HB2378: PEN CD/GROUP INS-SURS SMP

Legislative Summary

Amends the State Employees Group Insurance Act of 1971. Adds to the definition of "community college benefit recipient" a person who is receiving retirement income from a self-managed plan account under the State Universities Article of the Illinois Pension Code and who meets other requirements. Amends the State Universities Article of the Illinois Pension Code. In the definition of "retire" and "retirement", provides that a participant in the self-managed plan retires, and the participant's retirement begins, when the participant is eligible for retirement under the Article, and the Retirement System Reciprocal Act (Article 20 of the Code) if applicable, and the participant begins receiving retirement income from the participant's self-managed plan account.