Illinois Senate Bill 3614

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 9 2024 - 25% progression
Action: 2024-02-09 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Chicago Police and Chicago Firefighter Articles of the Illinois Pension Code. Provides that the Tier 2 monthly retirement annuity shall be increased on the January 1 occurring either on or after (i) the attainment of age 55 (instead of age 60) or (ii) the first anniversary of the annuity start date, whichever is later. Provides that each annual increase shall be calculated at 3% (instead of 3% or one-half the annual unadjusted percentage increase in the consumer price index-u, whichever is less) of the originally granted retirement annuity. In a provision specifying an annuity reduction factor for each year a retiring Tier 2 policeman or fireman is under the age of 55, provides that the retirement annuity of a policeman or fireman who is retiring after attaining age 50 with 20 or more years of service shall not be reduced. Makes a conforming change. Amends the State Mandates Act to require implementation without reimbursement.

PEN CD-CHI POLICE&FIRE-TIER 2

Sen. Robert Martwick [D]

Date	Chamber	Action
2024-02-09	Senate	Referred to Assignments
2024-02-09	Senate	First Reading
2024-02-09	Senate	Filed with Secretary by Sen. Robert F. Martwick

Chapter	Article	Section	Citation Type	Statute Text
30	805	8.48	New Code	See Bill Text
40	5	5-167.1	Amended Code	Citation Text
40	5	5-238	Amended Code	Citation Text
40	5	6-164	Amended Code	Citation Text
40	5	6-229	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3614&GAID=17&DocTypeID=SB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/SB/10300SB3614.htm