PENCD-JUDGES-BENEFIT ELECTION

Amends the Judges Article of the Illinois Pension Code. Defines terms. Requires Tier I employees to elect (i) to have the amount of their automatic annual increases reduced and to waive their eligibility for automatic annual increases for 2 years, (ii) to make additional employee contributions and to waive their eligibility for automatic annual increases for 3 years, or (iii) to maintain their current benefit package. Specifies that a Tier I employee who has elected either item (i) or (ii) is entitled to have future increases in income treated as pensionable income and remains eligible to participate in the State-sponsored program of health benefits during retirement. Specifies that a Tier I employee who has elected item (iii) is not eligible for any of these benefits. Requires Tier I retirees to elect (i) to delay their eligibility for automatic annual increases or (ii) to maintain their current benefit package. Specifies that a Tier I retiree who elects item (ii) becomes ineligible to participate in the State-sponsored program of health benefits during retirement. Makes conforming changes in the State Employees Group Insurance Act of 1971. Includes an inseverability provision. Effective immediately.