SB3708 Summary

• Allows Tier 2 security employees of Department of Human Services, Department of Corrections, and Department of Juvenile Justice, plus lottery investigators to receive alternative retirement annuities with 20 years of service and age 55, regardless of whether they reach age 55 while still employed.

• Permits Department of Human Services security employees to convert up to 13 years of prior service credit into eligible creditable service by filing a written election and making a specified payment to the pension system.

• Removes the educational degree requirement for Department of Juvenile Justice employees seeking to earn eligible creditable service under alternative retirement provisions and allows conversion of past service credit upon payment of contribution differences.

• Excludes benefit increases from this bill from the definition of "new benefit increase" for purposes of the sunset and funding requirements in Section 14-152.1 of the Illinois Pension Code.

• Becomes effective January 1, 2025.