HB 2920

Amends the General Provisions Article of the Illinois Pension Code. Provides for a deferred retirement option plan for participants under the State Universities Article under which a participant who is eligible to retire may continue in active service for up to 5 years while having his or her monthly retirement annuity deposited into a special account. Provides that the election must be made no later than January 1, 2029. Provides that the amounts credited to the deferred retirement option plan shall be held in notional accounts by the retirement system, and that the amounts in the account shall not accrue interest. Provides that, upon termination of the deferred retirement option plan, the participant shall commence his or her retirement annuity from the retirement system and may not participate in employment in any way that would require the participant to become an active contributing member of the retirement system. Sets forth provisions concerning the manner of the election; automatic increases; contributions to the retirement system; accounting; expiration or termination of the deferred retirement option plan; and administration of the deferred retirement option plan. Effective immediately.