HB4925 Summary

• Creates a deferred retirement option plan (DROP) for Illinois State Police members holding the rank of trooper, special agent, or sergeant who are otherwise eligible to retire and elect to participate by January 1, 2027.

• Allows DROP participants to defer retirement for up to 5 years while the System deposits monthly payments equal to their retirement annuity into an interest-bearing account on their behalf.

• Automatic annual benefit increases that would apply to retired members accrue to the monthly account payments during the DROP period and apply to the annuity after DROP expiration.

• Account transfers to the member's control upon DROP expiration, with the System providing transfer options consistent with fiduciary duties and applicable law; all account management costs and investment fees are paid from the account balance.

• DROP participation must expire by January 1, 2032, and members are considered active service employees for all purposes not directly covered by this section.