PENCD-STATE SYSTEMS-OPT OUT

Amends the Illinois Pension Code. In the General Assembly and Judges Articles, authorizes a participant to terminate his or her participation in those systems. In the Downstate Teachers, State Employees, and State Universities Articles, authorizes a person to elect not to participate or to terminate his or her participation in those systems. In all 5 systems, provides that an active participant terminating participation in the system shall be entitled to a refund of his or her contributions (other than contributions to the defined contribution plan or self-managed plan) plus interest, minus any benefits received prior to terminating participation. Effective immediately.