PEN CD-SERS-ALTERNATE ANNUITY

Amends the State Employee Article of the Illinois Pension Code. Provides that the alternative retirement annuity provisions apply to a Tier 2 State highway maintenance worker. Authorizes a Tier 2 State highway maintenance worker to convert up to 8 years of certain service credit established before the effective date of the amendatory Act into eligible creditable service under the alternative retirement annuity provisions upon application and payment of a specified contribution. Provides that any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase".