Bill > SB1268

This bill amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code to increase the death benefit from $3,000 to $8,000, with a key exception for individuals who first retired prior to the effective date of the amendatory act. The legislation specifically modifies several sections of the Illinois Pension Code to reflect this change, ensuring that the $8,000 death benefit will apply to deaths occurring on or after January 1, 2025. The bill makes corresponding adjustments to various sections related to death benefits, including provisions for surviving spouses, employees with different service lengths, and annuitants. By increasing the death benefit, the legislation aims to provide enhanced financial support to the families of deceased IMRF participants. The bill also requires implementation without reimbursement and will become effective on January 1, 2026, giving municipalities and the pension fund time to prepare for the increased benefit amount.

Labor and Employment

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1268&GAID=18&DocTypeID=SB&SessionID=114&GA=104