IL HB4892

Creates a Deferred Retirement Option Plan (DROP) for State Universities Retirement System (SURS) employees who are eligible to retire but wish to continue working for up to 5 years

DROP must be available to eligible members by July 1, 2027, with elections to participate accepted through July 1, 2030, and all participation ending by January 1, 2036

Monthly retirement annuity amounts the member would have received are credited to a notional account during DROP participation, including automatic annual increases, and paid as a lump sum upon termination or expiration

DROP members must continue making employee contributions during participation and must terminate employment with their employer when the DROP period ends

Administrative costs are deducted from DROP account balances, with any interest earned on accounts used to offset program management costs; the Board may transfer administrative responsibility to the State Treasurer