Illinois General Assembly - Bill Status for HB5265

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

Date	Chamber	Action
2/8/2024	House	Filed with the Clerk by Rep. Stephanie A. Kifowit
2/9/2024	House	First Reading
2/9/2024	House	Referred to Rules Committee
2/28/2024	House	Assigned to Personnel & Pensions Committee
4/4/2024	House	Do Pass / Short Debate Personnel & Pensions Committee; 007-004-000
4/4/2024	House	Placed on Calendar 2nd Reading - Short Debate
4/17/2024	House	Second Reading - Short Debate
4/17/2024	House	Held on Calendar Order of Second Reading - Short Debate
4/19/2024	House	Rule 19(a) / Re-referred to Rules Committee

×