SB 1916

Abstract

Amends the Illinois Pension Code. Directs the Board of the State Employees' Retirement System to establish a self-managed plan. Provides that a person who becomes a participant in that System or a judge, constitutional officer, or member of the General Assembly on or after the effective date of that self-managed plan must participate in the self-managed plan. Allows current judges, constitutional officers, members of the General Assembly, and members of the State Employees' Retirement System who are not yet vested to elect to participate in the self-managed plan. Also provides that any future benefit increase or other change in the GA, Judges, State Employees, State Universities, or Downstate Teacher retirement system applies only during periods when the retirement system is at least 90% funded. Effective immediately.