HB3297 Summary

• Creates a new retirement eligibility option for security employees of the Department of Human Services under Tier 2 provisions, allowing them to receive an alternative retirement annuity if they have at least 20 years of eligible creditable service and have attained age 55, regardless of whether age 55 was reached while still in service.

• Permits security employees of the Department of Human Services to convert up to 9 years of service credit earned before the effective date into eligible creditable service by filing a written election with the Board and making a specified payment.

• Excludes benefit increases resulting from this Act from the definition of "new benefit increase" under Section 14-152.1, preventing them from being subject to the 5-year expiration requirement for new pension benefits.

• Effective date is January 1, 2024.