Bill Title: Reinserts the provisions of the introduced bill with the following changes. In provisions establishing a deferred retirement option plan for members under the State Employees, State Universities, Downstate Teachers, and Chicago Teachers Articles, provides that the applicable pension fund or retirement system (rather than the State Treasurer) shall administer and implement the deferred retirement option plan. Further amends the Illinois Pension Code. In the Downstate Police, Downstate Firefighter, Chicago Police, and Chicago Firefighter Articles, provides that, on and after January 1, 2026, each annual increase to a Tier 2 retirement pension shall be calculated at 3% of the originally granted pension. Effective July 1, 2025.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-04-19 - Rule 19(a) / Re-referred to Rules Committee [HB4873 Detail]

Text: Latest bill text (Introduced) [HTML]

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