SB 2795 amends the State Universities Retirement System article of the Illinois Pension Code to correct an outdated reference to the required minimum distribution age under the Internal Revenue Code.
On December 20, 2019, the federal Setting Every Community Up for Retirement Enhancement (SECURE) Act became law. Among other changes, it increased the required minimum distribution age from 70.5 to 72. SB 2795 simply ensures that the reference to the required minimum distribution age in SURS’ statute remains consistent with federal law.
SB 2795 makes similar changes under the Illinois Municipal Retirement Fund and the Teachers’ Retirement System articles of the Illinois Pension Code.
SB 2795 takes effect immediately upon becoming law.