SB1267 amends Illinois Pension Code to suspend annuities for annuitants who return to work with participating employers.
SB1267 amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code to suspend annuities for annuitants who return to work with participating employers. If an annuitant returns to work and the participating municipality or instrumentality fails to notify the Board, the Board may assign responsibility for reimbursement of annuity payments made after the annuity should have been suspended. The participating municipality or instrumentality and the annuitant may be required to reimburse the Fund for up to half of the total annuity payments made after suspension.
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- Core Provisions
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- Legal Framework
- Critical Issues
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