SB 2512

Abstract

Amends the General Provisions Article of the Illinois Pension Code. Provides that the total retirement annuity of a participant in a State-funded retirement system who first became a participant before January 1, 2011 shall not exceed $120,000 per year. Provides that a participant who first became a participant before January 1, 2011 is not eligible to retire from a State-funded retirement system before reaching age 62. Provides that these changes do not apply to a participant who is eligible to retire within 8 years after the effective date of the amendatory Act, regardless of whether the participant actually retires during that period. Effective immediately.