PENSIONS-TWO-TIER

Amends the Illinois Pension Code, if and only if Senate Bill 1946 of the 96th General Assembly becomes law, in provisions applicable to new hires, provides that a participant is entitled to a retirement annuity beginning on the date specified by the participant in a written application only if, on that specified date, he or she has attained age 62 (rather than age 67) and has at least 10 years of service credit and removes provisions concerning entitlement to a reduced annuity. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately, but no earlier than the effective date of Section 1-160 of the Illinois Pension Code added by Senate Bill 1946 of the 96th General Assembly.