Sen. Daniel Biss
Filed: 3/6/2014
 
 

 

 

 
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1
AMENDMENT TO SENATE BILL 3517




2    AMENDMENT NO. ______. Amend Senate Bill 3517 as follows:
 
3on page 1, line 5, by replacing "Section 16-132" with "Sections 
47-141 and 16-132"; and
 
5on page 1, immediately below line 5, by inserting the 
6following:

 


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




8    Sec. 7-141. Retirement annuities - Conditions. Retirement 
9annuities shall be payable as hereinafter set forth:

10    (a) A participating employee who, regardless of cause, is 
11separated
from the service of all participating municipalities 
12and
instrumentalities thereof and participating 
13instrumentalities shall be
entitled to a retirement annuity 
14provided:


15        1. He is at least age 55, or in the case of a person who 
 
 
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1    is eligible
to have his annuity calculated under Section 
2    7-142.1, he is at least age 50;


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


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


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

13    (b) Retirement annuities shall be payable:


14        1. As provided in Section 7-119;


15        2. Except as provided in item 3, upon receipt by the 
16    fund of a written
application.  The effective date may be 
17    not more than 2 years one
year prior to the date of the 
18    receipt by the fund of the application;


19        3. Upon attainment of age 70 1/2 if the member (i) is 
20    no longer in
service,
and (ii) is otherwise entitled to an 
21    annuity under this Article;


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

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



 
25on page 6, in line 11, after "(ii)",  by inserting "in the case 
 
 
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1of a member who is not eligible to retire on the effective date 
2of this amendatory Act of the 98th General Assembly,"; and
 
3on page 6, in line 16, by changing "applies" to "is limited".