SB1934 amends Illinois pension laws to adjust survivor's and child's annuities, and sets a wage cap for pension calculations.

SB1934 amends the Illinois Pension Code to change the calculation of survivor's and child's annuities for certain retirees. The initial survivor's or widow's benefit is set at 66 2/3% of the earned annuity without reduction due to age. Child's annuities are calculated using a specific formula. The bill also introduces an annual earnings, salary, or wage cap for pension calculations, which tracks the Social Security wage base. This cap applies to members or participants under certain articles of the Illinois Pension Code.

SB1934 amends Illinois pension laws to adjust survivor's and child's annuities, and sets a wage cap for pension calculations.

SB1934 amends the Illinois Pension Code to change the calculation of survivor's and child's annuities for certain retirees. The initial survivor's or widow's benefit is set at 66 2/3% of the earned annuity without reduction due to age. Child's annuities are calculated using a specific formula. The bill also introduces an annual earnings, salary, or wage cap for pension calculations, which tracks the Social Security wage base. This cap applies to members or participants under certain articles of the Illinois Pension Code.