SB1070 amends the Illinois Pension Code to modify widow's annuity provisions.
SB1070 amends the Illinois Pension Code by changing Section 14-119 concerning widow's annuities. The bill modifies the calculation and conditions for widow's annuities, including adjustments for survivors benefits and the impact of Social Security Act increases. It also provides for a one-time election for retirees to reduce their retirement annuity by 3.825% in exchange for not having the offset applied to their widow's annuity.
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- Core Provisions
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- Legal Framework
- Critical Issues
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