Bill Status of SB 3708   103rd General Assembly


Short Description:  PEN CD-SERS-ALTERNATE ANNUITY

Senate Sponsors
Sen. Christopher Belt

Last Action  View All Actions

DateChamber Action
  2/9/2024SenateReferred to Assignments

Statutes Amended In Order of Appearance
40 ILCS 5/1-160
40 ILCS 5/14-110from Ch. 108 1/2, par. 14-110
40 ILCS 5/14-152.1

Synopsis As Introduced
Amends the General Provisions and State Employee Articles of the Illinois Pension Code. Provides that, with regard to persons subject to the Tier 2 provisions, a security employee of the Department of Human Services, a security employee of the Department of Corrections or the Department of Juvenile Justice, or an investigator for the Department of the Lottery is entitled to an annuity calculated under the alternative retirement annuity provisions, in lieu of the regular or minimum retirement annuity, only if the person has withdrawn from service with not less than 20 years of eligible creditable service and has attained age 55, regardless of whether the attainment of age 55 occurs while the person is still in service. Authorizes an investigator for the Department of the Lottery to establish eligible creditable service under the alternative retirement annuity provisions. Provides that a security employee of the Department of Human Services subject to the Tier 2 provisions may convert up to 13 years of service credit established before the effective date of the amendatory Act as a security employee of the Department of Human Services into eligible creditable service by filing a written election with the Board, accompanied by a specified payment. Provides that a specified educational requirement for persons employed by the Department of Juvenile Justice shall no longer determine the eligibility to earn eligible creditable service under the alternative retirement annuity provisions, and authorizes the conversion of service credit to eligible creditable service. Excludes a benefit increase resulting from the amendatory Act from the definition of "new benefit increase". Effective January 1, 2025.

Actions 
DateChamber Action
  2/9/2024SenateFiled with Secretary by Sen. Christopher Belt
  2/9/2024SenateFirst Reading
  2/9/2024SenateReferred to Assignments

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