Illinois HB2855 amends the Illinois Pension Code to clarify and adjust Tier 2 benefits for police and fire retirees and their survivors.
HB2855 amends the Illinois Pension Code to clarify eligibility and benefit calculations for Tier 2 police and fire retirees and their survivors. It specifies that Tier 2 surviving spouses' annuities should not be less than the minimum widow's annuity. It adjusts the calculation of Tier 2 child's and parent's annuities, ensuring they are in the same amount and paid in the same manner as previous benefits. The bill also modifies the annual increase in annuities based on the consumer price index and adjusts the salary cap for these benefits.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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