PEN CD-SERS-ALT FORM DROP PLAN House SponsorsRep. Daniel J. Burke 1/11/2011HouseSession Sine Die 40 ILCS 5/14-110.5 new Amends the State Employee Article of the Illinois Pension Code. Provides a Deferred Retirement Option Plan to members of the State Employees' Retirement System of Illinois who are eligible to receive the alternative formula under which members effectively retire and have their retirement accumulate, after applicable taxes, in the System while they continue covered employment for up to 5 years. Effective immediately.Pension Note (Government Forecasting & Accountability) The fiscal impact of HB 5839 has not been calculated, but would be significant. A similar proposal for Downstate Police officers (SB 2359) was estimated to increase the accrued liabilities of Downstate Police pension funds by $120 million. 2/10/2010HouseFiled with the Clerk by Rep. Daniel J. Burke 2/10/2010HouseFirst Reading 2/10/2010HouseReferred to Rules Committee 3/1/2010HousePension Note Filed 1/11/2011HouseSession Sine Die