PEN CD-GARS-TIER 3 PLAN House SponsorsRep. Tim Ozinga 1/7/2025HouseSession Sine Die 5 ILCS 375/3from Ch. 127, par. 5235 ILCS 375/10from Ch. 127, par. 53040 ILCS 5/2-105.340 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. 20-125 Amends the General Assembly Article of the Illinois Pension Code. Requires the System to implement a Tier 3 plan by July 1, 2025 that aggregates State and employee contributions in individual participant accounts that are used for payouts after retirement. Provides that a person who becomes a participant of a System on or after July 1, 2025 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 Retirement Systems Reciprocal Act (Article 20 of the Illinois Pension Code) and the State Employees Group Insurance Act of 1971. Effective immediately. 2/1/2024HouseFiled with the Clerk by Rep. Tim Ozinga 2/6/2024HouseFirst Reading 2/6/2024HouseReferred to Rules Committee 3/5/2024HouseAssigned to Personnel & Pensions Committee 4/5/2024HouseRule 19(a) / Re-referred to Rules Committee 1/7/2025HouseSession Sine Die