summary
Introduced
03/06/2025
03/06/2025
In Committee
03/06/2025
03/06/2025
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Downstate Police Article of the Illinois Pension Code. Provides that an eligible police officer may elect to receive a retirement pension from each pension fund under the Article in which the police officer has at least one year of service credit, but has not received a refund, by applying in writing and paying a specified contribution. Provides that from each such pension fund other than the last pension fund, in lieu of any retirement pension otherwise payable, an eligible police officer may elect to receive a monthly pension of 1/12th of 2.5% of his or her final monthly salary under that fund for each month of service in that fund, subject to a maximum of 75% of that final monthly salary. Provides that the retirement pension from the last pension fund shall be the retirement pension that would be payable to the police officer if he or she had participated in that last pension fund for his or her entire period of service under all pension funds, minus the amounts of the retirement pensions payable to the police officer by all other pension funds. Provides that a police officer must pay to each pension fund from which he or she has elected to receive a pension a contribution equal to 1% of monthly salary for each month of service credit that the police officer has in that fund (other than service credit for which the police officer has already paid a specified additional contribution), together with interest thereon at the rate of 6% per annum, compounded annually. Contains provisions concerning eligibility for the benefit; contributions; refunds; reinstatement of terminated credits; automatic annual increases; and occupational disease disability pensions. Makes conforming and other changes. Amends the State Mandates Act to require implementation without reimbursement.
AI Summary
This bill amends the Illinois Pension Code to create a new pension benefit option for police officers who have service credits in multiple pension funds. Specifically, eligible police officers who have at least 20 years of total service, are at least 50 years old, and have been a police officer for the final 3 years of employment can elect to receive a retirement pension from each pension fund in which they have at least one year of service. Under this new option, officers can receive a monthly pension of 2.5% of their final monthly salary for each month of service in a fund, up to a maximum of 75% of their final monthly salary. The pension from the last pension fund will be calculated by determining what the total pension would have been if the officer had been in that fund the entire time, then subtracting pensions already received from other funds. To participate, officers must pay an additional 1% contribution to each fund and may reinstate previously refunded service credits by repaying the original refund with interest. The bill also includes provisions for disability pensions and requires newly hired police officers to notify relevant parties of their intent to use this benefit within 21 months of being hired. Importantly, the State Mandates Act is amended to specify that the state will not reimburse local governments for implementing these changes.
Sponsors (1)
Last Action
Referred to Rules Committee (on 03/06/2025)
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=4015&GAID=18&DocTypeID=HB&SessionID=114&GA=104 |
| BillText | https://www.ilga.gov/legislation/104/HB/10400HB4015.htm |
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