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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, | ||||||||||||||||||||||||||
3 | represented in the General Assembly:
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4 | Section 5. The Illinois Pension Code is amended by changing | ||||||||||||||||||||||||||
5 | Sections 16-132
and 16-203 as
follows:
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6 | (40 ILCS 5/16-132) (from Ch. 108 1/2, par. 16-132)
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7 | Sec. 16-132. Retirement annuity eligibility.
A member who | ||||||||||||||||||||||||||
8 | has at least 20 years of creditable service is entitled to a
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9 | retirement annuity upon or after attainment of age 55.
A member | ||||||||||||||||||||||||||
10 | who has at least 10 but less than 20 years of creditable | ||||||||||||||||||||||||||
11 | service is
entitled to a retirement annuity upon or after | ||||||||||||||||||||||||||
12 | attainment of age 60.
A member who has at least 5 but less than | ||||||||||||||||||||||||||
13 | 10 years of creditable service is
entitled to a retirement | ||||||||||||||||||||||||||
14 | annuity upon or after attainment of age 62.
A member who (i) | ||||||||||||||||||||||||||
15 | has earned during the period immediately preceding the last
day | ||||||||||||||||||||||||||
16 | of service at least one year of contributing creditable service | ||||||||||||||||||||||||||
17 | as an
employee of a department as defined in Section 14-103.04, | ||||||||||||||||||||||||||
18 | (ii) has earned at
least 5 years of contributing creditable | ||||||||||||||||||||||||||
19 | service as an employee of a department
as defined in Section | ||||||||||||||||||||||||||
20 | 14-103.04, and (iii) retires on or after January 1, 2001
is | ||||||||||||||||||||||||||
21 | entitled to a retirement annuity upon or after attainment of an | ||||||||||||||||||||||||||
22 | age which,
when added to the number of years of his or her | ||||||||||||||||||||||||||
23 | total creditable service,
equals at least 85. Portions of years |
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1 | shall be counted as decimal equivalents.
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2 | A member who is eligible to receive a retirement annuity of | ||||||
3 | at least 74.6% of
final average salary and will attain age 55 | ||||||
4 | on or after May 15 and on or
before December 31 of the calendar | ||||||
5 | year of retirement
before December
31 during the year which | ||||||
6 | commences on July 1 shall be deemed to attain age 55
on May 15 | ||||||
7 | of that calendar year
the preceding June 1 .
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8 | A member meeting the above eligibility conditions is | ||||||
9 | entitled to a retirement
annuity upon written application to | ||||||
10 | the board setting forth the date the member
wishes the | ||||||
11 | retirement annuity to commence. However, the effective date of | ||||||
12 | the
retirement annuity shall be no earlier than the day | ||||||
13 | following the last day of
creditable service, regardless of the | ||||||
14 | date of official termination of
employment.
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15 | To be eligible for a retirement annuity, a member shall not | ||||||
16 | be employed
as a teacher in the schools included under this | ||||||
17 | System or under Article 17,
except (i) as provided in Section | ||||||
18 | 16-118 or 16-150.1, (ii) if
the member is disabled (in which | ||||||
19 | event, eligibility for salary must cease),
or (iii) if the | ||||||
20 | System is required by federal law to commence
payment due to | ||||||
21 | the member's age; the changes to this sentence made by this
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22 | amendatory Act of the 93rd General Assembly apply without
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23 | regard to whether the member terminated employment before or | ||||||
24 | after its
effective date.
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25 | (Source: P.A. 93-320, eff. 7-23-03.)
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1 | (40 ILCS 5/16-203)
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2 | Sec. 16-203. Application and expiration of new benefit | ||||||
3 | increases. | ||||||
4 | (a) As used in this Section, "new benefit increase" means | ||||||
5 | an increase in the amount of any benefit provided under this | ||||||
6 | Article, or an expansion of the conditions of eligibility for | ||||||
7 | any benefit under this Article, that results from an amendment | ||||||
8 | to this Code that takes effect after June 1, 2006 ( the | ||||||
9 | effective date of Public Act 94-4)
this amendatory Act of the | ||||||
10 | 94th General Assembly . "New benefit increase", however, does | ||||||
11 | not include any benefit increase resulting from the changes | ||||||
12 | made to this Article by this amendatory Act of the 95th General | ||||||
13 | Assembly. | ||||||
14 | (b) Notwithstanding any other provision of this Code or any | ||||||
15 | subsequent amendment to this Code, every new benefit increase | ||||||
16 | is subject to this Section and shall be deemed to be granted | ||||||
17 | only in conformance with and contingent upon compliance with | ||||||
18 | the provisions of this Section.
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19 | (c) The Public Act enacting a new benefit increase must | ||||||
20 | identify and provide for payment to the System of additional | ||||||
21 | funding at least sufficient to fund the resulting annual | ||||||
22 | increase in cost to the System as it accrues. | ||||||
23 | Every new benefit increase is contingent upon the General | ||||||
24 | Assembly providing the additional funding required under this | ||||||
25 | subsection. The Commission on Government Forecasting and | ||||||
26 | Accountability shall analyze whether adequate additional |
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1 | funding has been provided for the new benefit increase and | ||||||
2 | shall report its analysis to the Public Pension Division of the | ||||||
3 | Department of Financial and Professional Regulation. A new | ||||||
4 | benefit increase created by a Public Act that does not include | ||||||
5 | the additional funding required under this subsection is null | ||||||
6 | and void. If the Public Pension Division determines that the | ||||||
7 | additional funding provided for a new benefit increase under | ||||||
8 | this subsection is or has become inadequate, it may so certify | ||||||
9 | to the Governor and the State Comptroller and, in the absence | ||||||
10 | of corrective action by the General Assembly, the new benefit | ||||||
11 | increase shall expire at the end of the fiscal year in which | ||||||
12 | the certification is made.
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13 | (d) Every new benefit increase shall expire 5 years after | ||||||
14 | its effective date or on such earlier date as may be specified | ||||||
15 | in the language enacting the new benefit increase or provided | ||||||
16 | under subsection (c). This does not prevent the General | ||||||
17 | Assembly from extending or re-creating a new benefit increase | ||||||
18 | by law. | ||||||
19 | (e) Except as otherwise provided in the language creating | ||||||
20 | the new benefit increase, a new benefit increase that expires | ||||||
21 | under this Section continues to apply to persons who applied | ||||||
22 | and qualified for the affected benefit while the new benefit | ||||||
23 | increase was in effect and to the affected beneficiaries and | ||||||
24 | alternate payees of such persons, but does not apply to any | ||||||
25 | other person, including without limitation a person who | ||||||
26 | continues in service after the expiration date and did not |
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1 | apply and qualify for the affected benefit while the new | ||||||
2 | benefit increase was in effect.
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3 | (Source: P.A. 94-4, eff. 6-1-05.)
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4 | Section 99. Effective date. This Act takes effect upon | ||||||
5 | becoming law. |