Bill Title: Amends the Illinois Pension Code. Provides that a member or participant who first becomes a member of one of the specified pension or retirement systems on or after January 1, 2011 is entitled to a retirement annuity upon written application if he or she has attained age 62 (rather than 67), has at least 10 years of service credit, and is otherwise eligible under the requirements of the applicable Article. Provides that if such a person has attained age 57 (rather than 62), has at least 10 years of service credit, and is otherwise eligible under the requirements of the applicable Article, then he or she may elect to retire early and receive a lower retirement annuity. Exempts these benefit changes from the new benefit increase provisions added by Public Act 94-4 in each of the affected Articles. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2013-01-08 - Session Sine Die [HB3075 Detail]

Text: Latest bill text (Introduced) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Daniel Beiser [D]	Primary	Sponsored Bills	HD-111	FollowTheMoney	Ballotpedia	VoteSmart

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