PEN CD-CLOSE STATE SYSTEMS

Amends the State Employees Group Insurance Act of 1971. Shifts the costs of health insurance coverage for future employees of certain higher education institutions from the State to those higher education institutions. Creates a new health benefit program for those employees, once they become annuitants, and for their dependent beneficiaries. Terminates provisions providing for the ongoing transfer of funds from the General Revenue Fund to the Teacher Health Insurance Security Fund and the Community College Health Insurance Security Fund. Amends the Illinois Pension Code. Requires certain employers to provide a tax-sheltered annuity retirement plan to eligible employees. Requires current members and participants to elect whether to maintain their current benefits in the State-funded retirement systems. Prohibits the State-funded retirement systems from accepting new members or participants. Changes the amount of the required State contributions to the State-funded retirement systems and, in the State Universities and Downstate Teacher Articles, shifts the liability for making those contributions to employers. Amends the State Pension Funds Continuing Appropriation Act. Terminates continuing appropriations from the General Revenue Fund to the Teacher Health Insurance Security Fund and the Community College Health Insurance Security Fund. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.