IL SB2584

Amends Section 17-116 of the Illinois Pension Code concerning service retirement pensions for teachers.

For new members (those first becoming members after the effective date of this act), retirement benefit payments cannot commence more than one year prior to the date the Fund receives an application for the benefit.

Maintains existing pension calculation formulas based on years of service and average salary, with different rates for service earned before July 1, 1998 and after that date.

Preserves eligibility requirements: teachers with 20 years of service can retire at age 55, and those with 5-19 years of service can retire at age 62.

Takes effect upon becoming law.