HB 5754

Abstract

Amends the General Assembly, State Employees, State Universities, Downstate Teachers, and Judges Articles of the Illinois Pension Code. Requires each retirement system that does not already have a self-managed plan to establish and maintain one. Authorizes participants to irrevocably elect to participate in the self-managed plan. Provides that, for the purpose of calculating traditional benefit package benefits and contributions, the annual salary of a participant may not, except under certain circumstances, exceed the greater of (i) the annual salary cap for new hires or (ii) the annual salary of the participant during the 365 days immediately before the effective date of the amendatory Act. Requires participation in the self-managed plan to the extent that a participant's salary exceeds the salary cap. Revises the schedule of contributions for participants. Shifts a portion of the employer contributions for downstate teachers and university employees from the State to the actual employer. Authorizes the Boards of Trustees of each system to triennially recalculate the normal cost of benefit plans offered by the systems. Defines "traditional benefit package" and "self-managed plan". Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.