Illinois General Assembly - Bill Status for HB1974

Amends the Chicago Firefighter Article of the Illinois Pension Code. Allows active firemen not in receipt of disability benefits who (i) have at least 23 years of creditable service, (ii) have attained age 50, and (iii) withdraw from service on or after the effective date to make an election, upon withdrawal from active service, at the time application for an age and service annuity under the Article is made, to receive a lump sum payment of the employee contributions credited to his or her account that correspond to a period not to exceed the 3 years immediately preceding withdrawal from service, plus an additional 2.26 times that amount representing the corresponding employer contributions made to the Fund, in exchange for an agreement to forfeit all service credit and any applicable benefits under the Act applicable to that service and same time period. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Replaces everything after the enacting clause. Amends the Chicago Firefighter Article of the Illinois Pension Code. Allows active firemen not in receipt of disability benefits who (i) have at least 23 years of creditable service, (ii) have attained age 50, and (iii) withdraw from service on or after the effective date to make an election at the time application for an age and service annuity in exchange for which he or she agrees to forfeit up to 36 months of service credit. Provides that the lump sum payment shall be an amount equal to (1) the employee contributions credited to his or her account that correspond to the service credit being forfeited, plus (2) an additional 2.26 times that amount representing the corresponding employer contributions made to the Fund, plus (3) the amount of any annuity payments the fireman would have been entitled to during the time of the forfeited service. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

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