Illinois House Bill 5498 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Pension Code. Creates the Deferred Retirement Option Article. Provides a deferred retirement option plan (DROP) for certain participants under the Downstate Teacher Article who are eligible to retire and meet other criteria. Provides that a participant in the DROP may elect to participate for up to 5 years. Provides that on the effective date of the member's election, the System shall credit the member's account on a monthly basis, for as long as the member participates in the DROP, an amount equal to the monthly amount of retirement annuity the member would otherwise be eligible to receive had the member retired on the date of the election. Provides that the DROP member shall be considered in active service for purposes of participation in a collective bargaining agreement, for health care benefits, and for other purposes. Establishes a DROP administered by the State Treasurer for pension funds or retirement systems that are required to establish a DROP and elect to transfer administrative responsibility for the DROP to the State Treasurer. Sets forth provisions concerning interest on the account; termination of the DROP; contributions; administrative costs; and a DROP advisory board. Effective immediately.

PEN CD-DEFERRED RETIRE OPTION

Rep. Jackie Haas [R]

Date	Chamber	Action
2025-01-07	House	Session Sine Die
2024-04-05	House	Rule 19(a) / Re-referred to Rules Committee
2024-03-05	House	Assigned to Personnel & Pensions Committee
2024-02-09	House	Referred to Rules Committee
2024-02-09	House	First Reading
2024-02-09	House	Filed with the Clerk by Rep. Jackie Haas

Chapter	Article	Section	Citation Type	Statute Text
40	5	16-207	New Code	See Bill Text
40	5	25-10	New Code	See Bill Text
40	5	25-5	New Code	See Bill Text
40	5	Art. 25 heading	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5498&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB5498.htm