IL HB1310

Eliminates the early retirement penalty for Tier 2 downstate firefighters (those hired on or after January 1, 2011) who retire after age 50 with 20 or more years of creditable service; currently pensions are reduced by 0.5% for each month the firefighter is under age 55

Lowers the age at which annual pension increases begin for Tier 2 firefighters from age 60 to age 55

Changes the annual cost-of-living adjustment formula for Tier 2 firefighters from the lesser of 3% or half the CPI-U increase to a flat 3% of the originally granted pension

Applies these enhanced benefits to all Tier 2 firefighters regardless of whether they are still actively employed when the law takes effect

Exempts the State from reimbursing local governments for costs associated with implementing these pension benefit enhancements