IL SB2795

Amends the Illinois Pension Code to change the required distribution age from 70½ to 72 for pension plan distributions, aligning with federal law under Section 401(a)(9) of the Internal Revenue Code of 1986.

Updates six sections of the Illinois Pension Code (Sections 2-121.3, 7-141, 14-121.1, 15-135, 16-142.3, and 18-128.3) to reflect the new age 72 distribution requirement for survivor annuities and retirement annuities.

Applies changes retroactively to January 1, 2011 for Tier 2 members of the municipal retirement system who are police officers or firefighters.

Exempts the State from reimbursing local units of government for implementation costs of the mandate under the State Mandates Act.

Takes effect upon becoming law.