SB 53

Abstract

Amends the General Provisions and Illinois Municipal Retirement Fund (IMRF) Articles of the Illinois Pension Code. Except for persons who elected to establish certain alternative credits, moves provisions concerning Tier 2 members of IMRF from the General Provisions Article to the IMRF Article. Defines Tier 1 regular employee and Tier 2 regular employee. Provides that the increase to the retirement annuity of a Tier 1 regular employee shall be computed from the effective date of the retirement annuity, the first increase being 0.25% (instead of .167%) of the monthly amount times the number of months from the effective date to January 1. Provides that if the employee was a Tier 1 regular employee, the surviving spouse annuity shall be increased by an amount equal to (i) 3% of the original amount thereof if the deceased employee was receiving a retirement annuity at the time of his or her death; otherwise (ii) 0.25% (instead of 0.167%) of the original amount thereof for each complete month that has elapsed since the date the annuity began. In provisions giving the Board of Trustees of the Fund the power and duty to have the accounts of the fund audited annually by a certified public accountant, removes language requiring that the certified public accountant be approved by the Auditor General. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement.