HB2332

Illinois HB2332 modifies retirement annuity eligibility for Tier 2 members in the State Universities Retirement System.

Illinois HB2332 amends the State Universities Retirement System to change retirement annuity eligibility for Tier 2 members. Specifically, it allows Tier 2 members who have at least 20 years of service as police officers or firefighters to apply for a retirement annuity at age 55, instead of age 60. The bill also modifies the definition of "new benefit increase" and establishes conditions for the application and expiration of such increases. The changes apply retroactively to January 1, 2011.