IL HB3256

Tier 2 members with at least 10 years of service credit as a police officer and age 55 are entitled to a retirement annuity upon written application.

Tier 2 members age 50 or older with at least 10 years of police service credit may elect early retirement with an annuity reduced by 6% for each year under age 55.

Creates new subsection (a-10) in Section 15-135 establishing retirement eligibility conditions specifically for Tier 2 police officers.

Creates new subsection (b-10) in Section 15-136 establishing the 6% annual reduction formula for Tier 2 police officers retiring before age 55.

Act takes effect immediately upon becoming law.