SB 3389

Amends the Downstate Teacher Article of the Illinois Pension Code. Provides that employers under the Article may elect to establish a self-managed plan for members as an alternative to the traditional benefit package. Provides that an employee of an employer that establishes a self-managed plan shall be given the choice to elect which retirement program he or she wishes to participate in with respect to all periods of covered employment occurring on and after the effective date of the employee's election. Sets forth provisions concerning definitions, adoption of the self-managed plan by employers, selection of service providers, establishment of an initial account balance, employee and employer contributions, plan termination, vesting, and benefit amounts. Provides that any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase"". Amends the State Mandates Act to require implementation without reimbursement."