Illinois HB3122 restricts participation in the General Assembly Retirement System to members who join before January 1, 2026.

Illinois HB3122 amends the Illinois Pension Code to create the General Assembly Retirement System, providing retirement annuities and benefits for certain members of the General Assembly, elected state officials, and their beneficiaries. The bill restricts participation in this system to members who become participants before January 1, 2026. After this date, the system will not accept new participants who are members of the General Assembly. The funds and property of the system are maintained as a trust separate from other entities, ensuring the payment of annuities and benefits.

Illinois HB3122 restricts participation in the General Assembly Retirement System to members who join before January 1, 2026.

Illinois HB3122 amends the Illinois Pension Code to create the General Assembly Retirement System, providing retirement annuities and benefits for certain members of the General Assembly, elected state officials, and their beneficiaries. The bill restricts participation in this system to members who become participants before January 1, 2026. After this date, the system will not accept new participants who are members of the General Assembly. The funds and property of the system are maintained as a trust separate from other entities, ensuring the payment of annuities and benefits.