summary
Introduced
02/05/2025
02/05/2025
In Committee
02/05/2025
02/05/2025
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Chicago Police and Chicago Firefighter Articles of the Illinois Pension Code. Provides that the Tier 2 monthly retirement annuity shall be increased on the January 1 occurring either on or after (i) the attainment of age 55 (instead of age 60) or (ii) the first anniversary of the annuity start date, whichever is later. Provides that each annual increase shall be calculated at 3% (instead of 3% or one-half the annual unadjusted percentage increase in the consumer price index-u, whichever is less) of the originally granted retirement annuity. In a provision specifying an annuity reduction factor for each year a retiring Tier 2 policeman or fireman is under the age of 55, provides that the retirement annuity of a policeman or fireman who is retiring after attaining age 50 with 20 or more years of service shall not be reduced. Makes a conforming change. Amends the State Mandates Act to require implementation without reimbursement.
AI Summary
This bill modifies the Illinois Pension Code for Chicago Police and Firefighter Tier 2 retirement benefits, primarily focusing on changes to annuity increases and retirement age calculations. Specifically, the bill reduces the age at which Tier 2 police officers and firefighters can receive full retirement benefits from 60 to 55 years old. For police officers and firefighters who retire after reaching age 50 with 20 or more years of creditable service, the bill eliminates the previous annuity reduction factor that was applied for each month the retiree was under age 55. Additionally, the bill changes the annual annuity increase calculation, removing the previous method that tied increases to the consumer price index and instead establishing a flat 3% annual increase. The bill also amends the State Mandates Act to indicate that implementation of these changes does not require state reimbursement. These modifications are part of an ongoing effort to adjust pension benefits for public safety employees hired on or after January 1, 2011, who are classified under the Tier 2 retirement system.
Sponsors (1)
Last Action
Referred to Assignments (on 02/05/2025)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1725&GAID=18&DocTypeID=SB&SessionID=114&GA=104 |
| BillText | https://www.ilga.gov/legislation/104/SB/10400SB1725.htm |
Loading...