Illinois SB1937 amends the Illinois Pension Code to modify retirement benefits for certain state employees.
Illinois SB1937 amends the Illinois Pension Code to modify retirement benefits for specific state employees. It allows eligible employees to convert certain service credits into creditable service, subject to payment of a specified amount. The bill also outlines conditions for eligibility for alternative retirement annuities, including minimum age and service requirements. It mandates that any new benefit increase must be accompanied by sufficient funding, and if not, the increase is null and void.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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