PENCD-SURS-DEFERRED RETIREMENT
Sponsored By: Katie Stuart (Democratic)
In Committee
Summary
Amends the State Universities Article of the Illinois Pension Code. Creates a deferred retirement option plan (DROP) for certain participating employees who are eligible to retire under the Article, have never received a retirement annuity from the System, and are active participants in the System. Provides that, during the period of the DROP, the System shall credit to a notional account on behalf of the DROP member an amount equal to the monthly amount of retirement annuity the DROP member would otherwise be eligible to receive had the DROP member retired on the date of the election. Provides that an eligible member may elect to participate in the DROP for a period not to exceed 5 years from the date of election. Requires a DROP member to terminate employment with the employer upon expiration of their participation in the DROP. Sets forth other provisions concerning interest on the account; termination of the DROP; contributions; administrative costs; transfer of administrative responsibility to the State Treasurer; and the tax-qualified status of the System.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Katie Stuart
Democratic • 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
3/4/2026HouseReferred to Rules Committee
2/6/2026HouseFirst Reading
2/6/2026HouseFiled with the Clerk by Rep. Katie Stuart
2/3/2026House
Bill Text
Introduced
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