HB4099 Summary

• Allows Tier 2 security employees of the Department of Corrections, Department of Juvenile Justice, and Department of Human Services to receive alternative retirement annuities at age 55 (instead of age 60) with at least 20 years of creditable service.

• Eliminates pension reductions for Tier 2 police officers and firefighters who retire after age 50 with 20 or more years of creditable service; continues reductions for those with 10-19 years of service.

• Changes the age threshold for annual pension increases for Tier 2 firefighters from age 60 to age 55 (occurring on or after the later of age 55 attainment or first pension anniversary).

• Excludes benefit increases resulting from this Act from the definition of "new benefit increase" under Section 14-152.1, exempting them from funding requirements and sunset provisions.

• Adds Section 8.47 to the State Mandates Act to exempt this Act from state reimbursement requirements; effective immediately upon becoming law.