October 25, 2011
Senate Bill 2512 (SB 2512) Introduced October 25th
Synopsis As Introduced
Amends the General Provisions Article of the Illinois Pension Code. Provides that the total retirement annuity of a participant in a State-funded retirement system who first became a participant before January 1, 2011 shall not exceed $120,000 per year. Provides that a participant who first became a participant before January 1, 2011 is not eligible to retire from a State-funded retirement system before reaching age 62. Provides that these changes do not apply to a participant who is eligible to retire within 8 years after the effective date of the amendatory Act, regardless of whether the participant actually retires during that period. Effective immediately.
You can keep track of SB 2512 here: http://tinyurl.com/sb2512.
Labels: SURS and Benefits