SB1725 amends the Illinois Pension Code to clarify and adjust Tier 2 pension benefits for Chicago police and firefighters.

SB1725 amends the Illinois Pension Code to clarify and adjust Tier 2 pension benefits for Chicago police and firefighters. It specifies the calculation and increase of Tier 2 retirement annuities, including adjustments based on age and years of service. The bill also details the conditions for increasing annuities for surviving spouses and children, and it sets a salary cap for these benefits. Additionally, it mandates that certain changes apply retroactively to January 1, 2011, and it exempts the implementation of these changes from state reimbursement requirements.

SB1725 amends the Illinois Pension Code to clarify and adjust Tier 2 pension benefits for Chicago police and firefighters.

SB1725 amends the Illinois Pension Code to clarify and adjust Tier 2 pension benefits for Chicago police and firefighters. It specifies the calculation and increase of Tier 2 retirement annuities, including adjustments based on age and years of service. The bill also details the conditions for increasing annuities for surviving spouses and children, and it sets a salary cap for these benefits. Additionally, it mandates that certain changes apply retroactively to January 1, 2011, and it exempts the implementation of these changes from state reimbursement requirements.