IL HB2900

Adds new subsection (d) to Section 16-133.2 making members ineligible for the early retirement without discount option beginning July 1, 2013, unless they notified their employer of intent to retire under this Section before that date.

Modifies Section 16-176 to require actuarial investigations through June 30, 2012 to include analysis of the early retirement option's sufficiency and to direct the Commission on Government Forecasting and Accountability to recommend contribution adjustments by February 1 of the following year.

Terminates the early retirement without discount option as of July 1, 2013, except as provided in the new subsection (d), if the General Assembly fails to adjust member and employer contributions based on actuarial recommendations.

Maintains existing contribution rates of 7% for members and 20% for employers for retirements before July 1, 2005, and increases rates to 11.5% for members and 23.5% for employers for retirements on or after July 1, 2005.

Allows substitute teachers teaching 85 or more days in one school term to participate in the early retirement option by designating that employer as their last employer for contribution purposes.