Bill > HB2332

This bill amends the Illinois Pension Code to modify retirement annuity eligibility for Tier 2 members who are police officers or firefighters. Specifically, the bill reduces the age at which these public safety workers can receive a retirement annuity from 60 to 55, provided they have at least 20 years of service in the system and meet Rule 4 of Section 15-136. The changes apply retroactively to January 1, 2011, which means eligible members who retired between 2011 and now could potentially benefit from this adjustment. The bill also stipulates that any benefit increase resulting from this amendment is excluded from the definition of a "new benefit increase," which is significant because new benefit increases typically require additional funding and legislative approval. This change aims to provide more flexible retirement options for police officers and firefighters, recognizing the physically demanding nature of their professions and allowing them to retire earlier with full benefits.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2332&GAID=18&DocTypeID=HB&SessionID=114&GA=104