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| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB5358 Introduced , by Rep. Martin J. Moylan SYNOPSIS AS INTRODUCED:
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| 40 ILCS 5/5-129 | from Ch. 108 1/2, par. 5-129 |
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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.
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| | | FISCAL NOTE ACT MAY APPLY | | PENSION IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | HB5358 | | LRB101 18818 RPS 68275 b |
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| 1 | | AN ACT concerning public employee benefits.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Pension Code is amended by changing |
| 5 | | Section 5-129 as follows:
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| 6 | | (40 ILCS 5/5-129) (from Ch. 108 1/2, par. 5-129)
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| 7 | | Sec. 5-129.
Future entrants - Age 50 in
service - amount of |
| 8 | | annuity.
When a future entrant who attains age 50 or more in |
| 9 | | service, having
10 or more years of service, withdraws, his age |
| 10 | | and
service annuity shall be fixed as of his age at withdrawal. |
| 11 | | He is
entitled to annuity, after withdrawal, of the amount |
| 12 | | provided from the
following sums on the date of withdrawal:
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| 13 | | (1) If service is 20 or more years, the entire sum |
| 14 | | accumulated for
age and service annuity from employee |
| 15 | | contributions and contributions
by the city; or
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| 16 | | (2) If service is 10 or more but less than 20 years, the |
| 17 | | sum
accumulated for age and service annuity from employee |
| 18 | | contributions,
plus 1/10 of the sum accumulated for such |
| 19 | | purpose from contributions by
the city, for each completed year |
| 20 | | of service after the first 10 years.
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| 21 | | No policeman has a right to an age and service annuity |
| 22 | | until the later of (i) attainment of age 50, (ii) his date of |
| 23 | | withdrawal, or (iii) the date he makes application for an age |