IL HB5246

Creates a defined contribution retirement plan option for new Teachers' Retirement System (TRS) members who are at least 50 years old and have no existing service credit in TRS or any reciprocal pension system

Requires participating members to contribute 7.5% of pre-tax salary to their defined contribution account, with employers contributing an additional 6% of pre-tax salary

Prohibits participants who elect the defined contribution plan from establishing any service credit in the traditional defined benefit system

Excludes members who elect this defined contribution option from the Tier 2 pension reform provisions that apply to employees hired after January 1, 2011

Requires implementation without state reimbursement to local governments under the State Mandates Act and takes effect immediately upon becoming law