SB1937: PENCD-SERS-ALTERNATIVE ANNUITY

Legislative Summary

Amends the State Employee Article of the Illinois Pension Code. Provides that a member who is eligible to receive an alternative retirement annuity may elect to receive an estimated payment that shall commence no later than 30 days after the later of either the member's last day of employment or 30 days after the member files for the retirement benefit with the System. Provides that the estimated payment shall be the best estimate by the System of the total monthly amount due to the member based on the information that the System possesses at the time of the estimate. Provides that if the amount of the estimate is greater or less than the actual amount of the monthly annuity, the System shall pay or recover the difference within 6 months after the start of the monthly annuity. Excludes a benefit increase resulting from the amendatory Act from the definition of "new benefit increase". Effective immediately.