SB1933 amends the Illinois Pension Code to modify the defined contribution benefit for active full-time and part-time contractual members.
SB1933 amends the Illinois Pension Code to revise the defined contribution benefit for active full-time and part-time contractual members. It mandates automatic enrollment in the benefit for new members, with a 3% pre-tax contribution from their compensation. Members can opt out within 90 days and forfeit employer matching contributions. The System must ensure compliance with state and federal laws and use accepted practices. The bill also restricts the recordkeeper from using benefit information for cross-selling nonplan products and services.
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