Summary as Introduced
Amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code. Increases, except for persons who first retired prior to the effective date of the amendatory Act, the amount of the death benefit from $3,000 to $8,000. Makes conforming changes. Amends the State Mandates Act to require implementation without reimbursement. Effective January 1, 2025.
Staff Analysis
This is an IMRF initiative to amend the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code. Increases, except for persons who first retired prior to the effective date of the amendatory Act, the amount of the death benefit from $3,000 to $8,000. Makes conforming changes. Amends the State Mandates Act to require implementation without reimbursement. Effective January 1, 2025.