98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB0447
 
Introduced 1/23/2013, by Sen. John J. Cullerton
 
SYNOPSIS AS INTRODUCED:
 
  
40 ILCS 5/7-141  from Ch. 108 1/2, par. 7-141

    Amends the Illinois Pension Code.  Makes a technical change in a Section
concerning the Illinois Municipal Retirement Fund.



LRB098 04667 EFG 34695 b

PENSION IMPACT NOTE ACT MAY APPLY
 
 
A BILL FOR
 


SB0447LRB098 04667 EFG 34695 b



1    AN ACT concerning 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
the service of all participating 
11municipalities and
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 
 
 
SB0447- 2 -LRB098 04667 EFG 34695 b

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 attainment of age 70 1/2 if the member (i) is 
11    no longer in
service,
and (ii) is otherwise entitled to an 
12    annuity under this Article;


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

15(Source: P.A. 97-328, eff. 8-12-11; 97-609, eff. 1-1-12.)