IL HB1052

Eliminates the early retirement penalty for Tier 2 downstate firefighters who retire after age 50 with 20 or more years of creditable service; previously, pensions were reduced by 0.5% for each month the retiree was under age 55

Changes the annual cost-of-living adjustment (COLA) for Tier 2 firefighters from the lesser of 3% or half the CPI-U increase to a flat 3% of the originally granted pension

Lowers the age at which Tier 2 firefighters begin receiving annual pension increases from age 60 to age 55

Applies retroactively to all Tier 2 firefighters (those who became firefighters on or after January 1, 2011) regardless of whether they are still in active service

Amends the State Mandates Act to exempt the state from reimbursing local governments for costs associated with implementing these pension benefit enhancements