SB 14

Abstract

Amends the Chicago Municipal and Chicago Laborers Articles of the Illinois Pension Code. Makes changes to the retirement age for persons who first become participants on or after the effective date of the amendatory Act. Increases employee contribution for persons who first become participants on or after the effective date of the amendatory Act and makes other changes to the employee contribution rate. Provides that a person who first became a participant on or after January 1, 2011 and before the effective date may elect to be eligible for a reduced retirement age in exchange for an increase in employee contributions. Makes changes to the city's required contribution to each fund beginning in payment year 2018 and makes changes to provisions concerning employer contributions. Authorizes withholding from State grants in the case of nonpayment of the city's required contributions. Makes changes to provisions concerning felony forfeiture. Provides that if there is an injury or death for which death or disability benefits are payable, the fund may subrogate a claim made by that employee against a third party. In the Chicago Municipal Article, makes changes to the definition of "employee" and provides that a person who first becomes a city officer on or after the effective date of the amendatory Act shall not be eligible for the alternative annuity or alternative disability benefits. Makes other changes. Contains inseverability and severability provisions. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.