SB3911 amends the Illinois Pension Code to adjust retirement annuity eligibility for Tier 2 members.
SB3911 modifies the Illinois Pension Code to change retirement annuity eligibility for Tier 2 members. Specifically, it allows Tier 2 members with at least 20 years of service as police officers or firefighters to apply for a retirement annuity at age 55, down from age 60. The bill also specifies that the annuity payment period begins on the date the application is received, regardless of whether the participant has filed an application. The changes apply retroactively to January 1, 2011.
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