HB2901 Summary

• Lowers the retirement age requirement for State policemen from age 60 to age 50, provided they have withdrawn from service with at least 20 years of eligible creditable service.

• Allows State policemen meeting Tier 2 requirements to receive an alternative retirement annuity (Section 14-110) instead of a regular or minimum retirement annuity, regardless of whether age 50 is attained while still in active service.

• Excludes benefit increases resulting from this amendatory act from the definition of "new benefit increase" under Section 14-152.1 of the Illinois Pension Code.

• Maintains that changes apply to all eligible State policemen without regard to their active service status on or after the effective date.

• Takes effect immediately upon becoming law.