Bill Title: Amends the Illinois Pension Code. Makes changes to Tier 2 benefits, including changing the amount of the automatic annual increase to 3% of the originally granted retirement annuity or 3% of the retirement annuity then being paid for the General Assembly and Judges Articles, changing the limit on the amount of salary for annuity purposes to the Social Security wage base, changing the calculation of final average salary to the Tier 1 calculation for persons who are active members on or after January 1, 2025, and changing the retirement age. Establishes an accelerated pension benefit payment option for the General Assembly, Chicago Teachers, and Judges Articles of the Code. Provides that, with regard to persons subject to the Tier 2 provisions, a security employee of the Department of Human Services, a security employee of the Department of Corrections or the Department of Juvenile Justice, an investigator for the Department of the Lottery, or a State highway worker is entitled to an annuity calculated under the alternative retirement annuity provisions of the State Employee Article of the Code. Authorizes the conversion of service to eligible creditable service. Provides that the Retirement Systems Reciprocal Act (Article 20 of the Code) is adopted and made a part of the Downstate Police, Downstate Firefighter, Chicago Police, and Chicago Firefighter Articles. Authorizes SLEP status under the Illinois Municipal Retirement Fund for a person who is a county correctional officer or probation officer and for a person who participates in IMRF and qualifies as a firefighter under the Public Safety Employee Benefits Act. In the Downstate Firefighter Article, includes a de facto firefighter in the definition of "firefighter". Defines "de facto firefighter". Provides that the monthly pension of a firefighter who is receiving a disability pension shall be increased at the rate of 3% of the original monthly pension. Makes changes to the minimum retirement annuity payable to a firefighter with 20 or more years of creditable service, the minimum disability pension, and the minimum surviving spouse's pension. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately.

Spectrum: Partisan Bill (Democrat 9-0)

Status: (Introduced) 2024-11-20 - Added as Co-Sponsor Sen. Mary Edly-Allen [SB3988 Detail]

Text: Latest bill text (Introduced) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Robert Martwick [D]	Primary	Sponsored Bills	SD-010	FollowTheMoney	Ballotpedia	VoteSmart
Senator Robert Peters [D]	Cosponsor	Sponsored Bills	SD-013	FollowTheMoney	Ballotpedia	VoteSmart
Senator David Koehler [D]	Cosponsor	Sponsored Bills	SD-046	FollowTheMoney	Ballotpedia	VoteSmart
Senator Michael Halpin [D]	Cosponsor	Sponsored Bills	SD-036	FollowTheMoney	Ballotpedia	VoteSmart
Senator Adriane Johnson [D]	Cosponsor	Sponsored Bills	SD-030	N/A	Ballotpedia	VoteSmart
Senator Karina Villa [D]	Cosponsor	Sponsored Bills	SD-025	FollowTheMoney	Ballotpedia	VoteSmart
Senator Meg Loughran Cappel [D]	Cosponsor	Sponsored Bills	SD-049	FollowTheMoney	Ballotpedia	VoteSmart
Senator Rachel Ventura [D]	Cosponsor	Sponsored Bills	SD-043	FollowTheMoney	Ballotpedia	VoteSmart
Senator Mary Edly-Allen [D]	Cosponsor	Sponsored Bills	SD-031	FollowTheMoney	Ballotpedia	VoteSmart

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