IL SB2073

Extends the alternative retirement annuity under the State Employees' Retirement System to security employees of the Department of Human Services who are subject to Tier 2 pension provisions (those hired on or after January 1, 2011)

Allows eligible Department of Human Services security employees to convert up to 9 years of previously established service credit into eligible creditable service for the alternative retirement formula by filing a written election and making required payments within one year of the Act's effective date

Sets retirement eligibility for covered Tier 2 security employees at age 60 with at least 20 years of eligible creditable service to qualify for the alternative annuity

Excludes benefit increases resulting from this Act from the definition of "new benefit increase," meaning these changes are not subject to the 5-year expiration provision that applies to other pension benefit enhancements

Effective date: January 1, 2022