PEN CD-SURS-TIER 2 POLICE

Amends the State Universities Article of the Illinois Pension Code. Provides that a Tier 2 member is entitled to a retirement annuity upon written application if he or she has at least 10 years of service credit as a police officer, has attained age 55, and is otherwise eligible under the requirements of the Article. Provides that a Tier 2 member who has attained age 50, has at least 10 years of service credit as a police officer, and is otherwise eligible under the requirements of the Article may elect to receive a retirement annuity that is reduced by 6% for each year that member is under the age of 55. Effective immediately.