IL HB5411

Requires persons becoming Downstate Teachers' Pension System members on or after January 1, 2023 to have 3% of pre-tax compensation contributed to a Section 457(b) eligible deferred compensation plan offered by an employer-approved vendor.

Allows employers to satisfy this requirement by adopting the System's optional defined contribution benefit at their discretion.

Modifies automatic enrollment provisions in Section 16-204 to exclude new members subject to the Section 16-207 requirement from automatic enrollment in the System's defined contribution benefit.

Amends the State Mandates Act to exempt this legislation from state reimbursement requirements for local implementation costs.

Takes effect immediately upon enactment.