IL SB1933

Limits eligibility for the Teachers' Retirement System's optional defined contribution benefit to active full-time and part-time contractual members employed by eligible employers, rather than all active members

Changes automatic enrollment contributions from 3% of "pre-tax gross compensation for each compensation period" to 3% of "pre-tax compensation"

Modifies automatic enrollment timing to begin the first day of the pay period following the close of a notice period (as required under IRS Section 414(w)), rather than on the member's 30th day of employment

Allows members to withdraw contributions within 90 days following their initial contribution (instead of 90 days of enrollment), with refunds adjusted for earnings and fees; employer matching contributions are forfeited and used to defray plan expenses

Excludes employees of State departments (as defined in the State Employees Article, Section 14-103.04) from eligibility for the defined contribution benefit