PEN CD-DEFERRED RETIRE OPTION
Sponsored By: Jackie Haas (Republican)
In Committee
Summary
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.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Jackie Haas
Republican • House
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Rule 19(a) / Re-referred to Rules Committee
3/27/2026HouseAssigned to Appropriations-Pensions & Personnel
2/24/2026HouseRule 19(a) / Re-referred to Rules Committee
3/21/2025HouseAssigned to Appropriations-Pensions & Personnel
3/4/2025HouseReferred to Rules Committee
2/6/2025HouseFirst Reading
2/6/2025HouseFiled with the Clerk by Rep. Jackie Haas
2/5/2025House
Bill Text
Introduced
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