PENCD-GARS-TIER 3 PLAN Senate SponsorsSen. Chuck Weaver-Jason A. Barickman 1/13/2021SenateSession Sine Die 5 ILCS 375/3from Ch. 127, par. 5235 ILCS 375/10from Ch. 127, par. 53040 ILCS 5/2-105.3 new40 ILCS 5/2-117from Ch. 108 1/2, par. 2-11740 ILCS 5/2-16240 ILCS 5/2-165.5 new40 ILCS 5/20-121from Ch. 108 1/2, par. 20-12140 ILCS 5/20-123from Ch. 108 1/2, par. 20-12340 ILCS 5/20-124from Ch. 108 1/2, par. 20-12440 ILCS 5/20-125from Ch. 108 1/2, par. 20-125Amends the General Assembly Article of the Illinois Pension Code. Requires the System to prepare and implement a Tier 3 plan by July 1, 2020 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 on or after July 1, 2020 shall participate in the Tier 3 plan. Provides that a Tier 1 or Tier 2 participant may irrevocably elect to participate in the Tier 3 plan instead of the defined benefit plan; makes conforming changes. Authorizes a Tier 1 or Tier 2 participant who elects to participate in the Tier 3 plan to elect to terminate all participation in the defined benefit plan and to have a specified amount credited to his or her account under the Tier 3 plan. Requires the System to report on its progress in establishing the Tier 3 plan to the Governor and the General Assembly by January 15, 2020. Excludes the amendatory Act from the new benefit increase restrictions. Authorizes a participant to terminate his or her participation in the System. Makes related changes in the Retirement Systems Reciprocal Act (Article 20 of the Code) and the State Employees Group Insurance Act of 1971. Effective immediately. 2/15/2019SenateFiled with Secretary by Sen. Chuck Weaver 2/15/2019SenateFirst Reading 2/15/2019SenateReferred to Assignments 2/20/2019SenateAdded as Chief Co-Sponsor Sen. Jason A. Barickman 2/27/2019SenateAssigned to Government Accountability and Ethics 3/22/2019SenateRule 2-10 Committee Deadline Established As March 28, 2019 3/28/2019SenateRule 3-9(a) / Re-referred to Assignments 1/13/2021SenateSession Sine Die