|
Springfield, Ill – Illinois State Representative Stephanie Kifowit (D-Oswego) achieved a significant milestone today as her proposed bill, HB 4870, passed through the Illinois House. This bill, aimed at amending the State Employee Article of the Illinois Pension Code, represents a crucial step forward in ensuring efficient and timely retirement benefits for state employees. “I'm proud to lead the charge in ensuring that our state employees receive the timely and efficient retirement benefits they deserve,” said Kifowit. “HB 4870 represents our commitment to supporting those who have dedicated their careers to public service, and I am honored to champion this important legislation.” HB 4870 focuses on providing state employees with greater flexibility and expedience in accessing their retirement benefits. Under the proposed legislation, eligible members who are entitled to receive an alternative retirement annuity may now opt for an estimated payment, which will commence no later than 30 days after either the member’s last day of employment or 30 days after filing for the retirement benefit with the system. Representative Kifowit emphasized the importance of this bill, stating, "HB 4870 aims to alleviate the challenges faced by state employees in accessing their retirement benefits promptly. By allowing for estimated payments, we are streamlining the process and ensuring that retirees receive the support they need in a timely manner." Additionally, the bill stipulates that the estimated payment shall be the best estimate by the System of the total monthly amount due to the member based on the information available at the time of the estimate. Any discrepancies between the estimated and actual amounts will be rectified within six months after the start of the monthly annuity. This bipartisan effort underscores Illinois' commitment to supporting its state employees and ensuring their financial security during retirement. If enacted, HB 4870 will have an immediate effective date, providing timely relief and assistance to state employees navigating the retirement process. For more information or inquiries, please contact 630-585-1308 or [email protected]. # # #
Comments are closed.
|
