Bill > HB2477

This bill amends the Illinois Pension Code to modify retirement annuity provisions for Tier 2 members who are police officers in the State Universities Retirement System (SURS). Specifically, the bill lowers the retirement age from 60 to 55 for police officers with at least 20 years of service, allowing them to apply for a retirement annuity earlier than previously permitted. The bill clarifies that any benefit increase resulting from this amendment is excluded from the definition of a "new benefit increase," which helps prevent potential legal challenges or funding complications. The term "Tier 2 member" refers to public employees hired after January 1, 2011, who are subject to different pension rules than "Tier 1 members" hired before that date. Additionally, the bill amends the State Mandates Act to require implementation of these changes without state reimbursement, which means local governments or institutions will need to absorb any associated costs. The changes are retroactive to January 1, 2011, potentially benefiting police officers who have been part of the SURS system during that period.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2477&GAID=18&DocTypeID=HB&SessionID=114&GA=104