Bill Title: Amends the General Provisions and State Employee Articles of the Illinois Pension Code. Provides that a security employee of the Department of Corrections or the Department of Juvenile Justice under the Tier 2 provisions is entitled to an annuity calculated under the alternative retirement formula, in lieu of the regular or minimum retirement annuity, only if the person has withdrawn from service with not less than 20 years of eligible creditable service and has attained age 55 (instead of age 60), regardless of whether the attainment of age 55 (instead of age 60) occurs while the person is still in service. Provides that any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase". Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2023-03-10 - Rule 3-9(a) / Re-referred to Assignments [SB2162 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2023-02-10	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois SB2162

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois SB2162 currently on file.

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