summary
Introduced
02/05/2025
02/05/2025
In Committee
03/21/2025
03/21/2025
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 amends the Illinois Pension Code to modify retirement and annuity provisions for Chicago police officers and firefighters in the Tier 2 pension system. Specifically, the bill changes the age at which Tier 2 monthly retirement annuities can be increased from 60 to 55 years old. The annual increase will now be calculated at a flat 3%, removing the previous formula that tied increases to the consumer price index. For police officers and firefighters retiring after age 50 with 20 or more years of creditable service, the retirement annuity will no longer be reduced. The bill also updates provisions related to surviving spouse, child, and parent annuities for Tier 2 members. Additionally, the State Mandates Act is amended to specify that the implementation of these changes does not require reimbursement by the state. These modifications aim to provide more favorable retirement benefits for newer public safety employees while potentially reducing the complexity of pension calculations.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Rule 19(a) / Re-referred to Rules Committee (on 03/21/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2855&GAID=18&DocTypeID=HB&SessionID=114&GA=104 |
| BillText | https://www.ilga.gov/legislation/104/HB/10400HB2855.htm |
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