Currently, it appears that the language in HB149 is the strategy that lawmakers are looking to as they consider the issue.
A quick summary of the three-tiered system under consideration can be found on the State Pension and Budget Update website. There you also will find links to more information, including an analysis of the bill provided by Institute of Government Public Affairs at the University of Illinois.
This is likely to be a fast-moving issue in the days ahead. Check back frequently for updates.