PEN CD-ST SYS-DC PLAN
Sponsored By: Chris Balkema (Republican)
In Committee
Summary
Amends the Illinois Pension Code. With respect to the 5 State-funded Retirement Systems: requires each System to prepare and implement a defined contribution plan by July 1, 2028 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 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, if a person who made the election to participate in the defined contribution plan terminates service and thereafter returns to service, he or she may either elect to participate in the defined contribution plan with regard to that service or not elect to participate in the defined contribution plan with regard to that service. 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". In the State Employees, State Universities, and Downstate Teachers Articles, 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. Makes conforming and other changes. Makes related changes in the State Employees Group Insurance Act of 1971. Effective immediately.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Chris Balkema
Republican • Senate
Cosponsors
Neil Anderson
Republican • Senate
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Added as Co-Sponsor Sen. Neil Anderson
3/24/2026SenateReferred to Assignments
1/29/2026SenateFirst Reading
1/29/2026SenateFiled with Secretary by Sen. Chris Balkema
1/29/2026Senate
Bill Text
Introduced
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