Bill Status of SB 3628   103rd General Assembly

Short Description:  PEN CD-TIER 2-VARIOUS

Senate Sponsors
Sen. Doris Turner

Last Action  View All Actions

DateChamber Action
  2/9/2024SenateReferred to Assignments

Statutes Amended In Order of Appearance
40 ILCS 5/1-103.4 new
40 ILCS 5/1-160
40 ILCS 5/1-163 new
40 ILCS 5/7-226 new
40 ILCS 5/8-251.5 new
40 ILCS 5/9-242 new
40 ILCS 5/14-152.1
40 ILCS 5/14-157 new
40 ILCS 5/15-198
40 ILCS 5/15-203 new
30 ILCS 805/8.48 new

Synopsis As Introduced
Amends 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under the alternative retirement formula, in lieu of the regular or minimum retirement annuity, only if the person has withdrawn from service with not less than 20 years of eligible creditable service and has attained age 55 (instead of age 60). With regard to Tier 2 members and participants under the Illinois Municipal Retirement Fund (IMRF), Chicago Municipal, Cook County, State Employees, and State Universities Article: changes the retirement age to age 60 with 20 years of service or age 67 with 10 years of service; changes the final average salary calculation to the total salary during the 60 months (instead of 96 months) of service within the last 120 months of service in which the total salary was the highest; rescinds an election for certain benefits for persons under the Chicago Municipal Article; provides that the automatic annual increase in retirement annuity shall be calculated at 3% or one-half the annual unadjusted increase in the consumer-price index-u, whichever is greater (instead of whichever is less) of the originally granted retirement annuity; and makes other changes. Provides that the changes made by the amendatory Act are intended to be retroactive to January 1, 2011 and are applicable without regard to whether a member or participant was in active service on or after the effective date. Amends the State Mandates Act to require implementation without reimbursement.

Actions 
DateChamber Action
  2/9/2024SenateFiled with Secretary by Sen. Doris Turner
  2/9/2024SenateFirst Reading
  2/9/2024SenateReferred to Assignments

Back To Top