IL HB0505

Amends the Illinois Pension Code to provide the alternative (State police) retirement formula to automotive mechanics employed by the Illinois State Toll Highway Authority who retrieve or repair State vehicles on highways or tollways.

Extends the alternative retirement formula to certain sign hangers employed by the Department of Transportation, adding them to the list of eligible positions.

Removes obsolete job designation references from the Illinois State Toll Highway Authority positions in the alternative retirement formula provisions.

Declares that the amendments providing the alternative formula to toll highway automotive mechanics and DOT sign hangers constitute new benefit increases that will expire 5 years after the effective date.

Takes effect immediately upon enactment.