IL HB1871

Members eligible for an alternative retirement annuity under the State Employees' Retirement System may elect to receive estimated pension payments beginning within 30 days of their last day of employment or 30 days after filing for retirement benefits, whichever is later

The estimated payment will be the System's best estimate of the monthly amount due based on available information at the time, with any difference between the estimate and actual annuity amount to be paid or recovered within 6 months after the monthly annuity begins

Alternative retirement annuity eligibility requires either 20 years of eligible creditable service and age 55, or 25 years of eligible creditable service and age 50

Eligible positions for the alternative retirement annuity include State police, firefighters, air pilots, conservation police officers, corrections security employees, arson investigators, and various other law enforcement and investigative roles

The benefit increase from this legislation is excluded from the definition of "new benefit increase," exempting it from the 5-year expiration requirement and additional funding certification requirements that apply to other pension benefit increases