Annuity Option for “Tier 2” Members of Certain Illinois Public Pension

October 2, 2017

Annuity Option for “Tier 2” Members of Certain Illinois Public Pension Funds and Alternative Retirement/Contribution Requirements – Irrevocable Election

 

All persons who first became a member or participant in the Municipal Employees’ Annuity and Benefit Fund of Chicago, the Laborers’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago or another qualifying Illinois Public Pension Fund on or after January 1, 2011 but prior to July 6, 2017 (each hereinafter referred to as a “Fund”) that pursuant to the provisions of Public Act 100-0023 (“Act”), which amended the State of Illinois statute governing the respective Fund, have a one-time opportunity to irrevocably elect whether to be subject to certain alternative retirement benefit eligibility and employee contribution requirements as provided in the Act or continue to maintain current retirement benefit eligibility and employee contribution requirements.

If you choose to be subject to the alternative retirement benefit eligibility and employee contribution requirements, you must return the required form to the Department of Finance no earlier than October 1, 2017 and no later than November 15, 2017.

 

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