IL SB1937

Members eligible for an alternative retirement annuity under the State Employees' Retirement System may elect to receive estimated payments beginning within 30 days of their last day of employment or 30 days after filing for retirement, with adjustments for overpayment or underpayment reconciled within 6 months after the actual annuity begins

Amends the Illinois Pension Code (40 ILCS 5/14-110 and 14-152.1) to modify provisions governing alternative retirement annuities for certain state employees including State police, firefighters, conservation police officers, investigators, and security employees

Exempts benefit increases from Public Act 102-856, Public Act 102-956, and this amendatory Act of the 104th General Assembly from the "new benefit increase" restrictions that require additional funding and automatic expiration after 5 years

Eligible creditable service positions include State policemen, firefighters, air pilots, special agents, conservation police officers, investigators for various state agencies, security employees of Departments of Corrections, Juvenile Justice, Human Services, and Innovation and Technology, and State highway maintenance workers