Synopsis As Introduced Amends the Illinois Pension Code. Provides that a person who becomes a judge, constitutional officer, or member of the General Assembly on or after the effective date shall participate in the State Employees' Retirement System, unless he or she participated in the Judges or General Assembly Retirement System before that date. Provides that those persons may not have their employee contributions paid on their behalf by the State. In the General Assembly Article, allows a person with more than 20 years of service to elect to stop contributing to the System instead of receiving the accelerated 3% increases to which he or she would otherwise be entitled. Effective immediately.
Pension Note (Pension Laws Commission)
The fiscal impact of SB 1145 has not been calculated. There would be a positive fiscal impact in restricting membership in JRS and GARS by requiring future judges and members of the General Assembly to become members of SERS.