HB 4673

Amends the Illinois Pension Code. Makes changes to Tier 2 benefits, including changing the amount of the automatic annual increases for the General Assembly and Judges Articles, changing the limit on the amount of salary for annuity purposes to the Social Security wage base, and changing the calculation of final average salary and the retirement age for certain persons. Makes changes concerning eligibility for the alternative retirement annuity under the State Employees Article. Adopts the Retirement Systems Reciprocal Act (Article 20 of the Code) for the Downstate Police, Downstate Firefighter, Chicago Police, and Chicago Firefighter Articles. Authorizes SLEP status under IMRF for certain persons. Makes changes to the funding formula for the 5 State-funded retirement systems and the downstate police and downstate firefighter pension funds. Makes changes to the retirement age under the Downstate Firefighter Article. Establishes a deferred retirement option plan under the Chicago Police Article and the Downstate Police Article. Makes other changes. Amends the Budget Stabilization Act to make transfers to the Pension Stabilization Fund for fiscal years 2030 through 2049. Amends the General Obligation Bond Act. Provides that each fiscal year after certain State pension funding bonds and income tax proceed bonds are retired, the State Treasurer and the State Comptroller shall transfer $250,000,000 to the Pension Unfunded Liability Reduction Fund, which shall be used for making additional contributions to the 5 State-funded retirement systems and the Chicago Teachers' Pension Fund, and $250,000,000 to the Local Government Distributive Fund. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.