HB5211 Summary

• Caps annual earnings for pension calculations at the Social Security wage base (beginning January 1, 2025) for employees hired on or after January 1, 2011 in Downstate Police, Downstate Firefighter, Chicago Police, Chicago Firefighter, IMRF, Chicago Municipal, Cook County, Cook County Forest Preserve, Chicago Laborers, Chicago Park District, and MWRD pension systems.

• Establishes new retirement eligibility rules allowing members to retire at age 62 with 35 years of service, age 64 with 20 years of service, or age 67 with 10 years of service (with actuarial reductions for early retirement).

• Provides 3% annual cost-of-living increases to retirement annuities and survivor annuities beginning the January after the first annuity payment date.

• Changes are intended to be retroactive to January 1, 2011 unless doing so would diminish or impair existing pension benefits.

• Exempts the state from reimbursement obligations under the State Mandates Act for implementing these changes.