning definitions; default investments; contributions; employer pick-up of contributions; vesting; disability benefits; return to service; and termination of the plan. Provides that any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase". Makes other changes. Makes conforming changes in the State Employees Group Insurance Act of 1971. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately.