Illinois HB2796 establishes a Deferred Retirement Option Plan (DROP) for firefighters.
HB2796 amends the Illinois Pension Code to create a Deferred Retirement Option Plan (DROP) for firefighters. Eligible firefighters, who must be at least 50 years old and have 20 years of service, can continue working while having their pension paid into a special account. The pension amount is based on the firefighter's salary and service at the time they join the DROP plan. Firefighters must terminate service at the end of their DROP plan participation unless they receive a disability benefit.
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