SB1299 Summary

• Amends the Illinois Pension Code to allow active participants in five state pension systems to voluntarily terminate participation by written notice to the system.

• The five affected systems are: General Assembly Retirement System, Judges Retirement System, Downstate Teachers Retirement System, State Employees Retirement System, and State Universities Retirement System.

• Participants who terminate are entitled to receive a refund of their contributions (excluding defined contribution and self-managed plan contributions) plus interest, minus any benefits already received.

• Makes pension system participation optional rather than mandatory as a condition of employment, effective immediately upon enactment.