SB3534 amends the Illinois Pension Code to adjust retirement annuity eligibility for Tier 2 members.
SB3534 modifies the Illinois Pension Code to change retirement annuity eligibility for Tier 2 members. It allows Tier 2 members with at least 20 years of service as a police officer or firefighter to apply for a retirement annuity upon reaching age 55, instead of age 60. Additionally, it specifies that new benefit increases are contingent on adequate funding and may expire if funding becomes inadequate. The changes apply retroactively to January 1, 2011.
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