PEN CD-SERS-DC PLAN Senate SponsorsSen. Chris Balkema, Neil Anderson, Jil Tracy and Lakesia Collins 2/7/2025SenateReferred to Assignments 5 ILCS 375/3from Ch. 127, par. 5235 ILCS 375/10from Ch. 127, par. 53040 ILCS 5/1-16040 ILCS 5/1-16140 ILCS 5/14-103.05from Ch. 108 1/2, par. 14-103.0540 ILCS 5/14-103.4140 ILCS 5/14-152.140 ILCS 5/14-155.5 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. 20-125Amends the Illinois Pension Code. Requires the State Employees' Retirement System of Illinois to prepare and implement a defined contribution plan by July 1, 2027 that aggregates State and employee contributions in individual participant accounts that are used for payouts after retirement. Provides that a Tier 1 or Tier 2 participant may elect to participate in the defined contribution plan instead of the defined benefit plan and may also elect to terminate all participation in the defined benefit plan and to have a specified amount credited to his or her account under the defined contribution plan. Provides that a person who first becomes an employee after the effective date of the amendatory Act is not required to participate in the System as a condition of employment. Provides that, if a person who made the election to participate in the defined contribution plan terminates service and thereafter returns to service, he or she may either elect to participate in the defined contribution plan with regard to that service or not elect to participate in the defined contribution plan with regard to that service. Provides that an employee may elect not to participate in the System by notifying the System in writing in a manner specified by the System. Provides that any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase". Makes conforming and other changes. Makes related changes in the State Employees Group Insurance Act of 1971. Effective immediately. 2/7/2025SenateFiled with Secretary by Sen. Chris Balkema 2/7/2025SenateFirst Reading 2/7/2025SenateReferred to Assignments 3/6/2025SenateAdded as Co-Sponsor Sen. Neil Anderson 3/7/2025SenateAdded as Co-Sponsor Sen. Jil Tracy 4/10/2025SenateAdded as Co-Sponsor Sen. Lakesia Collins