Bill > HB1871

This bill amends the State Employee Article of the Illinois Pension Code to modify the process for receiving an alternative retirement annuity. A member who is eligible for an alternative retirement annuity may now elect to receive an estimated payment that will start no later than 30 days after either their last day of employment or 30 days after filing for the retirement benefit. The estimated payment will be the best estimate of the total monthly amount due to the member based on the information the pension system possesses at the time. If the estimated payment is greater or less than the actual monthly annuity amount, the system will pay or recover the difference within 6 months after the start of the monthly annuity. The bill also excludes this benefit increase from the definition of a "new benefit increase" under the pension code, which means it will not be subject to the typical five-year expiration and funding requirements for new pension benefits. The changes are effective immediately, providing more flexibility and quicker access to retirement funds for eligible state employees.

Labor and Employment

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1871&GAID=18&DocTypeID=HB&SessionID=114&GA=104