PEN CD-NEW HIRES-67 TO 62

Amends the Illinois Pension Code. In provisions that are applicable to new hires: (i) provides that a member or participant is entitled to a retirement annuity upon written application if he or she has attained age 62 (rather than age 67), has at least 10 years of service credit, and is otherwise eligible under the requirements of the applicable Article and (ii) removes provisions concerning entitlement to a reduced annuity. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.