PEN CD-IMRF-INCR DEATH BENEFIT

Amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code. Increases the death benefit from $3,000 to $5,000. Authorizes the Fund to pay interest on separation benefits. Changes the vesting requirement for a retirement annuity from 8 years to 5 years. Makes a corresponding change in one part of the retirement formula. Changes the service requirement for being a member of the Board of Trustees, from 8 years to 5 years. Authorizes employers to increase disability benefits from 50% to 60% of earnings, with the resulting costs to be paid by the employer and employees. Deletes provisions limiting the retroactive payment of retirement benefits. Removes a provision limiting unused sick leave credit to credit from an employer with which the employee is in service within the 60 days before retirement. Allows an employee to receive a full pension after 30 years of service (rather than 35 years of service). Provides that no more than 24 months (rather than 12 months) of creditable service may be credited for unused sick leave. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.