98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB5673
 
Introduced , by Rep. Michael J. Zalewski
 
SYNOPSIS AS INTRODUCED:
 

 
  
40 ILCS 5/7-141  from Ch. 108 1/2, par. 7-141

     Amends the Illinois Municipal Retirement Fund Article of the Illinois Pension Code.  Deletes the requirement that the effective date of a retirement annuity may not be more than one
year prior to the date on which the application for the annuity is received by the Fund.  Provides instead that the annuity may begin no earlier than the day following the last day of creditable service.  Effective immediately.
  


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FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
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1    AN ACT in relation to public employee benefits.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Illinois Pension Code is amended  by changing 
5Section 7-141 as follows:
 


6    (40 ILCS 5/7-141)  (from Ch. 108 1/2, par. 7-141)




7    Sec. 7-141. Retirement annuities - Conditions. Retirement 
8annuities shall be payable as hereinafter set forth:

9    (a) A participating employee who, regardless of cause, is 
10separated
from the service of all participating municipalities 
11and
instrumentalities thereof and participating 
12instrumentalities shall be
entitled to a retirement annuity 
13provided:


14        1. He is at least age 55, or in the case of a person who 
15    is eligible
to have his annuity calculated under Section 
16    7-142.1, he is at least age 50;


17        2. He is not entitled to receive earnings for 
18    employment in a position requiring him, or entitling him to 
19    elect, to be a participating employee;


20        3. The amount of his annuity, before the application of 
21    paragraph (b) of
Section 7-142 is at least $10 per month;


22        4. If he first became a participating employee after 
23    December 31,
1961, he has at least 8 years of service.  This 
 
 
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1    service requirement shall not
apply to any participating 
2    employee, regardless of participation date, if the
General 
3    Assembly terminates the Fund.

4    (b) Retirement annuities shall be payable:


5        1. As provided in Section 7-119;


6        2. Except as provided in item 3, upon receipt by the 
7    fund of a written
application.  The effective date may be 
8    not more than one
year prior to the date of the receipt by 
9    the fund of the application;


10        3. Upon the earlier of:
11            (i) The date chosen by the member and included in 
12        the written application, which shall be no earlier than 
13        the day following the last day of creditable service, 
14        or
15            (ii) Attainment Upon attainment of age 70 1/2 if 
16        the member (i) is no longer in
service,
and (ii) is 
17        otherwise entitled to an annuity under this Article;


18        4. To the beneficiary of the deceased annuitant for the 
19    unpaid amount
accrued to date of death, if any.

20    The changes to this Section made by this amendatory Act of 
21the 98th General Assembly apply to retirement annuities first 
22granted on or after the effective date of this amendatory Act, 
23without regard to whether the prospective annuitant was in 
24service on or after that effective date. 
25(Source: P.A. 97-328, eff. 8-12-11; 97-609, eff. 1-1-12.)


 
 
26    Section 99. Effective date. This Act takes effect upon 
 
 
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1becoming law.