Illinois General Assembly - Bill Status for HB5498
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 Bill Status of HB5498  103rd General Assembly


House Sponsors
Rep. Jackie Haas

Last Action
DateChamber Action
  4/5/2024HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
40 ILCS 5/16-207 new
40 ILCS 5/Art. 25 heading new
40 ILCS 5/25-5 new
40 ILCS 5/25-10 new

Synopsis As Introduced
Amends the Illinois Pension Code. Creates the Deferred Retirement Option Article. Provides a deferred retirement option plan (DROP) for certain participants under the Downstate Teacher Article who are eligible to retire and meet other criteria. Provides that a participant in the DROP may elect to participate for up to 5 years. Provides that on the effective date of the member's election, the System shall credit the member's account on a monthly basis, for as long as the member participates in the DROP, an amount equal to the monthly amount of retirement annuity the member would otherwise be eligible to receive had the member retired on the date of the election. Provides that the DROP member shall be considered in active service for purposes of participation in a collective bargaining agreement, for health care benefits, and for other purposes. Establishes a DROP administered by the State Treasurer for pension funds or retirement systems that are required to establish a DROP and elect to transfer administrative responsibility for the DROP to the State Treasurer. Sets forth provisions concerning interest on the account; termination of the DROP; contributions; administrative costs; and a DROP advisory board. Effective immediately.

DateChamber Action
  2/9/2024HouseFiled with the Clerk by Rep. Jackie Haas
  2/9/2024HouseFirst Reading
  2/9/2024HouseReferred to Rules Committee
  3/5/2024HouseAssigned to Personnel & Pensions Committee
  4/5/2024HouseRule 19(a) / Re-referred to Rules Committee

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