IL HB4673

Amends the Illinois Pension Code to modify Tier 2 benefits, including changing automatic annual increases for General Assembly and Judges Articles and linking the salary cap for annuity purposes to the Social Security wage base

Establishes deferred retirement option plans (DROP) under the Chicago Police Article and Downstate Police Article, and modifies retirement age requirements under the Downstate Firefighter Article

Adopts the Retirement Systems Reciprocal Act for Downstate Police, Downstate Firefighter, Chicago Police, and Chicago Firefighter pension funds, and authorizes SLEP (Sheriff's Law Enforcement Personnel) status under IMRF for certain persons

Requires annual transfers of $250,000,000 to the Pension Unfunded Liability Reduction Fund and $250,000,000 to the Local Government Distributive Fund after certain State pension funding bonds are retired

Amends the Budget Stabilization Act to mandate transfers to the Pension Stabilization Fund for fiscal years 2030 through 2049 and changes funding formulas for 5 State-funded retirement systems and downstate police and firefighter pension funds