House Bill 4027 includes:
- Senate President John Cullerton’s “consideration model” that would require members of TRS, SURS, SERS, GARS, and CTPF to exchange their Tier 1 COLA for the right to have future raises to be counted as pensionable, or keep their COLA and sacrifice future raises as pensionable. This concept previously received union support by the We Are One Coalition;
- Closes new member participation in the General Assembly Retirement System (GARS);
- Offers Tier 1 TRS, SURS, SERS and GARS employees the option to participate in a defined contribution (DC) plan;
- Creates a voluntary Tier 3 Hybrid defined benefit/defined contribution plan for new Tier 2 employees under TRS, SURS, and certain SERS members who do not participate in Social Security.