HB2921 Summary

• Closes the General Assembly Retirement System (GARS) to new members, effective January 1, 2012, prohibiting any persons from becoming members after that date.

• Restricts current GARS participants from establishing any new service credit after the effective date of the amendatory act.

• Limits membership eligibility to General Assembly members elected before January 1, 2012, and elected state officials (Governor, Lieutenant Governor, Secretary of State, Treasurer, Comptroller, Attorney General) for service rendered before that date.

• Allows certain legislative staff (Clerk, Assistant Clerk of House; Secretary, Assistant Secretary of Senate) who served 10+ years to elect membership before January 1, 2012, but no elections permitted after that date.

• Amends Illinois Pension Code Sections 2-101, 2-105, and 2-110 to implement GARS closure while preserving benefits and service credit for existing members.