SB0194 Summary

• Amends Section 4-109 of the Illinois Pension Code to establish pension benefits for firefighters who first become firefighters on or after January 1, 2011, based on age and years of service rather than rank-based salary.

• Firefighters age 55 or older with 10+ years of service can receive a monthly pension calculated at 2.5% per year of service multiplied by final average salary, with a maximum of 75% of final average salary.

• Firefighters retiring between age 50-54 with 10+ years of service receive reduced pensions at one-half of 1% reduction per month under age 55.

• Establishes a salary cap of $106,800 (adjusted annually by the lesser of 3% or half the consumer price index increase) for pension calculation purposes for firefighters hired after January 1, 2011.

• Deems firefighters previously in the Illinois Municipal Retirement Fund (IMRF) who were transferred to a municipality's firefighters' pension fund following the 2010 census to have become firefighters on their original IMRF start date for benefit tier determination purposes.