IL HB4479

Amends the Illinois Pension Code to require the State Employees' Retirement System, State Universities Retirement System, and Teachers' Retirement System to establish an implementation date no later than July 1, 2023 for optional benefits available to Tier 2 members and new members.

Eligible members may elect to receive benefits under this Section or alternative benefits under Section 1-160, with elections made within 30 days of becoming a member.

Retirement annuity calculated at 1.25% per year of service credit multiplied by final average salary, with eligibility at the member's normal Social Security retirement age but no earlier than age 67, with at least 10 years of service credit.

Annual retirement annuity increases equal to one-half the annual increase in the consumer price index-w (but not less than zero), and survivor annuities set at 66 2/3% of the retired member's retirement annuity.

Employee contributions set at 6.2% of salary (capped at the normal cost of benefits), with a required defined contribution plan component offering minimum 4% employee contributions and employer contributions between 2-6% of salary for employees with at least one year of service.