IL HB5137

Amends the Illinois Pension Code to exclude benefit increases from Public Act 100-23 and this Act from the definition of "new benefit increase" subject to funding and sunset requirements in Sections 15-198 and 16-203.

Requires any new benefit increase enacted after the effective dates specified in Sections 15-198 and 16-203 to be funded by additional General Assembly appropriations sufficient to cover the annual cost increase as it accrues, with the Commission on Government Forecasting and Accountability analyzing adequacy of funding.

Establishes that all new benefit increases automatically expire 5 years after taking effect unless extended by the General Assembly, but continue to apply to individuals who qualified for the benefit before expiration and their beneficiaries.

Directs the applicable pension system to offer an optional defined contribution benefit to active members as soon as practicable, allowing voluntary employee and employer contributions with investment options and funded through participant contributions.

Requires the pension system to produce and publicly release an annual report on participation in the defined contribution benefit.