IL SB1516 | 2023-2024 | 103rd General Assembly


Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 8 2023 - 25% progression
Action: 2023-02-08 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]


Amends the Illinois Pension Code. Requires the State Employees' Retirement System of Illinois to prepare and implement a defined contribution plan by July 1, 2025 that aggregates State and employee contributions in individual participant accounts that are used for payouts after retirement. Provides that a Tier 1 or Tier 2 participant may irrevocably elect to participate in the defined contribution plan instead of the defined benefit plan and may also elect to terminate all participation in the defined benefit plan and to have a specified amount credited to his or her account under the defined contribution plan. Provides that a person who first becomes an employee after the effective date of the amendatory Act is not required to participate in the System as a condition of employment. Provides that an employee may elect not to participate in the System by notifying the System in writing in a manner specified by the System. Provides that any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase". Makes conforming and other changes. Makes related changes in the State Employees Group Insurance Act of 1971. Effective immediately.

Tracking Information

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2023-02-08SenateReferred to Assignments
2023-02-08SenateFirst Reading
2023-02-08SenateFiled with Secretary by Sen. Dan McConchie

Code Citations

ChapterArticleSectionCitation TypeStatute Text
4051-160Amended CodeCitation Text
4051-161Amended CodeCitation Text
40514-103.05Amended CodeCitation Text
40514-103.41Amended CodeCitation Text
40514-152.1Amended CodeCitation Text
40514-155.5New CodeSee Bill Text
40520-121Amended CodeCitation Text
40520-123Amended CodeCitation Text
40520-124Amended CodeCitation Text
40520-125Amended CodeCitation Text
537510Amended CodeCitation Text
53753Amended CodeCitation Text

Illinois State Sources

Bill Comments