IL SB0459

Authorizes the State Employee Retirement System to indemnify banks, savings and loan associations, and other federally insured financial institutions to recover benefit overpayments made on behalf of members.

Repeals Section 21-120 of the Illinois Pension Code, which previously required submission of a biennial report to the General Assembly on the administration and operation of the Social Security Enabling Act Article.

Takes effect immediately upon becoming law.