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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
SB2304
Introduced 1/28/2004, by Bill Brady SYNOPSIS AS INTRODUCED:
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40 ILCS 5/14-107 |
from Ch. 108 1/2, par. 14-107 |
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Amends the State Employees Article of the Illinois Pension Code. Provides that a member is entitled to a retirement annuity if he or she is in service upon attainment of age 60 after having at least 3 years of creditable service. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
PENSION IMPACT NOTE ACT MAY APPLY |
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A BILL FOR
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SB2304 |
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LRB093 19725 LRD 45466 b |
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| AN ACT concerning 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 14-107 as follows:
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| (40 ILCS 5/14-107) (from Ch. 108 1/2, par. 14-107)
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| Sec. 14-107. Retirement annuity - service and age - |
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| conditions.
A member is entitled to a retirement annuity after |
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| having at least 8 years of
creditable service or, if he or she |
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| is in service upon attainment of age 60, after having at least |
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| 3 years of creditable service.
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| A member who has at least 35 years of creditable service |
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| may claim his
or her retirement annuity at any age.
A member |
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| having at least 8 years of creditable service but less than 35 |
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| may
claim his or her retirement annuity upon or after |
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| attainment of age 60
or, beginning January 1, 2001, any lesser |
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| age which, when added to the
number of years of his or her |
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| creditable service, equals at least 85.
A member upon or after |
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| attainment of age 55 having at least 25 years of creditable |
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| service (30 years if retirement is before
January 1, 2001) may |
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| elect to receive the lower retirement annuity provided
in |
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| paragraph (c) of Section 14-108 of this Code. For purposes of |
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| the rule
of 85, portions of years shall be counted in whole |
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| months.
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| The allowance shall begin with the first full calendar |
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| month specified in the
member's application therefor, the first |
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| day of which shall not be before the
date of withdrawal as |
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| approved by the board. Regardless of the date of
withdrawal, |
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| the allowance need not begin within one year of application
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| therefor.
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| (Source: P.A. 91-927, eff. 12-14-00.)
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| Section 99. Effective date. This Act takes effect upon |