PEN CD-TIER 3 PLAN
- Introduced Feb 15, 2023
- In committee Feb 15, 2023
- Died
- Passed the Senate
- To the governor
- Became law
What it does
The legislature's own summary of the bill, or its official long title.
Amends the Illinois Pension Code. With respect to the 5 State-funded Retirement Systems: requires each System to implement a Tier 3 plan by July 1, 2024 that aggregates State and employee contributions in individual participant accounts which are used for payouts after retirement. Provides that a person who becomes a participant of a System on or after July 1, 2024 shall participate in the Tier 3 plan instead of the…
Read the full title (135 words)
Amends the Illinois Pension Code. With respect to the 5 State-funded Retirement Systems: requires each System to implement a Tier 3 plan by July 1, 2024 that aggregates State and employee contributions in individual participant accounts which are used for payouts after retirement. Provides that a person who becomes a participant of a System on or after July 1, 2024 shall participate in the Tier 3 plan instead of the defined benefit plan. Authorizes a Tier 1 or Tier 2 participant to elect to participate in the Tier 3 plan instead of the defined benefit plan and to also elect to terminate all participation in the defined benefit plan and to have a specified amount credited to his or her account. Makes related changes in the State Employees Group Insurance Act of 1971. Effective immediately.
Every action
4 steps, oldest first, as the legislature records them.
- HouseFiled with the Clerk by Rep. Travis Weaver
- HouseFirst Reading
- CommitteeReferred to Rules Committee · House Rules
- HouseSession Sine Die
Roll calls
No recorded votes on this bill yet.
Sponsors
The member who introduced it.
-
Travis WeaverR Primary sponsor · District 93
From Illinois's official records (www.ilga.gov), checked Nov 13, 2026. Text links go to the official versions; LegiList does not copy bill text.