Bill Title: Amends the Illinois Pension Code. Provides that the Retirement Systems Reciprocal Act (Article 20 of the Code) is adopted and made a part of the Downstate Police Article, but only with respect to a person who, on or after the effective date of the amendatory Act, is entitled under those Articles or through a participating system under the Retirement Systems Reciprocal Act to begin receiving a retirement annuity or survivor's annuity and who elects to proceed under the Retirement Systems Reciprocal Act. In the State Universities Article, provides that a Tier 2 member who has at least 20 years of service in the System as a police officer is entitled to a retirement annuity upon written application on or after the attainment of age 55 (instead of age 60) if a specified rule is applicable to the participant. Provides that any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase". Amends the State Mandates Act to require implementation without reimbursement.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Engrossed) 2024-04-19 - Referred to Assignments [HB4508 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Engrossed	2024-04-12	HTML/Text	Link	View
Introduced	2024-01-18	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
House Amendment 001	2024-03-21	Proposed	HTML/Text	Link	View

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB4508 currently on file.

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