HB3520 Summary

• Reduces retirement age for Department of Corrections and Department of Juvenile Justice security employees under Tier 2 from age 60 to age 55 (with 20+ years of service) to access alternative retirement formula.

• Establishes new Section 1-163 providing Tier 2 members in Articles 7, 8, 9, 14, and 15 retirement systems with options to retire at age 60 with 20 years of service OR age 67 with 10 years of service.

• Modifies annual benefit increases for affected Tier 2 retirees to match the same manner and eligibility requirements as pre-2011 members, with increases calculated as 3% or one-half the annual CPI increase (whichever is less).

• Authorizes county correctional officers and probation officers to participate in the IMRF Sheriff's Law Enforcement Employees (SLEP) program.

• Makes changes retroactive to January 1, 2011 regardless of active service status; exempts implementation from State Mandates Act reimbursement requirements.