Illinois HB1636 amends pension contributions for state employees and teachers, introducing a defined contribution plan.

Illinois HB1636 modifies the Illinois Pension Code to establish a defined contribution plan for active members of the pension system. This plan will collect optional employee contributions, employer contributions, and state contributions into individual accounts, offering investment options. The bill outlines specific contribution rates and methods, including employer and state contributions based on payroll percentages. It also details the process for recalculating contributions and handling disputes.

Illinois HB1636 amends pension contributions for state employees and teachers, introducing a defined contribution plan.

Illinois HB1636 modifies the Illinois Pension Code to establish a defined contribution plan for active members of the pension system. This plan will collect optional employee contributions, employer contributions, and state contributions into individual accounts, offering investment options. The bill outlines specific contribution rates and methods, including employer and state contributions based on payroll percentages. It also details the process for recalculating contributions and handling disputes.