Illinois’ new pension law will be effective in less than a month on June 1. Read about specific details in the spring 2014 Topics & Report cover story: http://trs.illinois.gov/pubs/topics/spring14.pdf
As of today, we have not heard that there will be an injunction issued by the court that would delay the law’s effective date. Consequently, we are planning on the law to take effect on June 1, 2014. The new law makes significant changes to the Pension Code that create administrative challenges which must be finalized by June 1. If there is not an injunction, TRS must implement the law on June 1.
For more information, visit the TRS website.