SB1187 amends the Chicago Police Article of the Illinois Pension Code to clarify and adjust benefits for Tier 2 policemen and their survivors.
SB1187 amends the Chicago Police Article of the Illinois Pension Code to provide specific benefits for Tier 2 policemen and their survivors. It defines "Tier 2" as policemen who first became officers on or after January 1, 2011, and their qualified survivors. The bill sets the "final average salary" for Tier 2 policemen as the greater of two calculations based on their service period. It also specifies the amount of the Tier 2 surviving spouse's annuity, which is 54% of the policeman's monthly salary at the time of death, or 66 2/3% of the earned annuity if applicable.
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