IL SB1366

Extends the early retirement without discount option under Section 16-133.2 for Teachers' Retirement System members retiring between July 1, 2013 and July 1, 2016, with members required to make one-time contributions of 14.4% and employers contributing 29.3% of highest annual salary.

Members retiring on or after July 1, 2005 and on or before June 30, 2013 (or January 1, 2014 for those who filed intent to retire by June 30, 2013 and attain age 55 by December 31, 2013) may avoid age 60 retirement reductions through one-time member and employer contributions at rates of 11.5% and 23.5% respectively.

Requires employer approval and certification of eligibility for members using the extended early retirement option, with criteria adopted by employers in consultation with bargaining agents representing a majority of employees.

Terminates the early retirement without discount option under subsection (d) on July 1, 2016, with the System required to provide refund applications to members within 120 days of termination.

Modifies Section 16-152 to clarify that the 0.40% member contribution for early retirement without discount ceases when the option terminates under Section 16-133.2 rather than Section 16-176.