IL HB0669

Authorizes local government units (municipalities, counties, school districts, community colleges, and special districts) to establish alternative retirement plans for new employees through ordinance or resolution, either in addition to or in place of existing pension plans.

Alternative retirement plans may include defined-benefit components, defined-contribution components, or both, with optional disability and survivor benefits; plans are not required to provide any minimum benefit level except mandatory Social Security coverage if applicable.

Prohibits service credit earned under alternative retirement plans from being transferred to other pension funds or used under the Retirement Systems Reciprocal Act.

Protects existing plan participants by requiring employers to maintain participation in current plans and prohibiting any diminishment or impairment of existing participant rights or benefits.

Exempts employers from mandatory collective bargaining obligations regarding the adoption or implementation of alternative retirement plans under both the Illinois Public Labor Relations Act and Illinois Educational Labor Relations Act.