PEN CD-SURS-BOARD OF TRUSTEES

Amends the State Universities Article of the Illinois Pension Code. Provides that the term of an appointed trustee shall terminate immediately upon becoming a member of the system or being sworn into an elective State office, and the position shall be considered to be vacant. Provides that an elected trustee who is incumbent on the effective date of the amendatory Act whose status as a participating employee or annuitant has terminated after having been elected shall continue to serve in the participating employee or annuitant position to which he or she was elected for the remainder of the term. Provides that trustees shall continue in office until their respective successors are appointed and have qualified, except that a trustee elected (instead of appointed) to one of the participating employee (instead of participant) positions after the effective date of the amendatory Act shall be disqualified immediately upon the termination of his or her status as a participating employee (instead of participant) and a trustee elected (instead of appointed) to one of the annuitant positions after the effective date of the amendatory Act shall be disqualified immediately upon the termination of his or her status as an annuitant receiving a retirement annuity. Effective immediately. Senate Committee Amendment No. 1 Adds reference to: 40 ILCS 5/15-202 Further amends the State Universities Article of the Illinois Pension Code. Provides that the System shall offer a defined contribution plan to participating employees of the System employed by eligible employers described under a specified provision of the Internal Revenue Code of 1986 (rather than to active members of the System). Makes a conforming change. Changes references from "defined contribution benefit" to "defined contribution plan". Provides that the changes made to the defined contribution plan provisions are corrections of existing law and are intended to be retroactive to August 10, 2018 (the effective date of Public Act 100-769, which established the defined contribution plan).