IL SB0603

Modifies Section 6-124 to allow future entrants who are not subject to compulsory retirement age to have their age and service annuity fixed upon withdrawal from service at age 63 or later, rather than only at age 63 while in service.

Updates Section 6-124.1 to expand eligibility for the alternative annuity calculation to include firemen not subject to compulsory retirement age who withdraw at age 63 or later with 10-20 years of service credit.

Simplifies Section 6-158 refund provisions by removing age-specific withdrawal requirements and allowing refunds for any fireman with less than 10 years of service who withdraws, or any fireman entering service at another city department.

Exempts the state from reimbursement obligations for mandates created by this act under the State Mandates Act.

Takes effect upon becoming law.