Bill Title: Amends the General Provisions and Illinois Municipal Retirement Fund (IMRF) Articles of the Illinois Pension Code. Except for persons who elected to establish certain alternative credits, moves provisions concerning Tier 2 members of IMRF from the General Provisions Article to the IMRF Article. Defines Tier 1 regular employee and Tier 2 regular employee. Provides that the increase to the retirement annuity of a Tier 1 regular employee shall be computed from the effective date of the retirement annuity, the first increase being 0.25% (instead of .167%) of the monthly amount times the number of months from the effective date to January 1. Provides that if the employee was a Tier 1 regular employee, the surviving spouse annuity shall be increased by an amount equal to (i) 3% of the original amount thereof if the deceased employee was receiving a retirement annuity at the time of his or her death; otherwise (ii) 0.25% (instead of 0.167%) of the original amount thereof for each complete month that has elapsed since the date the annuity began. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2021-01-13 - Session Sine Die [SB2533 Detail]

Text: Latest bill text (Introduced) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Cristina Castro [D]	Primary	Sponsored Bills	SD-022	FollowTheMoney	Ballotpedia	VoteSmart

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