IL SB3627

Allows Department of Corrections and Department of Juvenile Justice security employees under Tier 2 to receive alternative retirement benefits with 20 years of service at age 55 instead of age 60.

Changes Tier 2 retirement eligibility for IMRF, Chicago Municipal, Cook County, State Employees, and State Universities members to age 60 with 20 years of service or age 67 with 10 years of service.

Provides that retirement annuities for Tier 2 members receive annual increases on January 1 in the same manner as pre-2011 members, calculated at 3% or one-half the annual CPI-U increase (whichever is less).

Authorizes Sheriff's Law Enforcement Employee (SLEP) status under IMRF for county correctional officers and probation officers.

Makes amendments retroactive to January 1, 2011 and requires implementation without state reimbursement under the State Mandates Act.