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1 | AN ACT in relation to 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 | Section 5-132
as follows:
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6 | (40 ILCS 5/5-132)
(from Ch. 108 1/2, par. 5-132)
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7 | Sec. 5-132. Minimum annuity. | ||||||||||||||||||||||||||
8 | (1) Any policeman who withdraws on or after
July 8, 1957, | ||||||||||||||||||||||||||
9 | or any policeman
transferred to the police service of the city | ||||||||||||||||||||||||||
10 | under the Exchange of
Functions Act of 1957 who withdraws on or | ||||||||||||||||||||||||||
11 | after July 17, 1959, after
completing at least 20 years of | ||||||||||||||||||||||||||
12 | service, for whom the
annuity otherwise provided in this | ||||||||||||||||||||||||||
13 | Article is less than that stated in this
Section has a right to | ||||||||||||||||||||||||||
14 | receive annuity as follows:
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15 | (a) If he is age 55 or more on withdrawal, his annuity | ||||||||||||||||||||||||||
16 | after such
withdrawal , shall be equal to 2% of the average | ||||||||||||||||||||||||||
17 | salary for 4 consecutive
years of highest salaries within | ||||||||||||||||||||||||||
18 | the last 10 years of service before
withdrawal, for each | ||||||||||||||||||||||||||
19 | year of service, together with 1/6 of 1% of such
average | ||||||||||||||||||||||||||
20 | salary for each complete month of service of each | ||||||||||||||||||||||||||
21 | fractional year,
but not in excess of 75% of the average | ||||||||||||||||||||||||||
22 | annual salary.
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23 | (b) If he is age 50 or more but less than age 55 on |
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1 | withdrawal, his
annuity shall be equal to 2% of the average | ||||||
2 | salary for the 4 highest
consecutive years of the last 10 | ||||||
3 | years of service for each year of service,
together with | ||||||
4 | 1/16 of 1% of such average salary for each month of each
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5 | fractional year of service, reduced by 1/2 of 1% for each | ||||||
6 | month that he is
less than age 55.
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7 | (c) If he is less than age 50 on withdrawal, he may, | ||||||
8 | upon attainment of
age 50 or over, become entitled to the | ||||||
9 | annuity provided in this Section or,
he may, upon | ||||||
10 | application before age 50, receive a refund of the | ||||||
11 | deductions
from salary, plus interest at 1 1/2% per annum | ||||||
12 | if he is entitled to refund
under Section 5-163.
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13 | (d) In lieu of the annuity provided in the foregoing | ||||||
14 | provisions of this
Section 5-132 any policeman who | ||||||
15 | withdraws from the service after December
31, 1973, after | ||||||
16 | having attained age 53 in the service with
23 or more years | ||||||
17 | of service credit shall be entitled to an
annuity computed | ||||||
18 | as follows if such annuity is greater than that provided
in | ||||||
19 | the foregoing paragraphs of this Section 5-132: An annuity | ||||||
20 | equal to
50% of the average salary for the 4
highest | ||||||
21 | consecutive years of the last 10 years of service plus
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22 | additional annuity equal to 2% of such average salary for | ||||||
23 | each completed
year of service or fraction
thereof rendered | ||||||
24 | after his attainment of age 53 and the completion
of 23 | ||||||
25 | years of service.
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26 | Any policeman who has completed 23 years of service |
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1 | prior to
his attainment of age 53 in the service and | ||||||
2 | continues in the
service until his attainment of age 53 | ||||||
3 | shall have added to his
annuity, computed as provided in | ||||||
4 | the immediately preceding paragraph, an
additional annuity | ||||||
5 | equal to 1% of such average salary for each
completed year | ||||||
6 | of service or fraction thereof in excess of 23
years up to | ||||||
7 | age 53.
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8 | (e) In lieu of the annuity provided in the foregoing | ||||||
9 | provisions of this
Section any policeman who withdraws from | ||||||
10 | the service either (i) after
December 31, 1983 with at | ||||||
11 | least 22 years of service credit and having
attained age 52 | ||||||
12 | in the service, or (ii) after December 31, 1984 with at
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13 | least 21 years of service credit and having attained age 51 | ||||||
14 | in the service,
or (iii) after December 31, 1985 with at | ||||||
15 | least 20 years of service credit
and having attained age 50 | ||||||
16 | in the service, or (iv) after December 31,
1990, with at | ||||||
17 | least 20 years of service credit regardless of age, shall
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18 | be entitled to an annuity to begin not earlier than upon | ||||||
19 | attainment of
age 50 if under such age at withdrawal, | ||||||
20 | computed as follows: an annuity
equal to 50% of the average | ||||||
21 | salary for the 4 highest consecutive years of the
last 10 | ||||||
22 | years of service, plus additional annuity equal to 2% of | ||||||
23 | such average
salary for each completed year of service or | ||||||
24 | fraction thereof rendered after
his completion of the | ||||||
25 | minimum number of years of service required for him to be
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26 | eligible under this subsection (e). In lieu of any annuity |
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1 | provided in the
foregoing provisions of this Section, any | ||||||
2 | policeman who withdraws from the
service after December 31, | ||||||
3 | 2003, with at least 20 years of service credit
regardless | ||||||
4 | of age, shall be entitled to an annuity to begin not | ||||||
5 | earlier than
upon attainment of age 50, if under that age | ||||||
6 | at withdrawal, equal to 2.5% of
the average salary for the | ||||||
7 | 4 highest consecutive years of the last 10 years of
service | ||||||
8 | for each completed year of service or fraction thereof. | ||||||
9 | However,
the annuity provided under this subsection (e) may | ||||||
10 | not exceed 75% of such
average salary.
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11 | (2)
(f) A policeman withdrawing after September 1, 1969, | ||||||
12 | may, in addition, be
entitled to the benefits provided by | ||||||
13 | Section 5-167.1 of this Article if he
so qualifies under that | ||||||
14 | Section.
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15 | (3) If, on withdrawal, total service is less than 20 years, | ||||||
16 | the policeman
shall not be entitled to an annuity under this | ||||||
17 | Section but may receive an
annuity under the other provisions | ||||||
18 | of this Article or, if entitled thereto
under Section 5--163, a | ||||||
19 | refund of the deductions from salary, including, in
the case of | ||||||
20 | policemen transferred to the police service of the city under
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21 | the Exchange of Functions Act of 1957, the additional | ||||||
22 | contribution paid on
salary received from August 1, 1957, to | ||||||
23 | July 17, 1959, as provided in the
Park Policemen's Annuity Act, | ||||||
24 | together with interest at 1 1/2% per annum.
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25 | Moneys voluntarily contributed under the Policemen's | ||||||
26 | Annuity and Benefit
Fund Act of the Illinois Municipal Code, or |
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1 | the Park Policemen's Annuity
Act, shall be refunded to the | ||||||
2 | contributing policemen who were in service on
January 1, 1954, | ||||||
3 | or in the case of policemen transferred to the police
service | ||||||
4 | of the city under the Exchange of Functions Act of 1957, who | ||||||
5 | were
in service on July 17, 1959.
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6 | The age and service annuity formula in this Section shall | ||||||
7 | not apply to
any policeman who, having retired before July 8, | ||||||
8 | 1957, or before July 17,
1959, in the case of a policeman | ||||||
9 | transferred under the provisions of the
Exchange of Functions | ||||||
10 | Act of 1957, re-enters the police service after such
dates, | ||||||
11 | whichever are applicable.
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12 | (4) For the purpose of this Section, "average salary" | ||||||
13 | means:
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14 | (a) for a policeman withdrawing from service before | ||||||
15 | January 1, 2008,
the average of the highest 4 consecutive | ||||||
16 | years of salary within the last 10
years of service; and
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17 | (b) for a policeman withdrawing from service on or | ||||||
18 | after January 1,
2008, the average of the highest 36 | ||||||
19 | consecutive months of salary within the
last 10 years of | ||||||
20 | service.
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21 | (Source: P.A. 93-654, eff. 1-16-04.)
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22 | Section 90. The State Mandates Act is amended by adding | ||||||
23 | Section 8.31 as follows: | ||||||
24 | (30 ILCS 805/8.31 new) |
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1 | Sec. 8.31. Exempt mandate. Notwithstanding Sections 6 and 8 | ||||||
2 | of this Act, no reimbursement by the State is required for the | ||||||
3 | implementation of any mandate created by this amendatory Act of | ||||||
4 | the 95th General Assembly. | ||||||
5 | Section 99. Effective date. This Act takes effect upon | ||||||
6 | becoming law. |