SB 1505 establishes that a person who participates in the Judges’ Retirement System prior to January 1, 2011, is deemed to be a person who first became a member or participant of the State Employees’ Retirement System, State Universities Retirement System, or Teachers’ Retirement System prior to January 1, 2011.
As it relates to SURS, under current law, a member the General Assembly Retirement System, Downstate Policemen’s Pension Fund, Downstate Firefighters’ Pension Fund, Chicago Policemen’s Pension Fund, Chicago Firefighters’ Pension Fund, or Judges’ Retirement System who first participates in SURS on or after January 1, 2011, is deemed to be a Tier II member of SURS, regardless of his or her tier status under that other retirement system. SB 1505 provides that a person who is a Tier I member of the Judges’ Retirement System will remain a Tier I member upon subsequent participation in SURS.
SB 1505 makes similar changes under the State Employees’ Retirement System and the Teachers’ Retirement System.
SB 1505 takes effect immediately upon becoming law.