IL SB3149

Restricts participation in the General Assembly Retirement System to persons who became participants before the effective date of this amendatory act; no new participants accepted after that date.

Modifies the definition of "Member" and "Participant" in the General Assembly Retirement System to exclude anyone who did not become a participant before the effective date of this amendatory act.

Requires the Department of Central Management Services to automatically enroll in the State Employees Deferred Compensation Plan any employee who becomes a member of the General Assembly or serves as Governor, Lieutenant Governor, Secretary of State, Treasurer, Comptroller, or Attorney General on or after the effective date.

Automatically defers 3% of pre-tax gross compensation for employees enrolled in the deferred compensation plan, with employees having 30 days to opt out or adjust deferral amounts.

Employees automatically enrolled may withdraw within 90 days and receive a refund of deferred amounts, but forfeit any employer matching contributions made before the withdrawal election.