Illinois HB2920 establishes a deferred retirement option plan for eligible state university employees.
Illinois HB2920 amends the Illinois Pension Code to create a deferred retirement option plan (DROP) for eligible members of state universities. Eligible members can elect to participate in the DROP, allowing them to continue in active service for up to five years while having their monthly retirement annuity deposited into a special account. The DROP is available starting January 1, 2026, and must be elected by January 1, 2029. Members must be eligible to retire, not receiving a disability or retirement annuity, and actively employed.
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