HB 4593

Abstract

Amends the General Assembly, State Employee, Downstate Teacher, and Judges Articles of the Illinois Pension Code. Allows certain eligible employees to elect to participate in a self-managed program of retirement benefits instead of the program of retirement benefits currently offered and automatically enrolls certain participants in the General Assembly Retirement system, certain SERS members who are employed in double-exempt positions, and certain TRS members who are employed in a contractual position with a governing board. Provides that a self-managed plan shall authorize a participating employee to accumulate assets for retirement through a combination of employer and employee contributions that may be invested at the employee's direction in mutual funds, collective investment funds, or other investment products and used to purchase annuity contracts. Requires the System to make the self-managed plan available by January 1, 2010. Provides that, to the extent that the changes made by the amendatory Act are determined to be a new benefit increase under new benefit increase provisions, the changes are exempt from the 5-year expiration provision. Effective immediately.