IL HB3075

Lowers retirement age requirements for pension system members hired on or after January 1, 2011, allowing retirement at age 62 (instead of 67) with at least 10 years of service credit.

Permits early retirement at age 57 (instead of 62) with at least 10 years of service credit, with retirement annuity reduced by 0.5% for each full month under age 62.

Caps annual earnings subject to pension calculations at $106,800 starting January 1, 2011, with annual increases of the lesser of 3% or one-half the Consumer Price Index.

Exempts benefit changes made by this bill from the new benefit increase provisions and sunset requirements established by Public Act 94-4.

Amends State Mandates Act to require implementation without state reimbursement to municipalities or other entities; effective immediately upon becoming law.