HB4508 Summary

• Tier 2 members who have at least 20 years of service as a police officer are entitled to retirement annuity at age 55 (previously required age 60).

• Removes "police officer or" language for firefighters with 20 years of service in Tier 2, leaving only firefighters eligible at age 60 under that provision.

• Changes to police officer retirement eligibility apply retroactively to January 1, 2011.

• Exempts this amendatory act from the "new benefit increase" definition in Section 15-198, preventing the 5-year expiration requirement from applying to these changes.