SB 242

Amends the General Provisions and State Employees Articles of the Illinois Pension Code. Provides that a Tier 2 participant who is employed as an investigator for the Secretary of State or as a conservation police officer on the effective date of the amendatory Act, has accrued not less than 10 years of credit for such service, and has attained age 60 shall be entitled to an annuity calculated under the alternative retirement annuity provisions of the State Employees Article, in lieu of a regular or minimum retirement annuity, notwithstanding that he or she has accrued less than 20 years of eligible creditable service. Provides that any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase"". Makes conforming changes. Effective immediately."