Greetings!
A "pension reform" bill affecting active and retired members of the Illinois state-funded pension systems passed the House this afternoon. View the status of Senate Bill 0001 on the General Assembly website.
The pension systems included in this proposed legislation are the General Assembly Retirement System, State Employees' Retirement System, State Universities Retirement System, and Teachers' Retirement System. The Judges' Retirement System was not included.
As currently written, the proposal would change the following for the state systems:
- Member and retiree benefit cost of living increases
- Pensionable salary cap
- Employee contributions
- Minimum retirement age
The above changes do not affect IMRF Nothing in this bill affects past or current IMRF members, however, some provisions would affect future (new) IMRF members ONLY.
The IMRF provisions in this bill would:
- Close participation for new employees of certain IMRF employers
- For new IMRF members, it would no longer allow unused, unpaid sick leave to be used for service credit at retirement
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For new IMRF members, exclude lump sum payments for sick or vacation payouts from reportable earnings for IMRF purposes
We will continue to keep you updated on the progress of this bill in future Legislative Update emails. |
