SB3517 Summary

• Amends Section 7-141 of the Illinois Pension Code to extend the retroactive effective date for retirement annuities from one year to 2 years prior to fund receipt of application.

• Modifies Section 16-132 to increase required retirement ages for Tier 1 members beginning retirement on or after July 1, 2014, with increases ranging from 4 months to 60 months based on member's age as of June 1, 2014.

• Allows members not yet eligible to retire as of the amendment's effective date to backdate retirement annuities up to 2 years from the application date.

• Applies age increase requirements to all Tier 1 members regardless of whether they are in active service on the amendment's effective date.