HB 6149

Abstract

Amends the Illinois Pension Code in relation to the 5 State-funded retirement systems. For persons who first become participants on or after July 1, 2013, creates a new benefit package based on an individual "notional cash balance account" instead of the regular benefits of the systems. The plan provides for a different employee contribution rate; for retirement and survivor's annuities based on the participant's account balance; and for annual increases of the lesser of 3% or 1/2 of the annual increase in the cpi-u. Includes other provisions. Also includes conforming and technical changes. Amends the State Mandates Act to require implementation without reimbursement. Effective January 1, 2013.