IL HB2465

Makes pension system participation optional for new employees hired after the bill's effective date in the State Employees Retirement System, State Universities Retirement System, and Downstate Teachers Retirement System.

New employees may elect not to participate in their respective pension system by providing written notice to the system within 30 days of becoming an employee.

Removes the requirement that participation be a condition of employment for individuals first becoming employees after the bill takes effect.

Amends sections 14-103.05, 15-134, and 16-123 of the Illinois Pension Code to establish the opt-out provisions.

Takes effect immediately upon becoming law.