Illinois HB2477 amends pension benefits for Tier 2 members and modifies the State Mandates Act regarding funding for new benefit increases.
HB2477 modifies the Illinois Pension Code to allow Tier 2 members with at least 20 years of service as police officers to receive a retirement annuity upon written application at age 55. It also adjusts the retirement age for certain participants with 25 years of service in the police or firefighter system to 50. The bill amends the State Mandates Act to require additional funding for new benefit increases and mandates the Commission on Government Forecasting and Accountability to analyze funding sufficiency.
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- Legal Framework
- Critical Issues
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