SB2193 Summary

• Closes the General Assembly Retirement System to new participants, restricting membership to persons who became participants before the bill's effective date.

• Establishes a voluntary defined contribution plan for up to 5% of eligible active Tier 1 employees (those who first became participants before January 1, 2011), allowing them to cease accruing defined benefits and shift to defined contribution benefits.

• Modifies State contribution funding for fiscal years 2018-2045, requiring contributions sufficient to achieve 90% funding by fiscal year 2045 using level percentage of payroll method, with annual adjustments phased in over 5 years for assumption changes.

• Requires the Board to recalculate and recertify the State's required contribution for fiscal year 2018 based on changes made by the bill.

• Repeals provisions from Public Act 98-599 that established a defined contribution plan held unconstitutional, and makes conforming changes to the Retirement Systems Reciprocal Act.