IL HB2477

Lowers the retirement age for Tier 2 police officers in the State Universities Retirement System (SURS) from 60 to 55, provided they have at least 20 years of service and qualify under Rule 4 of Section 15-136

Maintains the existing retirement age of 60 for Tier 2 firefighters in SURS with at least 20 years of service

Excludes the benefit increase resulting from this legislation from the definition of "new benefit increase," exempting it from the standard funding and expiration requirements that apply to pension benefit enhancements enacted after June 1, 2005

Amends the State Mandates Act to require local governments to implement the changes without reimbursement from the State