HB4870 Summary

• Adds subsection (a-5) to Section 14-110 allowing eligible members to elect estimated retirement payments starting within 30 days of employment termination or benefit filing, with the System adjusting any difference between estimate and actual amount within 6 months.

• Modifies Section 14-152.1 to include Public Act 102-856, Public Act 102-956, and amendments from the 103rd General Assembly in the exclusions from "new benefit increase" definitions, affecting benefit increase expiration provisions.

• Expands eligible creditable service conversion options, particularly allowing investigators for the Department of Revenue, Illinois Gaming Board, Secretary of State, and arson investigators to convert up to 8 years of prior service credit into eligible creditable service under specified conditions and timelines.

• Maintains 5-year expiration requirement for new benefit increases while continuing application to persons who qualified during the benefit increase's effective period.