PENCD-DEFINED CONTRI PLANS

Amends the Illinois Pension Code. Authorizes the General Assembly Retirement System, the State Employees' Retirement System of Illinois, the Teachers' Retirement System of the State of Illinois, and the Judges Retirement System of Illinois to offer its employees the option to participate in a self-managed program of retirement benefits instead of the program of retirement benefits currently offered. Provides that a self-managed plan shall authorize a participating employee to accumulate assets for retirement through a combination of employer and employee contributions that may be invested at the employee's direction in mutual funds, collective investment funds, or other investment products and used to purchase annuity contracts. Provides that, to the extent that the changes made by this amendatory Act are determined to be a new benefit increase, the changes are exempt from the 5-year expiration provision. Effective immediately.