101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB5358

 

Introduced , by Rep. Martin J. Moylan

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/5-129  from Ch. 108 1/2, par. 5-129

    Amends the Chicago Police Article of the Illinois Pension Code. Provides that no policeman has a right to an age and service annuity until the later of (i) attainment of age 50, (ii) his date of withdrawal, or (iii) the date he makes application for an age and service annuity.


LRB101 18818 RPS 68275 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB5358LRB101 18818 RPS 68275 b

1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by changing
5Section 5-129 as follows:
 
6    (40 ILCS 5/5-129)  (from Ch. 108 1/2, par. 5-129)
7    Sec. 5-129. Future entrants - Age 50 in service - amount of
8annuity. When a future entrant who attains age 50 or more in
9service, having 10 or more years of service, withdraws, his age
10and service annuity shall be fixed as of his age at withdrawal.
11He is entitled to annuity, after withdrawal, of the amount
12provided from the following sums on the date of withdrawal:
13    (1) If service is 20 or more years, the entire sum
14accumulated for age and service annuity from employee
15contributions and contributions by the city; or
16    (2) If service is 10 or more but less than 20 years, the
17sum accumulated for age and service annuity from employee
18contributions, plus 1/10 of the sum accumulated for such
19purpose from contributions by the city, for each completed year
20of service after the first 10 years.
21    No policeman has a right to an age and service annuity
22until the later of (i) attainment of age 50, (ii) his date of
23withdrawal, or (iii) the date he makes application for an age

 

 

HB5358- 2 -LRB101 18818 RPS 68275 b

1and service annuity.
2(Source: P.A. 86-272.)