093_SB1134sam001
LRB093 06788 LRD 12645 a
1 AMENDMENT TO SENATE BILL 1134
2 AMENDMENT NO. . Amend Senate Bill 1134 by replacing
3 everything after the enacting clause with the following:
4 "Section 5. The Illinois Pension Code is amended by
5 changing Section 17-119 as follows:
6 (40 ILCS 5/17-119) (from Ch. 108 1/2, par. 17-119)
7 Sec. 17-119. Automatic annual increase in pension. A
8 Each teacher retiring on or after September 1, 1959, is
9 entitled to the annual increase in pension, defined herein,
10 while he is receiving a pension from the Fund.
11 1. The term "base pension" means a service
12 retirement or disability retirement pension in the amount
13 fixed and payable at the date of retirement of a teacher.
14 2. The annual increase in pension shall be at the
15 rate of 1 1/2% of base pension. This increase shall first
16 occur in January of the year next following the first
17 anniversary of retirement. At such time the Fund shall
18 pay the pro rata part of the increase for the period from
19 the first anniversary date to the date of the first
20 increase in pension. Beginning January 1, 1972, the rate
21 of annual increase in pension shall be 2% of the base
22 pension. Beginning January 1, 1979, the rate of annual
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1 increase in pension shall be 3% of the base pension.
2 Beginning January 1, 1990, all automatic annual increases
3 payable under this Section shall be calculated as a
4 percentage of the total pension payable at the time of
5 the increase, including all increases previously granted
6 under this Article, notwithstanding Section 17-157.
7 3. An increase in pension shall be granted only if
8 the retired teacher is age 60 or over. If the teacher
9 attains age 60 after retirement, the increase in pension
10 shall begin in January of the year following the 61st
11 birthday. At such time the Fund also shall pay the pro
12 rata part of the increase from the 61st birthday to the
13 date of first increase in pension.
14 In addition to other increases which may be provided by
15 this Section, on January 1, 1981 any teacher who was
16 receiving a retirement pension on or before January 1, 1971
17 shall have his retirement pension then being paid increased
18 $1 per month for each year of creditable service. On January
19 1, 1982, any teacher whose retirement pension began on or
20 before January 1, 1977, shall have his retirement pension
21 then being paid increased $1 per month for each year of
22 creditable service.
23 On January 1, 1987, any teacher whose retirement pension
24 began on or before January 1, 1977, shall have the monthly
25 retirement pension increased by an amount equal to 8¢ per
26 year of creditable service times the number of years that
27 have elapsed since the retirement pension began.
28 (Source: P.A. 90-566, eff. 1-2-98.)".