SB2802 amends the Illinois Pension Code to increase death benefits for Illinois Municipal Retirement Fund participants.
SB2802 amends the Illinois Pension Code to increase death benefits for participants in the Illinois Municipal Retirement Fund (IMRF). The bill raises the death benefit from $3,000 to $8,000 for deaths occurring on or after January 1, 2027. It also modifies the calculation of death benefits for various scenarios, including when a surviving spouse or child annuity is awarded, or when no such annuity is awarded. The bill further details the process for assessing and paying death benefits, including the exclusion of certain earnings increases from the calculation.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.