SB3073

SB3073 amends pension benefits for firefighters in Illinois, adjusting the pension schedule based on years of service and age at retirement.

SB3073 amends the Illinois Pension Code to adjust pension benefits for firefighters. It establishes a pension schedule based on years of service, with percentages ranging from 15% for 10 years of service to 45.6% for 19 years of service. For firefighters retiring at age 50 with 10 or more years of service, the pension is reduced by 0.5% for each month under age 55, with a maximum pension of 75% of the final average salary. The final average salary is defined as the highest average monthly salary over specific periods of service.