IL SB3534

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

Applies retroactively to January 1, 2011, when the Tier 2 pension system was established.

Excludes this benefit increase from the definition of "new benefit increase," exempting it from requirements that new pension benefits must be accompanied by additional funding or expire after 5 years.

Amends Sections 15-135 and 15-198 of the Illinois Pension Code (40 ILCS 5).