Bill Status of SB 2162   103rd General Assembly


Short Description:  PENCD-SERS-ALTERNATIVE FORMULA

Senate Sponsors
Sen. Doris Turner

Last Action  View All Actions

DateChamber Action
  3/10/2023SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
40 ILCS 5/1-160
40 ILCS 5/14-152.1

Synopsis As Introduced
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under the alternative retirement formula, in lieu of the regular or minimum retirement annuity, only if the person has withdrawn from service with not less than 20 years of eligible creditable service and has attained age 55 (instead of age 60), regardless of whether the attainment of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.

Actions 
DateChamber Action
  2/10/2023SenateFiled with Secretary by Sen. Doris Turner
  2/10/2023SenateFirst Reading
  2/10/2023SenateReferred to Assignments
  2/28/2023SenateAssigned to Senate Special Committee on Pensions
  3/10/2023SenateRule 3-9(a) / Re-referred to Assignments

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