Illinois HB5246 amends the Illinois Pension Code to establish an optional defined contribution benefit for certain full-time and part-time.
Illinois HB5246 amends the Illinois Pension Code to introduce an optional defined contribution benefit for active full-time or part-time contractual members of the System. This benefit allows members to contribute a portion of their pre-tax salary into a defined contribution account, with employers also contributing. The benefit is optional and members can choose to participate or not. The bill also sets rules for the calculation of final average salary, the maximum annual earnings cap, and the conditions under which retirement annuities are increased.
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