IL HB5798

Establishes a minimum pension benefit for "eligible Tier 2 members" (employees who first became members on or after January 1, 2011 and whose service is not covered by Social Security).

Requires pension benefits for eligible Tier 2 members to be increased to match their "hypothetical Social Security benefit" (the value of Social Security they would receive if their service were covered) plus $1 if their calculated pension would be less than that amount.

Mandates annual determination and adjustment of pension benefits under this provision based on the hypothetical Social Security benefit calculation.

Excludes benefit increases resulting from this Act from the definition of "new benefit increase" in the State Employees, State Universities, and Downstate Teachers pension Articles, exempting them from certain funding requirements and expiration provisions.

Amends the State Mandates Act to require implementation of this provision without state reimbursement.