Illinois · 104th session
Amends the State Employees and Downstate Teacher Articles of the Illinois Pension Code. Requires the System to develop and offer a defined contribution plan for active members of the System. Provides that the defined contribution plan shall collect optional employee contributions, employer contributions, and State contributions into individual accounts and shall offer investment options to participants. Provides that there shall be no maximum or minimum contribution requirements. Provides that on an annual basis, the employer of a participant in the defined contribution plan shall deposit in the participant's defined contribution plan account an amount equal to the amount contributed by the participant during the preceding year and the State shall deposit in the participant's defined contribution plan account an amount equal to the amount contributed by the participant during the preceding year. Provides that, if the State is the actual employer of the participant, then the State shall contribute an additional amount equal to the employer's contribution. Provides that a participant in the defined contribution plan may not withdraw moneys from the participant's account while the…
Referred to Rules Committee (2025-01-28)