IL SB0053

Moves Tier 2 member provisions within the Illinois Pension Code from General Provisions Article to the IMRF Article, except for persons who elected alternative credits.

Changes retirement annuity increases for Tier 1 regular IMRF employees from 0.167% to 0.25% of monthly amount for the first increase, computed from effective date to January 1.

Establishes that Tier 2 regular employee surviving spouse annuities increase annually by the lesser of 3% or one-half the annual unadjusted percentage increase in consumer price index-u, with no increase if CPI is zero or negative.

Defines "Tier 1 regular employee" and "Tier 2 regular employee" as new terms in IMRF provisions, with Tier 1 being employees who became members before January 1, 2011, and Tier 2 being those who became members on or after January 1, 2011.

Removes requirement that IMRF Board of Trustees must obtain Auditor General approval when hiring certified public accountants to audit the fund annually, and declares implementation exempt from State Mandates Act reimbursement requirements.