IL HB3938

Allows Tier 2 State Employees Retirement System (SERS) participants employed as Secretary of State investigators who have at least 10 years of service credit and have attained age 60 to receive an alternative retirement annuity calculated under Section 14-110, despite having less than the standard 20 years of creditable service requirement.

Modifies Section 1-160 of the Illinois Pension Code to add subsection (g-5) creating this specific exemption for eligible Secretary of State investigators.

Excludes any benefit increase resulting from this amendatory act from the definition of "new benefit increase" under Section 14-152.1, preventing the automatic 5-year expiration that would otherwise apply to new pension benefits.

Takes effect immediately upon becoming law.