Illinois HB5540 amends the Illinois Pension Code to require interest payments on delayed retirement annuities and modifies insurance coverage for.
Illinois HB5540 amends the Illinois Pension Code to require the Illinois Municipal Retirement Fund to pay interest to annuitants if their retirement annuity payment is delayed by more than one month. The interest rate is set at 6% of the delayed payment. The bill also modifies the Illinois Insurance Code to ensure that municipal employees and their dependents can continue their group insurance coverage during their retirement or disability period.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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