Bill Status of SB 3614   103rd General Assembly

Short Description:  PEN CD-CHI POLICE&FIRE-TIER 2

Senate Sponsors
Sen. Robert F. Martwick

Last Action  View All Actions

DateChamber Action
  2/9/2024SenateReferred to Assignments

Statutes Amended In Order of Appearance
40 ILCS 5/5-167.1from Ch. 108 1/2, par. 5-167.1
40 ILCS 5/5-238
40 ILCS 5/6-164from Ch. 108 1/2, par. 6-164
40 ILCS 5/6-229
30 ILCS 805/8.48 new

Synopsis As Introduced
Amends the Chicago Police and Chicago Firefighter Articles of the Illinois Pension Code. Provides that the Tier 2 monthly retirement annuity shall be increased on the January 1 occurring either on or after (i) the attainment of age 55 (instead of age 60) or (ii) the first anniversary of the annuity start date, whichever is later. Provides that each annual increase shall be calculated at 3% (instead of 3% or one-half the annual unadjusted percentage increase in the consumer price index-u, whichever is less) of the originally granted retirement annuity. In a provision specifying an annuity reduction factor for each year a retiring Tier 2 policeman or fireman is under the age of 55, provides that the retirement annuity of a policeman or fireman who is retiring after attaining age 50 with 20 or more years of service shall not be reduced. Makes a conforming change. Amends the State Mandates Act to require implementation without reimbursement.

Actions 
DateChamber Action
  2/9/2024SenateFiled with Secretary by Sen. Robert F. Martwick
  2/9/2024SenateFirst Reading
  2/9/2024SenateReferred to Assignments

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