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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006 HB5561
Introduced 01/27/06, by Rep. Kevin Joyce SYNOPSIS AS INTRODUCED: |
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40 ILCS 5/6-128 |
from Ch. 108 1/2, par. 6-128 |
30 ILCS 805/8.30 new |
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Amends the Chicago Firefighter Article of the Illinois Pension Code to
base retirement benefits on the highest consecutive 36 months, rather
than 4 years, of salary within the last 10 years of service.
Amends the State Mandates Act to require implementation without reimbursement.
Effective immediately.
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FISCAL NOTE ACT MAY APPLY |
PENSION IMPACT NOTE ACT MAY APPLY |
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT |
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A BILL FOR
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HB5561 |
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LRB094 17417 AMC 52712 b |
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| AN ACT in relation to public employee benefits.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Illinois Pension Code is amended by changing |
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| Section 6-128 as follows:
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| (40 ILCS 5/6-128)
(from Ch. 108 1/2, par. 6-128)
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| Sec. 6-128. Alternative annuity for future entrants.
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| (a) A future entrant who withdraws on or after July 21, |
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| 1959,
after completing at least 23 years of service, and for |
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| whom the annuity
otherwise provided in this Article is less |
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| than that stated in this
Section, has a right to receive |
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| annuity as follows:
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| If he is age 53 or more on withdrawal, his annuity after |
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| withdrawal,
shall be equal to 50% of his average salary.
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| An employee who reaches compulsory retirement age and who |
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| has less
than 23 years of service shall be entitled to a |
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| minimum annuity equal to
an amount determined by the product of |
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| (1) his years of service and (2)
2% of his average salary.
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| An employee who remains in service after qualifying for |
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| annuity under this
Section shall have added to this annuity an |
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| additional 1% of average salary
for each completed year of |
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| service or fraction thereof rendered until July 21,
1959, and |
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| an additional 1% for a total of 2% of average salary from July
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| 21, 1959. Each future entrant who has completed 23 years of |
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| service before
reaching age 53 shall have added to this annuity |
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| 1% of average salary for
each completed year of service or |
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| fraction thereof in excess of 23 years up to
age 53.
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| (b) In lieu of the annuity provided in the foregoing |
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| provisions of this
Section any future entrant who withdraws |
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| from the service either (i) after
December 31, 1983 with at |
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| least 22 years of service credit and having
attained age 52 in |
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| the service, or (ii) after December 31, 1984 with at
least 21 |