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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 6-128 as follows:
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6 | (40 ILCS 5/6-128)
(from Ch. 108 1/2, par. 6-128)
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7 | Sec. 6-128. Alternative annuity for future entrants.
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8 | (a) A future entrant who withdraws on or after July 21, | ||||||||||||||||||||||||||
9 | 1959,
after completing at least 23 years of service, and for | ||||||||||||||||||||||||||
10 | whom the annuity
otherwise provided in this Article is less | ||||||||||||||||||||||||||
11 | than that stated in this
Section, has a right to receive | ||||||||||||||||||||||||||
12 | annuity as follows:
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13 | If he is age 53 or more on withdrawal, his annuity after | ||||||||||||||||||||||||||
14 | withdrawal,
shall be equal to 50% of his average salary.
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15 | An employee who reaches compulsory retirement age and who | ||||||||||||||||||||||||||
16 | has less
than 23 years of service shall be entitled to a | ||||||||||||||||||||||||||
17 | minimum annuity equal to
an amount determined by the product of | ||||||||||||||||||||||||||
18 | (1) his years of service and (2)
2% of his average salary.
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19 | An employee who remains in service after qualifying for | ||||||||||||||||||||||||||
20 | annuity under this
Section shall have added to this annuity an | ||||||||||||||||||||||||||
21 | additional 1% of average salary
for each completed year of | ||||||||||||||||||||||||||
22 | service or fraction thereof rendered until July 21,
1959, and | ||||||||||||||||||||||||||
23 | an additional 1% for a total of 2% of average salary from July
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1 | 21, 1959. Each future entrant who has completed 23 years of | ||||||
2 | service before
reaching age 53 shall have added to this annuity | ||||||
3 | 1% of average salary for
each completed year of service or | ||||||
4 | fraction thereof in excess of 23 years up to
age 53.
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5 | (b) In lieu of the annuity provided in the foregoing | ||||||
6 | provisions of this
Section any future entrant who withdraws | ||||||
7 | from the service either (i) after
December 31, 1983 with at | ||||||
8 | least 22 years of service credit and having
attained age 52 in | ||||||
9 | the service, or (ii) after December 31, 1984 with at
least 21 | ||||||
10 | years of service credit and having attained age 51 in the | ||||||
11 | service,
or (iii) after December 31, 1985 with at least 20 | ||||||
12 | years of service credit
and having attained age 50 in the | ||||||
13 | service, or (iv) after December 31,
1990 with at least 20 years | ||||||
14 | of service regardless of age, may elect to
receive an annuity, | ||||||
15 | to begin not earlier than upon attainment of age 50
if under | ||||||
16 | that age at withdrawal, computed as follows: an annuity equal
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17 | to 50% of average salary, plus additional annuity equal to 2% | ||||||
18 | of
average salary for each completed year of service or | ||||||
19 | fraction thereof
rendered after his completion of the minimum | ||||||
20 | number of years of service
required for him to be eligible | ||||||
21 | under this subsection (b). However, the
annuity provided under | ||||||
22 | this subsection (b) may not exceed 75% of
average salary.
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23 | (c) In lieu of the annuity provided in any other provision | ||||||
24 | of this
Section, a future entrant who withdraws from service | ||||||
25 | after
the effective date of this amendatory Act of the 93rd | ||||||
26 | General Assembly
with at least 20 years of service may elect to |
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1 | receive an annuity, to begin no
earlier than upon attainment of | ||||||
2 | age 50 if under that age at withdrawal, equal
to 50% of average | ||||||
3 | salary plus 2.5% of average salary for each completed year of
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4 | service or fraction thereof over 20, but not to exceed 75% of | ||||||
5 | average salary.
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6 | (d) For the purpose of this Section, "average salary" | ||||||
7 | means :
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8 | (1) for persons who terminate service before the | ||||||
9 | effective date of this amendatory Act of the 95th General | ||||||
10 | Assembly, the average
of the highest 4 consecutive years of | ||||||
11 | salary within the last 10 years of
service ; or .
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12 | (2) for persons in service on or after the effective | ||||||
13 | date of this amendatory Act of the 95th General Assembly, | ||||||
14 | the average
of the highest 36 consecutive months of salary | ||||||
15 | within the last 10 years of
service.
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16 | (Source: P.A. 93-654, eff. 1-16-04.)
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17 | Section 90. The State Mandates Act is amended by adding | ||||||
18 | Section 8.32 as follows: | ||||||
19 | (30 ILCS 805/8.32 new) | ||||||
20 | Sec. 8.32. Exempt mandate. Notwithstanding Sections 6 and 8 | ||||||
21 | of this Act, no reimbursement by the State is required for the | ||||||
22 | implementation of any mandate created by this amendatory Act of | ||||||
23 | the 95th General Assembly. | ||||||
24 | Section 99. Effective date. This Act takes effect upon |
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1 | becoming law. |