HB4892

Establishes a deferred retirement option plan (DROP) for eligible Illinois state university employees.

HB4892 amends the Illinois Pension Code to create a deferred retirement option plan (DROP) for eligible state university employees. Eligible members can participate in the DROP for up to five years, during which they will not accrue additional service credit. The DROP requires eligible members to terminate employment with the employer upon expiration of their DROP participation. The System will credit a notional account with an amount equal to the monthly retirement annuity the member would have received had they retired on the election date.