PEN CD-TIER 3 PLAN House SponsorsRep. Travis Weaver 1/7/2025HouseSession Sine Die 5 ILCS 375/3from Ch. 127, par. 5235 ILCS 375/10from Ch. 127, par. 53040 ILCS 5/1-16040 ILCS 5/1-16140 ILCS 5/2-105.3 new40 ILCS 5/2-16240 ILCS 5/2-165.5 new40 ILCS 5/14-103.4140 ILCS 5/14-103.44 new40 ILCS 5/14-103.45 new40 ILCS 5/14-152.140 ILCS 5/14-155.5 new40 ILCS 5/15-108.140 ILCS 5/15-108.240 ILCS 5/15-108.3 new40 ILCS 5/15-19840 ILCS 5/15-200.5 new40 ILCS 5/16-106.4140 ILCS 5/16-106.42 new40 ILCS 5/16-106.43 new40 ILCS 5/16-20340 ILCS 5/16-205.5 new40 ILCS 5/18-110.1 new40 ILCS 5/18-110.2 new40 ILCS 5/18-110.3 new40 ILCS 5/18-121.5 new40 ILCS 5/18-124from Ch. 108 1/2, par. 18-12440 ILCS 5/18-125from Ch. 108 1/2, par. 18-12540 ILCS 5/18-125.1from Ch. 108 1/2, par. 18-125.140 ILCS 5/18-127from Ch. 108 1/2, par. 18-12740 ILCS 5/18-128.01from Ch. 108 1/2, par. 18-128.0140 ILCS 5/18-133from Ch. 108 1/2, par. 18-13340 ILCS 5/18-16940 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. 20-125 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. 2/15/2023HouseFiled with the Clerk by Rep. Travis Weaver 2/15/2023HouseFirst Reading 2/15/2023HouseReferred to Rules Committee 1/7/2025HouseSession Sine Die