IL SB2991

Amends Illinois Pension Code Section 15-186.1 to address mistakes in benefit calculations and overpayment recovery procedures.

Requires pension systems to recalculate benefits as soon as practicable after discovering an error, and provide lump sum payments with interest if benefits were mistakenly set too low.

Allows recovery of overpaid amounts plus interest if benefits were mistakenly set too high, unless the error went undiscovered for 3+ years and was not caused by incorrect or omitted information from the member or beneficiary.

Adds new subsection (b) allowing recovery of overpayments for reasons other than calculation mistakes, from the recipient or their estate, with recovery possible through deduction from remaining benefits or other available means.

Effective immediately upon becoming law.