Full Text of HB5873 96th General Assembly
HB5873sam001 96TH GENERAL ASSEMBLY
|
Sen. Terry Link
Filed: 5/5/2010
|
|
09600HB5873sam001 |
|
LRB096 19254 AMC 41254 a |
|
| 1 |
| AMENDMENT TO HOUSE BILL 5873
| 2 |
| AMENDMENT NO. ______. Amend House Bill 5873 by replacing | 3 |
| everything after the enacting clause with the following:
| 4 |
| "Section 5. The Illinois Pension Code is amended by | 5 |
| changing Sections 1A-104, 3-111, 3-111.1, 3-112, 3-125, 3-127, | 6 |
| 3-142, 3-143, 4-109, 4-109.1, 4-114, 4-118, 4-134, 5-167.1, | 7 |
| 6-164, and 7-142.1 and by adding Sections 1-113.4a, 1-165, | 8 |
| 5-238, and 6-229 as follows: | 9 |
| (40 ILCS 5/1-113.4a new) | 10 |
| Sec. 1-113.4a. List of additional permitted investments | 11 |
| for pension funds with net assets of $10,000,000 or more. | 12 |
| (a) In addition to the items in Sections 1-113.2 and | 13 |
| 1-113.3, a pension fund established under Article 3 or 4 that | 14 |
| has net assets of at least $10,000,000 and has appointed an | 15 |
| investment adviser, as defined under Sections 1-101.4 and | 16 |
| 1-113.5, may, through that investment adviser, invest an |
|
|
|
09600HB5873sam001 |
- 2 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| additional portion of its assets in common and preferred | 2 |
| stocks, mutual funds, and corporate bonds. | 3 |
| (b) The stocks must meet all of the following requirements: | 4 |
| (1) The common stocks must be listed on a national | 5 |
| securities exchange or board of trade (as defined in the | 6 |
| Federal Securities Exchange Act of 1934 and set forth in | 7 |
| paragraph G of Section 3 of the Illinois Securities Law of | 8 |
| 1953) or quoted in the National Association of Securities | 9 |
| Dealers Automated Quotation System National Market System. | 10 |
| (2) The securities must be of a corporation in | 11 |
| existence for at least 5 years. | 12 |
| (3) The market value of stock in any one corporation | 13 |
| may not exceed 5% of the cash and invested assets of the | 14 |
| pension fund, and the investments in the stock of any one | 15 |
| corporation may not exceed 5% of the total outstanding | 16 |
| stock of that corporation. | 17 |
| (4) The straight preferred stocks or convertible | 18 |
| preferred stocks must be issued or guaranteed by a | 19 |
| corporation whose common stock qualifies for investment by | 20 |
| the board. | 21 |
| (c) The mutual funds must meet the following requirements: | 22 |
| (1) The mutual fund must be managed by an investment | 23 |
| company registered under the Federal Investment Company | 24 |
| Act of 1940 and registered under the Illinois Securities | 25 |
| Law of 1953. | 26 |
| (2) The mutual fund must have been in operation for at |
|
|
|
09600HB5873sam001 |
- 3 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| least 5 years. | 2 |
| (3) The mutual fund must have total net assets of | 3 |
| $250,000,000 or more. | 4 |
| (4) The mutual fund must be comprised of a diversified | 5 |
| portfolio of common or preferred stocks, bonds, or money | 6 |
| market instruments. | 7 |
| (d) Corporate bonds managed through an investment adviser | 8 |
| must meet the following requirements: | 9 |
| (1) Be rated as investment grade by one of the 2 | 10 |
| largest rating services at the time of purchase. | 11 |
| (2) Securities subsequently downgraded below | 12 |
| investment grade shall be liquidated from the portfolio | 13 |
| within 90 days after the downgrade by the manager. | 14 |
| (e) A pension fund's total investment in the items | 15 |
| authorized under this Section and Section 1-113.3 shall not | 16 |
| exceed 50% effective July 1, 2011 and 55% effective July 1, | 17 |
| 2012 of the market value of the pension fund's net present | 18 |
| assets stated in its most recent annual report on file with the | 19 |
| Department of Insurance. | 20 |
| (f) A pension fund that invests funds under this Section | 21 |
| shall electronically file with the Division any reports of its | 22 |
| investment activities that the Division may require, at the | 23 |
| time and in the format required by the Division. | 24 |
| (40 ILCS 5/1-165 new) | 25 |
| Sec. 1-165. Commission on Government Forecasting and |
|
|
|
09600HB5873sam001 |
- 4 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| Accountability study. The Commission on Government Forecasting | 2 |
| and Accountability shall conduct a study on the feasibility of: | 3 |
| (1) the creation of an investment pool to supplement | 4 |
| and enhance the investment opportunities available to | 5 |
| boards of trustees of the pension funds organized under | 6 |
| Articles 3 and 4 of this Code; the study shall include an | 7 |
| analysis on any cost or cost savings associated with | 8 |
| establishing the system and transferring assets for | 9 |
| management under the investment pool; and | 10 |
| (2) enacting a contribution cost-share component | 11 |
| wherein employing municipalities and members of funds | 12 |
| established under Articles 3 and 4 of this Code each | 13 |
| contribute 50% of the normal cost of the defined-benefit | 14 |
| plan. | 15 |
| The Commission shall issue a report on its findings on or | 16 |
| before December 31, 2011. | 17 |
| (40 ILCS 5/1A-104) | 18 |
| Sec. 1A-104. Examinations and investigations. | 19 |
| (a) The Division shall make periodic examinations and | 20 |
| investigations of all
pension funds established under this Code | 21 |
| and maintained for the benefit of
employees and officers of | 22 |
| governmental units in the State of Illinois.
However, in lieu | 23 |
| of making an examination and investigation, the Division
may | 24 |
| accept and rely upon a report of audit or examination of any | 25 |
| pension fund
made by an independent certified public accountant |
|
|
|
09600HB5873sam001 |
- 5 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| pursuant to the provisions
of the Article of this Code | 2 |
| governing the pension fund. The acceptance of the
report of | 3 |
| audit or examination does not bar the Division from making a | 4 |
| further
audit, examination, and investigation if deemed | 5 |
| necessary by the Division. | 6 |
| The Department may implement a flexible system of | 7 |
| examinations under
which it directs resources as it deems | 8 |
| necessary or appropriate. In
consultation with the pension fund | 9 |
| being examined, the Division may retain
attorneys, independent | 10 |
| actuaries, independent certified public accountants, and
other | 11 |
| professionals and specialists as examiners, the cost of which | 12 |
| (except in
the case of pension funds established under Article | 13 |
| 3 or 4) shall be borne by
the pension fund that is the subject | 14 |
| of the examination. | 15 |
| (b) The Division shall examine or investigate each pension | 16 |
| fund established
under Article 3 or Article 4 of this Code. The | 17 |
| schedule of each examination shall be such that each fund shall | 18 |
| be examined once every 3 years. | 19 |
| Each examination shall include the following: | 20 |
| (1) an audit of financial transactions, investment | 21 |
| policies, and
procedures; | 22 |
| (2) an examination of books, records, documents, | 23 |
| files, and other
pertinent memoranda relating to | 24 |
| financial, statistical, and administrative
operations; | 25 |
| (3) a review of policies and procedures maintained for | 26 |
| the administration
and operation of the pension fund; |
|
|
|
09600HB5873sam001 |
- 6 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| (4) a determination of whether or not full effect is | 2 |
| being given to the
statutory provisions governing the | 3 |
| operation of the pension fund; | 4 |
| (5) a determination of whether or not the | 5 |
| administrative policies in force
are in accord with the | 6 |
| purposes of the statutory provisions and effectively
| 7 |
| protect and preserve the rights and equities of the | 8 |
| participants; | 9 |
| (6) a determination of whether or not proper financial | 10 |
| and statistical
records have been established and adequate | 11 |
| documentary evidence is recorded and
maintained in support | 12 |
| of the several types of annuity and benefit payments
being | 13 |
| made; and | 14 |
| (7) a determination of whether or not the calculations | 15 |
| made by the fund for the payment of all annuities and | 16 |
| benefits are accurate. | 17 |
| In addition, the Division may conduct investigations, | 18 |
| which shall be
identified as such and which may include one or | 19 |
| more of the items listed in
this subsection. | 20 |
| A copy of the report of examination or investigation as | 21 |
| prepared by the
Division shall be submitted to the secretary of | 22 |
| the board of trustees of the
pension fund examined or | 23 |
| investigated and to the chief executive officer of the | 24 |
| municipality. The Director, upon request, shall grant
a hearing | 25 |
| to the officers or trustees of the pension fund or their duly
| 26 |
| appointed representatives, upon any facts contained in the |
|
|
|
09600HB5873sam001 |
- 7 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| report of
examination. The hearing shall be conducted before | 2 |
| filing the report or making
public any information contained in | 3 |
| the report. The Director may withhold the
report from public | 4 |
| inspection for up to 60 days following the hearing. | 5 |
| (c) With respect to any pension fund established under | 6 |
| Article 3 or Article 4 of this Code, the trustees of the | 7 |
| pension fund or the corporate authorities of the municipality | 8 |
| that establishes the fund may, not more than once every year, | 9 |
| request the Division to perform a special examination of the | 10 |
| fund. In conducting the special examination, the Division must: | 11 |
| (1) review the most recent audit of the fund under | 12 |
| subsection (b), all relevant actuarial reports relating to | 13 |
| the fund, all investment information pertaining to the | 14 |
| fund's performance, and any comprehensive annual financial | 15 |
| report or similar financial reports issued by the | 16 |
| municipality; | 17 |
| (2) issue a report detailing the funding level of the | 18 |
| fund, the causes of any underfunding, the statutorily | 19 |
| required employer annual contribution amount as determined | 20 |
| by an enrolled actuary, the actual contribution amount made | 21 |
| by employer, and the difference between the statutorily | 22 |
| required employer contribution and the actual employer | 23 |
| contribution. | 24 |
| The Division must begin the special examination within 90 | 25 |
| days after receiving the request, and it must issue the report | 26 |
| within 180 days after beginning the special examination. |
|
|
|
09600HB5873sam001 |
- 8 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| (Source: P.A. 95-950, eff. 8-29-08.)
| 2 |
| (40 ILCS 5/3-111) (from Ch. 108 1/2, par. 3-111)
| 3 |
| Sec. 3-111. Pension.
| 4 |
| (a) A police officer age 50 or more with 20 or
more years | 5 |
| of creditable service, who is not a participant in the
| 6 |
| self-managed plan under Section 3-109.3 and who is no longer in | 7 |
| service
as a police officer, shall receive a pension of 1/2 of | 8 |
| the salary
attached to the rank held by the officer on the | 9 |
| police force for one year
immediately prior to retirement or, | 10 |
| beginning July 1, 1987 for persons
terminating service on or | 11 |
| after that date, the salary attached to the rank
held on the | 12 |
| last day of service or for one year prior to the last day,
| 13 |
| whichever is greater. The pension shall be increased by 2.5%
of | 14 |
| such salary for each additional year of service over 20 years | 15 |
| of service
through 30 years of service, to a maximum of 75% of | 16 |
| such
salary.
| 17 |
| The changes made to this subsection (a) by this amendatory | 18 |
| Act of the
91st General Assembly apply to all pensions that | 19 |
| become payable under this
subsection on or after January 1, | 20 |
| 1999. All pensions payable under this
subsection that began on | 21 |
| or after January 1, 1999 and before the effective date
of this | 22 |
| amendatory Act shall be recalculated, and the amount of the | 23 |
| increase
accruing for that period shall be payable to the | 24 |
| pensioner in a lump sum.
| 25 |
| (a-5) No pension in effect on or granted after June 30, |
|
|
|
09600HB5873sam001 |
- 9 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| l973 shall be
less than $200 per month. Beginning July 1, 1987, | 2 |
| the minimum retirement
pension for a police officer having at | 3 |
| least 20 years of creditable service
shall be $400 per month, | 4 |
| without regard to whether or not retirement occurred
prior to | 5 |
| that date.
If the minimum pension established in Section | 6 |
| 3-113.1 is greater than the
minimum provided in this | 7 |
| subsection, the Section 3-113.1 minimum controls.
| 8 |
| (b) A police officer mandatorily retired from service
due | 9 |
| to age by operation of law, having at least 8 but
less than 20 | 10 |
| years of creditable service, shall receive a pension
equal to 2 | 11 |
| 1/2% of the salary attached to the rank he or she held on
the | 12 |
| police force for one year immediately prior to retirement or,
| 13 |
| beginning July 1, 1987 for persons terminating service on or | 14 |
| after that
date, the salary attached to the rank held on the | 15 |
| last day of service or
for one year prior to the last day, | 16 |
| whichever is greater, for each
year of creditable service.
| 17 |
| A police officer who retires or is separated from service | 18 |
| having at least 8
years but less than 20 years of creditable | 19 |
| service, who is not mandatorily
retired due to age by operation | 20 |
| of law, and who does not apply for a refund of
contributions at | 21 |
| his or her last separation from police service, shall receive
a | 22 |
| pension upon attaining age 60 equal to 2.5% of the salary | 23 |
| attached to the
rank held by the police officer on the police | 24 |
| force for one year immediately
prior to retirement or, | 25 |
| beginning July 1, 1987 for persons terminating service
on or | 26 |
| after that date, the salary attached to the rank held on the |
|
|
|
09600HB5873sam001 |
- 10 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| last day of
service or for one year prior to the last day, | 2 |
| whichever is greater, for each
year of creditable service.
| 3 |
| (c) A police officer no longer in service who has at least | 4 |
| one but less
than 8 years of creditable service in a police | 5 |
| pension fund but meets the
requirements of this subsection (c) | 6 |
| shall be eligible to receive a pension from
that fund equal to | 7 |
| 2.5% of the salary attached to the rank held on the last day
of | 8 |
| service under that fund or for one year prior to that last day, | 9 |
| whichever is
greater, for each year of creditable service in | 10 |
| that fund. The pension shall
begin no earlier than upon | 11 |
| attainment of age 60 (or upon mandatory retirement
from the | 12 |
| fund by operation of law due to age, if that occurs before age | 13 |
| 60) and
in no event before the effective date of this | 14 |
| amendatory Act of 1997.
| 15 |
| In order to be eligible for a pension under this subsection | 16 |
| (c), the police
officer must have at least 8 years of | 17 |
| creditable service in a second police
pension fund under this | 18 |
| Article and be receiving a pension under subsection (a)
or (b) | 19 |
| of this Section from that second fund. The police officer need | 20 |
| not be
in service on or after the effective date of this | 21 |
| amendatory Act of 1997.
| 22 |
| (d) Notwithstanding any other provision of this Article, | 23 |
| this subsection (d) applies to a police officer who first | 24 |
| becomes a police officer under this Article on or after January | 25 |
| 1, 2011. | 26 |
| A police officer age 55 or more with 10 or
more years of |
|
|
|
09600HB5873sam001 |
- 11 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| creditable service, who is not a participant in the
| 2 |
| self-managed plan under Section 3-109.3 and who is no longer in | 3 |
| service
as a police officer, shall receive a pension of 1/2 of | 4 |
| the final
average salary attached to the rank held by the | 5 |
| officer. The pension shall be increased by 2.2%
of such final | 6 |
| average salary for each additional year of service over 20 | 7 |
| years of service through
30 years of service, to a maximum of | 8 |
| 72% of such final average salary. | 9 |
| The pension of a police officer who is retiring after | 10 |
| attaining age 50 with 10 or more years of creditable service | 11 |
| shall be reduced by one-fourth of 1% for each month that the | 12 |
| police officer's age is under age 55. | 13 |
| The maximum pension under this subsection (d) shall be 72% | 14 |
| of final average
salary. | 15 |
| For the purposes of this subsection (d), "final average | 16 |
| salary" means the average monthly salary obtained by dividing | 17 |
| the total salary of the police officer during the 48 | 18 |
| consecutive months of service within the last 120 months of | 19 |
| service in which the total salary was the highest by the number | 20 |
| of months of service in that period. | 21 |
| (Source: P.A. 90-460, eff. 8-17-97; 91-939, eff. 2-1-01.)
| 22 |
| (40 ILCS 5/3-111.1) (from Ch. 108 1/2, par. 3-111.1)
| 23 |
| Sec. 3-111.1. Increase in pension.
| 24 |
| (a) Except as provided in subsection (e), the monthly | 25 |
| pension of a
police officer who retires after July 1, 1971, and |
|
|
|
09600HB5873sam001 |
- 12 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| prior to January 1, 1986,
shall be increased, upon either the | 2 |
| first of the month following the first
anniversary of the date | 3 |
| of retirement if the officer is 60 years of age or over
at | 4 |
| retirement date, or upon the first day of the month following | 5 |
| attainment of
age 60 if it occurs after the first anniversary | 6 |
| of retirement, by 3% of the
originally granted pension and by | 7 |
| an additional 3% of the originally granted
pension in January | 8 |
| of each year thereafter.
| 9 |
| (b) The monthly pension of a police officer who retired | 10 |
| from service
with 20 or more years of service, on or before | 11 |
| July 1, 1971, shall be
increased in January of the year | 12 |
| following the year of attaining age 65 or
in January of 1972, | 13 |
| if then over age 65, by 3% of the originally granted
pension | 14 |
| for each year the police officer received pension payments. In | 15 |
| each
January thereafter, he or she shall receive an additional | 16 |
| increase of 3% of
the original pension.
| 17 |
| (c) The monthly pension of a police officer who retires on | 18 |
| disability or
is retired for disability shall be increased in | 19 |
| January of the year
following the year of attaining age 60, by | 20 |
| 3% of the original grant of
pension for each year he or she | 21 |
| received pension payments. In each January
thereafter, the | 22 |
| police officer shall receive an additional increase of 3%
of | 23 |
| the original pension.
| 24 |
| (d) The monthly pension of a police officer who retires | 25 |
| after January
1, 1986, shall be increased, upon either the | 26 |
| first of the month following
the first anniversary of the date |
|
|
|
09600HB5873sam001 |
- 13 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| of retirement if the officer is 55 years
of age or over, or | 2 |
| upon the first day of the month
following attainment of age 55 | 3 |
| if it occurs after the first anniversary of
retirement, by 1/12 | 4 |
| of 3% of the originally granted pension for each full
month | 5 |
| that has elapsed since the pension began, and by an
additional | 6 |
| 3% of the originally granted pension in January of each year
| 7 |
| thereafter.
| 8 |
| The changes made to this subsection (d) by this amendatory | 9 |
| Act of the 91st
General Assembly apply to all initial increases | 10 |
| that become payable under this
subsection on or after January | 11 |
| 1, 1999. All initial increases that became
payable under this | 12 |
| subsection on or after January 1, 1999 and before the
effective | 13 |
| date of this amendatory Act shall be recalculated and the | 14 |
| additional
amount accruing for that period, if any, shall be | 15 |
| payable to the pensioner in a
lump sum.
| 16 |
| (e) Notwithstanding the provisions of subsection (a), upon | 17 |
| the first
day of the month following (1) the first anniversary | 18 |
| of the date of
retirement, or (2) the attainment of age 55, or | 19 |
| (3) July 1, 1987, whichever
occurs latest, the monthly pension | 20 |
| of a police officer who retired on or after
January 1, 1977 and | 21 |
| on or before January 1, 1986, and did not receive an
increase | 22 |
| under subsection (a) before July 1, 1987, shall be increased by | 23 |
| 3% of
the originally granted monthly pension for each full year | 24 |
| that has elapsed
since the pension began, and by an additional | 25 |
| 3% of the originally granted
pension in each January | 26 |
| thereafter. The increases provided under this
subsection are in |
|
|
|
09600HB5873sam001 |
- 14 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| lieu of the increases provided in subsection (a).
| 2 |
| (f) Notwithstanding the other provisions of this Section, | 3 |
| beginning
with increases granted on or after July 1, 1993, the | 4 |
| second and all
subsequent automatic annual increases granted | 5 |
| under subsection (a), (b),
(d), or (e) of this Section shall be | 6 |
| calculated as 3% of the amount of
pension payable at the time | 7 |
| of the increase, including any increases
previously granted | 8 |
| under this Section, rather than 3% of the originally
granted | 9 |
| pension amount. Section 1-103.1 does not apply to this | 10 |
| subsection
(f).
| 11 |
| (g) Notwithstanding any other provision of this Article, | 12 |
| the monthly pension of a
police officer who first becomes a | 13 |
| police officer under this Article on or after January 1, 2011 | 14 |
| shall be increased on the January 1 after the police officer | 15 |
| attains age 57 and each January 1 thereafter by 3% or the | 16 |
| annual increase in the consumer price index-u for the preceding | 17 |
| calendar year, whichever is less, of the originally granted | 18 |
| pension. If the increase in the consumer price index-u for the | 19 |
| preceding calendar year is zero or there is a decrease, then | 20 |
| the pension shall not be increased. | 21 |
| For the purposes of this subsection (g), "consumer price | 22 |
| index-u" means the index published by the Bureau of Labor | 23 |
| Statistics of the United States Department of Labor that | 24 |
| measures the average change in prices of goods and services | 25 |
| purchased by all urban consumers, United States city average, | 26 |
| all items, 1982-84 = 100. The new amount resulting from each |
|
|
|
09600HB5873sam001 |
- 15 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| annual adjustment shall be determined by the Public Pension | 2 |
| Division of the Department of Insurance and made available to | 3 |
| the boards of the pension funds. | 4 |
| (Source: P.A. 91-939, eff. 2-1-01.)
| 5 |
| (40 ILCS 5/3-112) (from Ch. 108 1/2, par. 3-112)
| 6 |
| Sec. 3-112. Pension to survivors.
| 7 |
| (a) Upon the death of a police officer entitled to a | 8 |
| pension under Section
3-111, the surviving spouse shall be | 9 |
| entitled to the pension to which the
police officer was then | 10 |
| entitled. Upon the death of the surviving spouse,
or upon the | 11 |
| remarriage of the surviving spouse if that remarriage
| 12 |
| terminates the surviving spouse's eligibility under Section | 13 |
| 3-121, the police
officer's unmarried children who are under | 14 |
| age 18 or who are dependent because
of physical or mental | 15 |
| disability shall be entitled to equal shares of such
pension. | 16 |
| If there is no eligible surviving spouse and no eligible child, | 17 |
| the
dependent parent or parents of the officer shall be | 18 |
| entitled to receive or
share such pension until their death or | 19 |
| marriage or remarriage after the death
of the police officer.
| 20 |
| Notwithstanding any other provision of this Article, for a | 21 |
| police officer who first becomes a police officer under this | 22 |
| Article on or after January 1, 2011, the pension to which the | 23 |
| surviving spouse, children, or parents are entitled under this | 24 |
| subsection (a) shall be in the amount of 66 2/3% of the police | 25 |
| officer's earned pension at the date of death. Nothing in this |
|
|
|
09600HB5873sam001 |
- 16 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| subsection (a) shall act to diminish the survivor's
benefits | 2 |
| described in subsection (e) of this Section. | 3 |
| Notwithstanding any other provision of this Article, the | 4 |
| monthly pension
of a survivor of a police officer who first | 5 |
| becomes a police officer for any municipality
participating | 6 |
| under this Article on or after January 1, 2011 shall be | 7 |
| increased on the January 1 after commencement of the annuity | 8 |
| and
each January 1 thereafter by 3% or the annual increase in | 9 |
| the consumer price index-u for the
preceding calendar year, | 10 |
| whichever is less, of the originally granted pension. If the | 11 |
| increase in
the cpi-u for the preceding calendar year is zero | 12 |
| or there is a decrease, then the pension shall not
be | 13 |
| increased. | 14 |
| For the purposes of this subsection (a), "consumer price | 15 |
| index-u" means the index published by the Bureau of Labor | 16 |
| Statistics of the United States Department of Labor that | 17 |
| measures the average change in prices of goods and services | 18 |
| purchased by all urban consumers, United States city average, | 19 |
| all items, 1982-84 = 100. The new amount resulting from each | 20 |
| annual adjustment shall be determined by the Public Pension | 21 |
| Division of the Department of Insurance and made available to | 22 |
| the boards of the pension funds. | 23 |
| (b) Upon the death of a police officer while in service, | 24 |
| having at least
20 years of creditable service, or upon the | 25 |
| death of a police officer who
retired from service with at | 26 |
| least 20 years of creditable service, whether
death occurs |
|
|
|
09600HB5873sam001 |
- 17 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| before or after attainment of age 50, the pension earned by
the | 2 |
| police officer as of the date of death as provided in Section | 3 |
| 3-111
shall be paid to the survivors in the sequence provided | 4 |
| in subsection (a)
of this Section.
| 5 |
| (c) Upon the death of a police officer while in service, | 6 |
| having at least
10 but less than 20 years of service, a pension | 7 |
| of 1/2 of the salary attached
to the rank or ranks held by the | 8 |
| officer for one year immediately
prior to death shall be | 9 |
| payable to the survivors in the sequence provided
in subsection | 10 |
| (a) of this Section. If death occurs as a result of the
| 11 |
| performance of duty, the 10 year requirement shall not apply | 12 |
| and the
pension to survivors shall be payable after any period | 13 |
| of service.
| 14 |
| (d) Beginning July 1, 1987, a minimum pension of $400 per | 15 |
| month shall
be paid to all surviving spouses, without regard to | 16 |
| the fact that the death
of the police officer occurred prior to | 17 |
| that date.
If the minimum pension established in Section | 18 |
| 3-113.1 is greater than the
minimum provided in this | 19 |
| subsection, the Section 3-113.1 minimum controls.
| 20 |
| (e) The pension of the surviving spouse of a police officer | 21 |
| who dies (i)
on or after January 1, 2001, (ii) without having | 22 |
| begun to receive either a
retirement pension payable under | 23 |
| Section 3-111 or a disability pension payable
under Section | 24 |
| 3-114.1, 3-114.2, 3-114.3, or 3-114.6, and (iii) as a result of
| 25 |
| sickness, accident, or injury incurred in or resulting from the | 26 |
| performance of
an act of duty shall not be less than 100% of |
|
|
|
09600HB5873sam001 |
- 18 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| the salary attached to the rank
held by the deceased police | 2 |
| officer on the last day of service, notwithstanding
any | 3 |
| provision in this Article to the contrary.
| 4 |
| (Source: P.A. 91-939, eff. 2-1-01.)
| 5 |
| (40 ILCS 5/3-125) (from Ch. 108 1/2, par. 3-125)
| 6 |
| Sec. 3-125. Financing. | 7 |
| (a) The city council or the board of trustees of
the | 8 |
| municipality shall annually levy a tax upon all
the taxable | 9 |
| property of the municipality at the rate on the dollar which
| 10 |
| will produce an amount which, when added to the deductions from | 11 |
| the salaries
or wages of police officers, and revenues
| 12 |
| available from other
sources, will equal a sum sufficient to | 13 |
| meet
the annual requirements of the police pension fund. The | 14 |
| annual
requirements to be provided by such tax levy are equal
| 15 |
| to (1) the normal cost of the pension fund for the year | 16 |
| involved, plus
(2) the amount necessary to amortize the fund's | 17 |
| unfunded accrued liabilities
as provided in Section 3-127. The | 18 |
| tax shall be levied and
collected in the same manner as the | 19 |
| general taxes
of the municipality, and in addition to all other | 20 |
| taxes now or hereafter authorized to
be levied upon all | 21 |
| property within the municipality, and shall be in
addition to | 22 |
| the amount authorized to be levied for general purposes as
| 23 |
| provided by Section 8-3-1 of the Illinois Municipal Code, | 24 |
| approved May
29, 1961, as amended. The tax shall be forwarded | 25 |
| directly to the treasurer of the board within 30 business days |
|
|
|
09600HB5873sam001 |
- 19 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| after receipt by the county.
| 2 |
| (b) The Commission on Government Financing and | 3 |
| Accountability shall conduct a study of all funds established | 4 |
| under this Article and shall report its findings to the General | 5 |
| Assembly on or before January 1, 2012. The study shall include, | 6 |
| but not be limited to, the following: | 7 |
| (1) fund balances; | 8 |
| (2) historical employer contribution rates for each | 9 |
| fund; | 10 |
| (3) the actuarial formulas used as a basis for employer | 11 |
| contributions, including the actual assumed rate of return | 12 |
| for each year, for each fund; | 13 |
| (4) available contribution funding sources; | 14 |
| (5) the impact of any revenue limitations caused by | 15 |
| PTELL and employer home rule or non-home rule status; and | 16 |
| (6) existing statutory funding compliance procedures | 17 |
| and funding enforcement mechanisms for all municipal | 18 |
| pension funds. | 19 |
| (c) In the absence of a statutory alternative enacted prior | 20 |
| to January 1, 2015 to ensure that public employers comply with | 21 |
| this Act by making statutorily required pension contributions, | 22 |
| if any participating municipality or participating | 23 |
| instrumentality fails to transmit to the pension fund | 24 |
| contributions required of it under this Article or | 25 |
| contributions collected by it from its participating employees | 26 |
| for the purposes of this Article within 90 days after the |
|
|
|
09600HB5873sam001 |
- 20 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| payment of such contributions is due, then the fund, after | 2 |
| giving notice to the municipality or instrumentality, may | 3 |
| certify to the State Comptroller the amounts of the delinquent | 4 |
| payments, and the Comptroller shall deduct the amounts so | 5 |
| certified or any part thereof from any grants of State funds to | 6 |
| the municipality or instrumentality involved and shall pay the | 7 |
| amount so deducted to the pension fund. If State funds from | 8 |
| which such deductions may be made are not available, then the | 9 |
| pension fund may proceed against the municipality or | 10 |
| instrumentality to recover the amounts of such delinquent | 11 |
| payments in the appropriate circuit court. | 12 |
| (d) Beginning January 1, 2015, the city council or the | 13 |
| board of trustees of any municipality shall not make a | 14 |
| contribution to the pension fund under this Article in its | 15 |
| jurisdiction less than the amount recommended by the enrolled | 16 |
| actuary of the Department of Insurance if the unfunded | 17 |
| liability exceeds the assets in the fund as determined by the | 18 |
| most recent actuarial valuation. | 19 |
| (e) The police pension fund shall consist of the following | 20 |
| moneys which
shall be set apart by the treasurer of the | 21 |
| municipality:
| 22 |
| (1) All moneys derived from the taxes levied hereunder;
| 23 |
| (2) Contributions by police officers under Section | 24 |
| 3-125.1;
| 25 |
| (3) All moneys accumulated by the municipality under | 26 |
| any previous
legislation establishing a fund for the |
|
|
|
09600HB5873sam001 |
- 21 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| benefit of disabled or retired
police officers;
| 2 |
| (4) Donations, gifts or other transfers authorized by | 3 |
| this
Article.
| 4 |
| (Source: P.A. 95-530, eff. 8-28-07.)
| 5 |
| (40 ILCS 5/3-127) (from Ch. 108 1/2, par. 3-127)
| 6 |
| Sec. 3-127. Reserves. The board shall establish and | 7 |
| maintain a reserve
to insure the payment of all obligations | 8 |
| incurred under this Article
excluding retirement annuities | 9 |
| established under Section 3-109.3. The
reserve to be | 10 |
| accumulated shall be equal to the estimated total actuarial
| 11 |
| requirements of the fund.
| 12 |
| If a pension fund has a reserve of less than the accrued | 13 |
| liabilities of
the fund, the board of the pension fund, in | 14 |
| making its annual report to the
city council or board of | 15 |
| trustees of the municipality, shall designate the
amount, | 16 |
| calculated as a level percentage of payroll, needed annually to
| 17 |
| insure the accumulation of the reserve to the level of the | 18 |
| fund's accrued
liabilities over a period of 40 years from July | 19 |
| 1, 1993 for pension funds then
in operation, or from the date | 20 |
| of establishment in the case of a fund created
thereafter, so | 21 |
| that the necessary reserves will be attained over such a | 22 |
| period. Any
unfunded liability that exists in the fund on July | 23 |
| 1, 2010 may be amortized over a period of 30
years from July 1, | 24 |
| 2010. Any unfunded liability created after July 1, 2010 may be | 25 |
| amortized
over a period of 30 years from July 1 of the calendar |
|
|
|
09600HB5873sam001 |
- 22 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| year in which the unfunded liability is
created.
| 2 |
| (Source: P.A. 91-939, eff. 2-1-01.)
| 3 |
| (40 ILCS 5/3-142) (from Ch. 108 1/2, par. 3-142)
| 4 |
| Sec. 3-142. Payment of benefits - funds insufficient. Any | 5 |
| police officer and any eligible surviving spouse, child or | 6 |
| children,
or dependent parent
of the officer to whom the
board | 7 |
| has ordered benefits to be paid, shall receive a yearly benefit
| 8 |
| payable in 12 equal monthly installments, which shall be the | 9 |
| aggregate
amount to which they are entitled.
| 10 |
| If at any time there is not sufficient money
in the fund to | 11 |
| pay the
benefits under this Article
the city council or board | 12 |
| of
trustees of the municipality shall make every legal effort | 13 |
| to
replenish the fund so that all beneficiaries may receive the | 14 |
| amounts to
which they are entitled. If, thereafter,
there still | 15 |
| remain insufficient funds,
the beneficiaries shall be paid pro | 16 |
| rata from the
available funds, but no allowance or order of the | 17 |
| board shall be held to
create any liability against the | 18 |
| municipality, but only against the
pension fund.
| 19 |
| (Source: P.A. 83-1440.)
| 20 |
| (40 ILCS 5/3-143) (from Ch. 108 1/2, par. 3-143) | 21 |
| Sec. 3-143. Report by pension board. | 22 |
| (a) The pension board shall report annually to the city
| 23 |
| council or board of trustees of the municipality on the | 24 |
| condition of the
pension fund at the end of its most recently |
|
|
|
09600HB5873sam001 |
- 23 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| completed fiscal year. The
report shall be made prior to the | 2 |
| council or board meeting held for the levying
of taxes for the | 3 |
| year for which the report is made. | 4 |
| The pension board shall certify and provide the following | 5 |
| information to the city council or board of trustees of the | 6 |
| municipality: | 7 |
| (1) the total assets of the fund in its custody at the | 8 |
| end of the fiscal
year and the current market value of | 9 |
| those assets; | 10 |
| (2) the estimated receipts during the next succeeding | 11 |
| fiscal year from
deductions from the salaries of police | 12 |
| officers, and
from all other sources; | 13 |
| (3) the estimated amount required during the next | 14 |
| succeeding fiscal year
to (a) pay all pensions and other | 15 |
| obligations provided
in this Article, and (b) to meet the | 16 |
| annual requirements of the fund as
provided in Sections | 17 |
| 3-125 and 3-127; | 18 |
| (4) the total net income received from investment of | 19 |
| assets along with the assumed investment return and actual | 20 |
| investment return received by the fund during its most | 21 |
| recently completed fiscal year compared to the total net
| 22 |
| income, assumed investment return, and actual investment | 23 |
| return received during the preceding fiscal year; | 24 |
| (5) the total number of active employees who are | 25 |
| financially contributing to the fund; | 26 |
| (6) the total amount that was disbursed in benefits |
|
|
|
09600HB5873sam001 |
- 24 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| during the fiscal year, including the number of and total | 2 |
| amount disbursed to (i) annuitants in receipt of a regular | 3 |
| retirement pension, (ii) recipients being paid a | 4 |
| disability pension, and (iii) survivors and children in | 5 |
| receipt of benefits; | 6 |
| (7) the funded ratio of the fund; | 7 |
| (8) the unfunded liability carried by the fund, along | 8 |
| with an actuarial explanation of the unfunded liability; | 9 |
| and | 10 |
| (9) the investment policy of the pension board under | 11 |
| the statutory investment restrictions imposed on the fund. | 12 |
| Before the pension board makes its report, the municipality | 13 |
| shall have the assets
of the fund and their current market | 14 |
| value verified by an independent certified
public accountant of | 15 |
| its choice. | 16 |
| (b) The municipality is authorized to publish the report | 17 |
| submitted under this Section. This publication may be made, | 18 |
| without limitation, by publication in a local newspaper of | 19 |
| general circulation in the municipality or by publication on | 20 |
| the municipality's Internet website. If the municipality | 21 |
| publishes the report, then that publication must include all of | 22 |
| the information submitted by the pension board under subsection | 23 |
| (a). | 24 |
| (c) Upon issuing the report to the municipality, the
| 25 |
| pension board shall also provide the information described in | 26 |
| subsection (a), with the exception of paragraph (9) of |
|
|
|
09600HB5873sam001 |
- 25 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| subsection (a), to the Department
of Insurance in such manner | 2 |
| and in such form as prescribed by the Director. The Department | 3 |
| shall compile the submitted information on an
annual basis into | 4 |
| a comprehensive report and shall make this
report available to | 5 |
| the General Assembly and the Governor on paper or in electronic | 6 |
| form
before September 1, 2011 and before September 1 of each | 7 |
| subsequent
year. The Public Pension Division of the Department | 8 |
| may adopt rules as necessary for the administration and | 9 |
| enforcement of this subsection (c). | 10 |
| (Source: P.A. 95-950, eff. 8-29-08.)
| 11 |
| (40 ILCS 5/4-109) (from Ch. 108 1/2, par. 4-109)
| 12 |
| Sec. 4-109. Pension.
| 13 |
| (a) A firefighter age 50 or more with 20 or more years of | 14 |
| creditable
service, who is no longer in service as a | 15 |
| firefighter, shall receive a monthly
pension of 1/2 the monthly | 16 |
| salary attached to the rank held by him or her in
the fire | 17 |
| service at the date of retirement.
| 18 |
| The monthly pension shall be increased by 1/12 of 2.5% of | 19 |
| such
monthly salary for each additional month over 20 years of | 20 |
| service through 30
years of service, to a maximum of 75% of | 21 |
| such monthly salary.
| 22 |
| The changes made to this subsection (a) by this amendatory | 23 |
| Act of the
91st General Assembly apply to all pensions that | 24 |
| become payable under this
subsection on or after January 1, | 25 |
| 1999. All pensions payable under this
subsection that began on |
|
|
|
09600HB5873sam001 |
- 26 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| or after January 1, 1999 and before the effective date
of this | 2 |
| amendatory Act shall be recalculated, and the amount of the | 3 |
| increase
accruing for that period shall be payable to the | 4 |
| pensioner in a lump sum.
| 5 |
| (b) A firefighter who retires or is separated from service | 6 |
| having at
least 10 but less than 20 years of creditable | 7 |
| service, who is not entitled
to receive a disability pension, | 8 |
| and who did not apply for a refund of
contributions at his or | 9 |
| her last separation from service shall receive a
monthly | 10 |
| pension upon attainment of age 60 based on the monthly salary | 11 |
| attached
to his or her rank in the fire service on the date of | 12 |
| retirement or separation
from service according to the | 13 |
| following schedule:
| 14 |
| For 10 years of service, 15% of salary;
| 15 |
| For 11 years of service, 17.6% of salary;
| 16 |
| For 12 years of service, 20.4% of salary;
| 17 |
| For 13 years of service, 23.4% of salary;
| 18 |
| For 14 years of service, 26.6% of salary;
| 19 |
| For 15 years of service, 30% of salary;
| 20 |
| For 16 years of service, 33.6% of salary;
| 21 |
| For 17 years of service, 37.4% of salary;
| 22 |
| For 18 years of service, 41.4% of salary;
| 23 |
| For 19 years of service, 45.6% of salary.
| 24 |
| (d) Notwithstanding any other provision of this Article, | 25 |
| this subsection (d) applies to a firefighter who first becomes | 26 |
| a firefighter under this Article on or after January 1, 2011. |
|
|
|
09600HB5873sam001 |
- 27 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| A firefighter age 55 or more with 10 or
more years of | 2 |
| creditable service, who is no longer in service
as a | 3 |
| firefighter, shall receive a pension of 1/2 the final average
| 4 |
| salary attached to the rank held by him or her in the fire | 5 |
| service at the date of retirement. The
monthly pension shall be | 6 |
| increased by 1/12 of 2.2% of such final average salary for each
| 7 |
| additional month over 20 years of service through 30 years of | 8 |
| service, to a maximum of 72% of
such final average salary. | 9 |
| The pension of a firefighter who is retiring after | 10 |
| attaining age 50 with 10 or more years of creditable service | 11 |
| shall be reduced by one-fourth of 1% for each month that the | 12 |
| firefighter's age is under age 55. | 13 |
| The maximum pension under this subsection (d) shall be 72% | 14 |
| of final average
salary. | 15 |
| For the purposes of this subsection (d), "final average | 16 |
| salary" means the average monthly salary obtained by dividing | 17 |
| the total salary of the firefighter during the 48 consecutive | 18 |
| months of service within the last 120 months of service in | 19 |
| which the total salary was the highest by the number of months | 20 |
| of service in that period. | 21 |
| (Source: P.A. 91-466, eff. 8-6-99.)
| 22 |
| (40 ILCS 5/4-109.1) (from Ch. 108 1/2, par. 4-109.1)
| 23 |
| Sec. 4-109.1. Increase in pension.
| 24 |
| (a) Except as provided in subsection (e), the monthly | 25 |
| pension of a
firefighter who retires after July 1, 1971 and |
|
|
|
09600HB5873sam001 |
- 28 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| prior to January 1, 1986, shall,
upon either the first of the | 2 |
| month following the first anniversary of the date
of retirement | 3 |
| if 60 years of age or over at retirement date, or upon the | 4 |
| first
day of the month following attainment of age 60 if it | 5 |
| occurs after the first
anniversary of retirement, be increased | 6 |
| by 2% of the originally granted monthly
pension and by an | 7 |
| additional 2% in each January thereafter. Effective January
| 8 |
| 1976, the rate of the annual increase shall be 3% of the | 9 |
| originally granted
monthly pension.
| 10 |
| (b) The monthly pension of a firefighter who retired
from | 11 |
| service with 20 or more years of service, on or before
July 1, | 12 |
| 1971, shall be increased, in January of the year
following the | 13 |
| year of attaining age 65 or in January
1972, if then over age | 14 |
| 65, by 2% of the originally granted monthly
pension, for each | 15 |
| year the firefighter received pension payments.
In each January | 16 |
| thereafter, he or she shall receive an additional
increase of | 17 |
| 2% of the original monthly pension. Effective
January 1976, the | 18 |
| rate of the annual increase shall be 3%.
| 19 |
| (c) The monthly pension of a firefighter who is receiving
a | 20 |
| disability pension under this Article shall be increased, in
| 21 |
| January of the year following the year the firefighter attains
| 22 |
| age 60, or in January 1974, if then over age 60, by 2% of the
| 23 |
| originally granted monthly pension for each
year he or she | 24 |
| received pension payments.
In each January thereafter, the | 25 |
| firefighter shall receive an additional
increase of 2% of the | 26 |
| original monthly pension. Effective January 1976,
the rate of |
|
|
|
09600HB5873sam001 |
- 29 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| the annual increase shall be 3%.
| 2 |
| (c-1) On January 1, 1998, every child's disability benefit | 3 |
| payable on that
date under Section 4-110 or 4-110.1 shall be | 4 |
| increased by an amount equal to
1/12 of 3% of the amount of the | 5 |
| benefit, multiplied by the number of months for
which the | 6 |
| benefit has been payable. On each January 1 thereafter, every
| 7 |
| child's disability benefit payable under Section 4-110 or | 8 |
| 4-110.1 shall be
increased by 3% of the amount of the benefit | 9 |
| then being paid, including any
previous increases received | 10 |
| under this Article. These increases are not
subject to any | 11 |
| limitation on the maximum benefit amount included in Section
| 12 |
| 4-110 or 4-110.1.
| 13 |
| (c-2) On July 1, 2004, every pension payable to or on | 14 |
| behalf of a minor
or disabled surviving child that is payable | 15 |
| on that date under Section 4-114
shall be increased by an | 16 |
| amount equal to 1/12 of 3% of the amount of the
pension, | 17 |
| multiplied by the number of months for which the benefit has | 18 |
| been
payable. On July 1, 2005, July 1, 2006, July 1, 2007, and | 19 |
| July 1, 2008, every pension payable to or on behalf
of a minor | 20 |
| or disabled surviving child that is payable under Section 4-114
| 21 |
| shall be increased by 3% of the amount of the pension then | 22 |
| being paid,
including any previous increases received under | 23 |
| this Article. These increases
are not subject to any limitation | 24 |
| on the maximum benefit amount included in
Section 4-114.
| 25 |
| (d) The monthly pension of a firefighter who retires after | 26 |
| January 1,
1986, shall, upon either the first of the month |
|
|
|
09600HB5873sam001 |
- 30 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| following the first
anniversary of the date of retirement if 55 | 2 |
| years of age or over, or
upon the first day of the month | 3 |
| following attainment of
age 55 if it occurs after the first | 4 |
| anniversary of retirement, be increased
by 1/12 of 3% of the | 5 |
| originally granted monthly pension for each full
month that has | 6 |
| elapsed since the pension began, and by an
additional 3% in | 7 |
| each January thereafter.
| 8 |
| The changes made to this subsection (d) by this amendatory | 9 |
| Act of the 91st
General Assembly apply to all initial increases | 10 |
| that become payable under this
subsection on or after January | 11 |
| 1, 1999. All initial increases that became
payable under this | 12 |
| subsection on or after January 1, 1999 and before the
effective | 13 |
| date of this amendatory Act shall be recalculated and the | 14 |
| additional
amount accruing for that period, if any, shall be | 15 |
| payable to the pensioner in a
lump sum.
| 16 |
| (e) Notwithstanding the provisions of subsection (a), upon | 17 |
| the
first day of the month following (1) the first anniversary | 18 |
| of the date of
retirement, or (2) the attainment of age 55, or | 19 |
| (3) July 1, 1987, whichever
occurs latest, the monthly pension | 20 |
| of a firefighter who retired on or after
January 1, 1977 and on | 21 |
| or before January 1, 1986 and did not receive an
increase under | 22 |
| subsection (a) before July 1, 1987,
shall be increased by 3% of | 23 |
| the originally granted monthly pension for
each full year that | 24 |
| has elapsed since the pension began, and by an
additional 3% in | 25 |
| each January thereafter. The increases provided under
this | 26 |
| subsection are in lieu of the increases provided in subsection |
|
|
|
09600HB5873sam001 |
- 31 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| (a).
| 2 |
| (f) In July 2009, the monthly pension of a
firefighter who | 3 |
| retired before July 1, 1977 shall be recalculated and increased | 4 |
| to reflect the amount that the firefighter would have received | 5 |
| in July 2009 had the firefighter been receiving a 3% compounded | 6 |
| increase for each year he or she received pension payments | 7 |
| after January 1, 1986, plus any increases in pension received | 8 |
| for each year prior to January 1, 1986. In each January | 9 |
| thereafter, he or she shall receive an additional
increase of | 10 |
| 3% of the amount of the pension then being paid. The changes | 11 |
| made to this Section by this amendatory Act of the 96th General | 12 |
| Assembly apply without regard to whether the firefighter was in | 13 |
| service on or after its effective date. | 14 |
| (g) Notwithstanding any other provision of this Article, | 15 |
| the monthly pension of a
firefighter who first becomes a | 16 |
| firefighter under this Article on or after January 1, 2011 | 17 |
| shall be increased on the January 1 after the firefighter | 18 |
| attains age 57 and each January 1 thereafter by 3% or the | 19 |
| annual increase in the consumer price index-u for the preceding | 20 |
| calendar year, whichever is less, of the originally granted | 21 |
| pension. If the increase in the consumer price index-u for the | 22 |
| preceding calendar year is zero or there is a decrease, then | 23 |
| the pension shall not be increased. | 24 |
| For the purposes of this subsection (g), "consumer price | 25 |
| index-u" means the index published by the Bureau of Labor | 26 |
| Statistics of the United States Department of Labor that |
|
|
|
09600HB5873sam001 |
- 32 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| measures the average change in prices of goods and services | 2 |
| purchased by all urban consumers, United States city average, | 3 |
| all items, 1982-84 = 100. The new amount resulting from each | 4 |
| annual adjustment shall be determined by the Public Pension | 5 |
| Division of the Department of Insurance and made available to | 6 |
| the boards of the pension funds. | 7 |
| (Source: P.A. 96-775, eff. 8-28-09.)
| 8 |
| (40 ILCS 5/4-114) (from Ch. 108 1/2, par. 4-114)
| 9 |
| Sec. 4-114. Pension to survivors. If a firefighter who is | 10 |
| not receiving a
disability pension under Section 4-110 or | 11 |
| 4-110.1 dies (1) as a result of any
illness or accident, or (2) | 12 |
| from any cause while in receipt of a disability
pension under | 13 |
| this Article, or (3) during retirement after 20 years service, | 14 |
| or
(4) while vested for or in receipt of a pension payable | 15 |
| under subsection (b)
of Section 4-109, or (5) while a deferred | 16 |
| pensioner, having made all required
contributions, a pension | 17 |
| shall be paid to his or her survivors, based on the
monthly | 18 |
| salary attached to the firefighter's rank on the last day of | 19 |
| service
in the fire department, as follows:
| 20 |
| (a)(1) To the surviving spouse, a monthly pension of
| 21 |
| 40% of the monthly salary, and to the guardian of any minor | 22 |
| child or
children including a child which has been | 23 |
| conceived but not yet born, 12%
of such monthly salary for | 24 |
| each such child until attainment of age 18 or
until the | 25 |
| child's marriage, whichever occurs first. Beginning July |
|
|
|
09600HB5873sam001 |
- 33 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| 1,
1993, the monthly pension to the surviving spouse shall | 2 |
| be 54% of the
monthly salary for all persons receiving a | 3 |
| surviving spouse pension under
this Article, regardless of | 4 |
| whether the deceased firefighter was in service
on or after | 5 |
| the effective date of this amendatory Act of 1993.
| 6 |
| (2) Beginning July 1, 2004, unless the amount provided | 7 |
| under paragraph (1) of this subsection (a) is greater, the | 8 |
| total monthly pension payable under
this paragraph (a), | 9 |
| including any amount payable on account of children, to the | 10 |
| surviving spouse of a firefighter who died (i) while
| 11 |
| receiving a retirement pension, (ii) while he or she was a | 12 |
| deferred pensioner with at least 20 years of creditable | 13 |
| service, or (iii) while he or she was in active service | 14 |
| having at least 20 years of creditable service, regardless | 15 |
| of age, shall be no less than 100% of the monthly | 16 |
| retirement pension earned by
the deceased firefighter at | 17 |
| the time of death, regardless of whether death occurs | 18 |
| before or after attainment of age 50, including any
| 19 |
| increases under Section 4-109.1. This minimum applies to | 20 |
| all such surviving
spouses who are eligible to receive a | 21 |
| surviving spouse pension, regardless of
whether the | 22 |
| deceased firefighter was in service on or after the | 23 |
| effective date
of this amendatory Act of the 93rd General | 24 |
| Assembly, and notwithstanding any
limitation on maximum | 25 |
| pension under paragraph (d) or any other provision of
this | 26 |
| Article.
|
|
|
|
09600HB5873sam001 |
- 34 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| (3) If the pension paid on and after July 1, 2004 to | 2 |
| the surviving spouse of a firefighter who died on or after | 3 |
| July 1, 2004 and before the effective date of this | 4 |
| amendatory Act of the 93rd General Assembly was less than | 5 |
| the minimum pension payable under paragraph (1) or (2) of | 6 |
| this subsection (a), the fund shall pay a lump sum equal to | 7 |
| the difference within 90 days after the effective date of | 8 |
| this amendatory Act of the 93rd General Assembly.
| 9 |
| The pension to the surviving spouse shall terminate in | 10 |
| the event of the
surviving spouse's remarriage prior to | 11 |
| July 1, 1993; remarriage on or after
that date does not | 12 |
| affect the surviving spouse's pension, regardless of
| 13 |
| whether the deceased firefighter was in service on or after | 14 |
| the effective
date of this amendatory Act of 1993.
| 15 |
| The surviving spouse's pension shall be subject to the | 16 |
| minimum established
in Section 4-109.2.
| 17 |
| (b) Upon the death of the surviving spouse leaving one | 18 |
| or more minor
children, to the duly appointed guardian of | 19 |
| each such child, for support
and maintenance of each such | 20 |
| child until the child reaches age 18 or
marries, whichever | 21 |
| occurs first, a monthly pension of 20% of the monthly
| 22 |
| salary.
| 23 |
| (c) If a deceased firefighter leaves no surviving | 24 |
| spouse or unmarried
minor children under age 18, but leaves | 25 |
| a dependent father or mother, to
each dependent parent a | 26 |
| monthly pension of 18% of the monthly salary. To
qualify |
|
|
|
09600HB5873sam001 |
- 35 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| for the pension, a dependent parent must furnish | 2 |
| satisfactory proof
that the deceased firefighter was at the | 3 |
| time of his or her death the sole
supporter of the parent | 4 |
| or that the parent was the deceased's dependent for
federal | 5 |
| income tax purposes.
| 6 |
| (d) The total pension provided under paragraphs (a), | 7 |
| (b) and (c) of this
Section shall not exceed 75% of the | 8 |
| monthly salary of the deceased firefighter
(1) when paid to | 9 |
| the survivor of a firefighter who has attained 20 or more
| 10 |
| years of service credit and who receives or is eligible to | 11 |
| receive a retirement
pension under this Article, or (2) | 12 |
| when paid to the survivor of a firefighter
who dies as a | 13 |
| result of illness or accident, or (3) when paid to the | 14 |
| survivor
of a firefighter who dies from any cause while in | 15 |
| receipt of a disability
pension under this Article, or (4) | 16 |
| when paid to the survivor of a deferred
pensioner. For all | 17 |
| other survivors of deceased firefighters, the total | 18 |
| pension
provided under paragraphs (a), (b) and (c) of this | 19 |
| Section shall not exceed 50%
of the retirement annuity the | 20 |
| firefighter would have received on the date of
death.
| 21 |
| The maximum pension limitations in this paragraph (d) | 22 |
| do not control
over any contrary provision of this Article | 23 |
| explicitly establishing a minimum
amount of pension or | 24 |
| granting a one-time or annual increase in pension.
| 25 |
| (e) If a firefighter leaves no eligible survivors under | 26 |
| paragraphs (a),
(b) and (c), the board shall refund to the |
|
|
|
09600HB5873sam001 |
- 36 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| firefighter's estate the amount
of his or her accumulated | 2 |
| contributions, less the amount of pension
payments, if any, | 3 |
| made to the firefighter while living.
| 4 |
| (f) (Blank).
| 5 |
| (g) If a judgment of dissolution of marriage between a | 6 |
| firefighter and
spouse is judicially set aside subsequent | 7 |
| to the firefighter's death, the
surviving spouse is | 8 |
| eligible for the pension provided in paragraph (a) only
if | 9 |
| the judicial proceedings are filed within 2 years after the | 10 |
| date of the
dissolution of marriage and within one year | 11 |
| after the firefighter's death and
the board is made a party | 12 |
| to the proceedings. In such case the pension shall be
| 13 |
| payable only from the date of the court's order setting | 14 |
| aside the judgment of
dissolution of marriage.
| 15 |
| (h) Benefits payable on account of a child under this | 16 |
| Section shall
not be reduced or terminated by reason of the | 17 |
| child's attainment of age 18
if he or she is then dependent | 18 |
| by reason of a physical or mental disability
but shall | 19 |
| continue to be paid as long as such dependency continues.
| 20 |
| Individuals over the age of 18 and adjudged as a disabled | 21 |
| person pursuant
to Article XIa of the Probate Act of 1975, | 22 |
| except for persons receiving
benefits under Article III of | 23 |
| the Illinois Public Aid Code, shall be
eligible to receive | 24 |
| benefits under this Act.
| 25 |
| (i) Beginning January 1, 2000, the pension of the | 26 |
| surviving spouse of
a firefighter who dies on or after |
|
|
|
09600HB5873sam001 |
- 37 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| January 1, 1994 as a result of sickness,
accident, or | 2 |
| injury incurred in or resulting from the performance of an | 3 |
| act of
duty or from the cumulative effects of acts of duty | 4 |
| shall not be less than 100%
of the salary attached to the | 5 |
| rank held by the deceased firefighter on the last
day of | 6 |
| service, notwithstanding subsection (d) or any other | 7 |
| provision of
this Article.
| 8 |
| (j) Beginning July 1, 2004, the pension of the | 9 |
| surviving spouse of
a firefighter who dies on or after | 10 |
| January 1, 1988 as a result of sickness,
accident, or | 11 |
| injury incurred in or resulting from the performance of an | 12 |
| act of
duty or from the cumulative effects of acts of duty | 13 |
| shall not be less than 100%
of the salary attached to the | 14 |
| rank held by the deceased firefighter on the last
day of | 15 |
| service, notwithstanding subsection (d) or any other | 16 |
| provision of
this Article.
| 17 |
| Notwithstanding any other provision of this Article, if a | 18 |
| firefighter who first becomes a firefighter under this Article | 19 |
| on or after January 1, 2011 and who is not receiving a
| 20 |
| disability pension under Section 4-110 or 4-110.1 dies (1) as a | 21 |
| result of any
illness or accident, or (2) from any cause while | 22 |
| in receipt of a disability
pension under this Article, or (3) | 23 |
| during retirement after 20 years service, or
(4) while vested | 24 |
| for or in receipt of a pension payable under subsection (b)
of | 25 |
| Section 4-109, or (5) while a deferred pensioner, having made | 26 |
| all required
contributions, then a pension shall be paid to his |
|
|
|
09600HB5873sam001 |
- 38 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| or her survivors in the amount of 66 2/3% of the firefighter's | 2 |
| earned pension at the date of death. Nothing in this subsection | 3 |
| (k) shall act to diminish the
survivor's benefits described in | 4 |
| subsection (j) of this Section. | 5 |
| Notwithstanding any other provision of this Article, the | 6 |
| monthly
pension of a survivor of a police officer who first | 7 |
| becomes a police officer for any municipality
participating | 8 |
| under this Article on or after January 1, 2011 shall be | 9 |
| increased on the January 1 after commencement of the annuity | 10 |
| and
each January 1 thereafter by 3% or the annual increase in | 11 |
| the consumer price index-u for the
preceding calendar year, | 12 |
| whichever is less, of the originally granted pension. If the | 13 |
| increase in
the cpi-u for the preceding calendar year is zero | 14 |
| or there is a decrease, then the pension shall not
be | 15 |
| increased. | 16 |
| For the purposes of this Section, "consumer price index-u" | 17 |
| means the index published by the Bureau of Labor Statistics of | 18 |
| the United States Department of Labor that measures the average | 19 |
| change in prices of goods and services purchased by all urban | 20 |
| consumers, United States city average, all items, 1982-84 = | 21 |
| 100. The new amount resulting from each annual adjustment shall | 22 |
| be determined by the Public Pension Division of the Department | 23 |
| of Insurance and made available to the boards of the pension | 24 |
| funds. | 25 |
| (Source: P.A. 95-279, eff. 1-1-08.)
|
|
|
|
09600HB5873sam001 |
- 39 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| (40 ILCS 5/4-118) (from Ch. 108 1/2, par. 4-118)
| 2 |
| Sec. 4-118. Financing.
| 3 |
| (a) The city council or the board of trustees
of the | 4 |
| municipality shall annually levy a tax upon all the taxable | 5 |
| property
of the municipality at the rate on the dollar which | 6 |
| will produce an amount
which, when added to the deductions from | 7 |
| the salaries or wages of
firefighters and revenues available | 8 |
| from other sources, will equal a sum
sufficient to meet the | 9 |
| annual actuarial requirements of the pension fund,
as | 10 |
| determined by an enrolled actuary employed by the Illinois | 11 |
| Department of
Insurance or by an enrolled actuary retained by | 12 |
| the pension fund or
municipality. For the purposes of this | 13 |
| Section, the annual actuarial
requirements of the pension fund | 14 |
| are equal to (1) the normal cost of the
pension fund, or 17.5% | 15 |
| of the salaries and wages to be paid to firefighters
for the | 16 |
| year involved, whichever is greater, plus (2) the annual amount
| 17 |
| necessary to amortize the fund's unfunded accrued liabilities | 18 |
| over a period
of 40 years from July 1, 1993, as annually | 19 |
| updated and determined by an
enrolled actuary employed by the | 20 |
| Illinois Department of Insurance or by an
enrolled actuary | 21 |
| retained by the pension fund or the municipality. The amount
to | 22 |
| be applied towards the amortization of the unfunded accrued | 23 |
| liability in any
year shall not be less than the annual amount | 24 |
| required to amortize the unfunded
accrued liability, including | 25 |
| interest, as a level percentage of payroll over
the number of | 26 |
| years remaining in the 40 year amortization period. Any |
|
|
|
09600HB5873sam001 |
- 40 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| unfunded liability that exists in the fund on July 1, 2010 may
| 2 |
| be amortized over a period of 30 years from July 1, 2010. Any | 3 |
| unfunded liability created after
July 1, 2010 may be amortized | 4 |
| over a period of 30 years from July 1 of the calendar year in
| 5 |
| which the unfunded liability is created.
| 6 |
| (b) The tax shall be levied and collected in the same | 7 |
| manner
as the general taxes of the municipality, and shall be | 8 |
| in addition
to all other taxes now or hereafter authorized to | 9 |
| be levied upon all
property within the municipality, and in | 10 |
| addition to the amount authorized
to be levied for general | 11 |
| purposes, under Section 8-3-1 of the Illinois
Municipal Code or | 12 |
| under Section 14 of the Fire Protection District Act. The
tax | 13 |
| shall be forwarded directly to the treasurer of the board | 14 |
| within 30
business days of receipt by the county
(or, in the | 15 |
| case of amounts
added to the tax levy under subsection (f), | 16 |
| used by the municipality to pay the
employer contributions | 17 |
| required under subsection (b-1) of Section 15-155 of
this | 18 |
| Code).
| 19 |
| (b-1) The Commission on Government Financing and | 20 |
| Accountability shall conduct a study of all funds established | 21 |
| under this Article and shall report its findings to the General | 22 |
| Assembly on or before January 1, 2012. The study shall include, | 23 |
| but not be limited to, the following: | 24 |
| (1) fund balances; | 25 |
| (2) historical employer contribution rates for each | 26 |
| fund; |
|
|
|
09600HB5873sam001 |
- 41 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| (3) the actuarial formulas used as a basis for employer | 2 |
| contributions, including the actual assumed rate of return | 3 |
| for each year, for each fund; | 4 |
| (4) available contribution funding sources; | 5 |
| (5) the impact of any revenue limitations caused by | 6 |
| PTELL and employer home rule or non-home rule status; and | 7 |
| (6) existing statutory funding compliance procedures | 8 |
| and funding enforcement mechanisms for all municipal | 9 |
| pension funds. | 10 |
| (b-2) In the absence of a statutory alternative enacted | 11 |
| prior to January 1, 2015 to ensure that public employers comply | 12 |
| with this Act by making statutorily required pension | 13 |
| contributions, if any participating municipality or | 14 |
| participating instrumentality fails to transmit to the pension | 15 |
| fund contributions required of it under this Article or | 16 |
| contributions collected by it from its participating employees | 17 |
| for the purposes of this Article within 90 days after the | 18 |
| payment of such contributions is due, then the fund, after | 19 |
| giving notice to the municipality or instrumentality, may | 20 |
| certify to the State Comptroller the amounts of the delinquent | 21 |
| payments, and the Comptroller shall deduct the amounts so | 22 |
| certified or any part thereof from any grants of State funds to | 23 |
| the municipality or instrumentality involved and shall pay the | 24 |
| amount so deducted to the pension fund. If State funds from | 25 |
| which such deductions may be made are not available, then the | 26 |
| pension fund may proceed against the municipality or |
|
|
|
09600HB5873sam001 |
- 42 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| instrumentality to recover the amounts of such delinquent | 2 |
| payments in the appropriate circuit court. | 3 |
| (b-3) Beginning January 1, 2015, the city council or the | 4 |
| board of trustees of any municipality shall not make a | 5 |
| contribution to the pension fund under this Article in its | 6 |
| jurisdiction less than the amount recommended by the enrolled | 7 |
| actuary of the Department of Insurance if the unfunded | 8 |
| liability exceeds the assets in the fund as determined by the | 9 |
| most recent actuarial valuation. | 10 |
| (c) The board shall make available to the membership and | 11 |
| the general public
for inspection and copying at reasonable | 12 |
| times the most recent Actuarial
Valuation Balance Sheet and Tax | 13 |
| Levy Requirement issued to the fund by the
Department of | 14 |
| Insurance.
| 15 |
| (d) The firefighters' pension fund shall consist of the | 16 |
| following moneys
which shall be set apart by the treasurer of | 17 |
| the municipality: (1) all
moneys derived from the taxes levied | 18 |
| hereunder; (2) contributions
by firefighters as provided under | 19 |
| Section 4-118.1; (3) all
rewards in money, fees, gifts, and | 20 |
| emoluments that may be paid or given
for or on account of | 21 |
| extraordinary service by the fire department or any
member | 22 |
| thereof, except when allowed to be retained by competitive | 23 |
| awards;
and (4) any money, real estate or personal property | 24 |
| received by the board.
| 25 |
| (e) For the purposes of this Section, "enrolled actuary" | 26 |
| means an actuary:
(1) who is a member of the Society of |
|
|
|
09600HB5873sam001 |
- 43 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| Actuaries or the American
Academy of Actuaries; and (2) who is | 2 |
| enrolled under Subtitle
C of Title III of the Employee | 3 |
| Retirement Income Security Act of 1974, or
who has been engaged | 4 |
| in providing actuarial services to one or more public
| 5 |
| retirement systems for a period of at least 3 years as of July | 6 |
| 1, 1983.
| 7 |
| (f) The corporate authorities of a municipality that | 8 |
| employs a person
who is described in subdivision (d) of Section | 9 |
| 4-106 may add to the tax levy
otherwise provided for in this | 10 |
| Section an amount equal to the projected cost of
the employer | 11 |
| contributions required to be paid by the municipality to the | 12 |
| State
Universities Retirement System under subsection (b-1) of | 13 |
| Section 15-155 of this
Code.
| 14 |
| (Source: P.A. 94-859, eff. 6-15-06.)
| 15 |
| (40 ILCS 5/4-134) (from Ch. 108 1/2, par. 4-134) | 16 |
| Sec. 4-134. Report for tax levy. | 17 |
| (a) The board shall report to the city council
or board of | 18 |
| trustees of the municipality on the condition of the pension | 19 |
| fund
at the end of its most recently completed fiscal year. The | 20 |
| report shall
be made prior to the council or board meeting held | 21 |
| for appropriating and
levying taxes for the year for which the | 22 |
| report is made. | 23 |
| The pension board in the report shall certify and provide | 24 |
| the following information to the city council or board of | 25 |
| trustees of the municipality: |
|
|
|
09600HB5873sam001 |
- 44 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| (1) the total assets of the fund and their current | 2 |
| market value of those assets; | 3 |
| (2) the estimated receipts during the next succeeding | 4 |
| fiscal year from
deductions from the salaries or wages
of | 5 |
| firefighters, and from all other sources; | 6 |
| (3) the estimated amount necessary during the fiscal | 7 |
| year to meet the
annual actuarial requirements of the | 8 |
| pension fund as
provided in Sections 4-118 and 4-120; | 9 |
| (4) the total net income received from investment of | 10 |
| assets along with the assumed investment return and actual | 11 |
| investment return received by the fund during its most | 12 |
| recently completed fiscal year compared to the total net
| 13 |
| income, assumed investment return, and actual investment | 14 |
| return received during the preceding fiscal year; | 15 |
| (5) the increase in employer pension contributions | 16 |
| that results from the implementation of the provisions of | 17 |
| this amendatory Act of the 93rd General Assembly; | 18 |
| (6) the total number of active employees who are | 19 |
| financially contributing to the fund; | 20 |
| (7) the total amount that was disbursed in benefits | 21 |
| during the fiscal year, including the number of and total | 22 |
| amount disbursed to (i) annuitants in receipt of a regular | 23 |
| retirement pension, (ii) recipients being paid a | 24 |
| disability pension, and (iii) survivors and children in | 25 |
| receipt of benefits; | 26 |
| (8) the funded ratio of the fund; |
|
|
|
09600HB5873sam001 |
- 45 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| (9) the unfunded liability carried by the fund, along | 2 |
| with an actuarial explanation of the unfunded liability; | 3 |
| and | 4 |
| (10) the investment policy of the pension board under | 5 |
| the statutory investment restrictions imposed on the fund. | 6 |
| Before the pension board makes its report, the municipality | 7 |
| shall have the assets
of the fund and
their current market | 8 |
| value verified by an independent certified public
accountant of | 9 |
| its choice. | 10 |
| (b) The municipality is authorized to publish the report | 11 |
| submitted under this Section. This publication may be made, | 12 |
| without limitation, by publication in a local newspaper of | 13 |
| general circulation in the municipality or by publication on | 14 |
| the municipality's Internet website. If the municipality | 15 |
| publishes the report, then that publication must include all of | 16 |
| the information submitted by the pension board under subsection | 17 |
| (a). | 18 |
| (c) Upon issuing the report to the municipality, the
| 19 |
| pension board shall also provide the information described in | 20 |
| subsection (a), with the exception of paragraph (10) of | 21 |
| subsection (a), to the Department
of Insurance in such manner | 22 |
| and in such form as prescribed by the Director. The Department | 23 |
| shall compile the submitted information on an
annual basis into | 24 |
| a comprehensive report and shall make this
report available to | 25 |
| the General Assembly and the Governor on paper or in electronic | 26 |
| form
before September 1, 2011 and before September 1 of each |
|
|
|
09600HB5873sam001 |
- 46 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| subsequent
year. The Public Pension Division of the Department | 2 |
| may adopt rules as necessary for the administration and | 3 |
| enforcement of this subsection (c). | 4 |
| (Source: P.A. 95-950, eff. 8-29-08.)
| 5 |
| (40 ILCS 5/5-167.1) (from Ch. 108 1/2, par. 5-167.1)
| 6 |
| Sec. 5-167.1. Automatic increase in annuity; retirement | 7 |
| from service
after September 1, 1967.
| 8 |
| (a) A policeman who retires from service after September 1, | 9 |
| 1967
with at least 20 years of service credit shall, upon | 10 |
| either the first
of the month following the first anniversary | 11 |
| of his date of retirement
if he is age 60 (age 55 if born before | 12 |
| January 1, 1955)
or over on that anniversary date, or upon the | 13 |
| first of the month following
his attainment of age 60 (age 55 | 14 |
| if born before January 1, 1955)
if it occurs after the first | 15 |
| anniversary of his retirement date, have his
then fixed and | 16 |
| payable monthly annuity increased by 1 1/2% and such first
| 17 |
| fixed annuity as granted at retirement increased by an | 18 |
| additional 1 1/2% in
January of each year thereafter up to a | 19 |
| maximum increase of 30%. Beginning
January 1, 1983 for | 20 |
| policemen born before January 1, 1930, and beginning
January 1, | 21 |
| 1988 for policemen born on or after January 1, 1930 but before
| 22 |
| January 1, 1940, and beginning January 1, 1996 for policemen | 23 |
| born on or after
January 1, 1940 but before January 1, 1945, | 24 |
| and beginning January 1, 2000
for policemen born on or after | 25 |
| January 1, 1945 but before January 1, 1950, and beginning |
|
|
|
09600HB5873sam001 |
- 47 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| January 1, 2005
for policemen born on or after January 1, 1950 | 2 |
| but before January 1, 1955,
such increases shall be 3% and such | 3 |
| policemen shall not be subject to the
30% maximum increase.
| 4 |
| Any policeman born before January 1, 1945 who qualifies for | 5 |
| a minimum
annuity and retires after September 1, 1967 but has | 6 |
| not received the initial
increase under this subsection before | 7 |
| January 1, 1996 is entitled to receive
the initial increase | 8 |
| under this subsection on (1) January 1, 1996, (2) the
first | 9 |
| anniversary of the date of retirement, or (3) attainment of age | 10 |
| 55,
whichever occurs last. The changes to this Section made by | 11 |
| Public Act
89-12 apply beginning January 1, 1996 and
without | 12 |
| regard to whether the policeman or annuitant terminated service | 13 |
| before
the effective date of that Act.
| 14 |
| Any policeman born before January 1, 1950 who qualifies for | 15 |
| a minimum
annuity and retires after September 1, 1967 but has | 16 |
| not received the initial
increase under this subsection before | 17 |
| January 1, 2000 is entitled to receive
the initial increase | 18 |
| under this subsection on (1) January 1, 2000, (2) the
first | 19 |
| anniversary of the date of retirement, or (3) attainment of age | 20 |
| 55,
whichever occurs last. The changes to this Section made by | 21 |
| this amendatory
Act of the 92nd General Assembly apply without | 22 |
| regard to whether the policeman
or annuitant terminated service | 23 |
| before the effective date of this amendatory
Act.
| 24 |
| Any policeman born before January 1, 1955 who qualifies for | 25 |
| a minimum
annuity and retires after September 1, 1967 but has | 26 |
| not received the initial
increase under this subsection before |
|
|
|
09600HB5873sam001 |
- 48 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| January 1, 2005 is entitled to receive
the initial increase | 2 |
| under this subsection on (1) January 1, 2005, (2) the
first | 3 |
| anniversary of the date of retirement, or (3) attainment of age | 4 |
| 55,
whichever occurs last. The changes to this Section made by | 5 |
| this amendatory
Act of the 94th General Assembly apply without | 6 |
| regard to whether the policeman
or annuitant terminated service | 7 |
| before the effective date of this amendatory
Act.
| 8 |
| (b) Subsection (a) of this Section is
not applicable to an | 9 |
| employee receiving a term annuity.
| 10 |
| (c) To help defray the cost of such increases in annuity, | 11 |
| there shall
be deducted, beginning September 1, 1967, from each | 12 |
| payment of salary to a
policeman, 1/2 of 1% of each salary | 13 |
| payment concurrently with and in addition
to the salary | 14 |
| deductions otherwise made for annuity purposes.
| 15 |
| The city, in addition to the contributions otherwise made | 16 |
| by it for
annuity purposes under other provisions of this | 17 |
| Article, shall make
matching contributions concurrently with | 18 |
| such salary deductions.
| 19 |
| Each such 1/2 of 1% deduction from salary and each such | 20 |
| contribution
by the city of 1/2 of 1% of salary shall be | 21 |
| credited to the Automatic
Increase Reserve, to be used to | 22 |
| defray the cost of the 1 1/2% annuity
increase provided by this | 23 |
| Section. Any balance in such reserve as of the
beginning of | 24 |
| each calendar year shall be credited with interest at the
rate | 25 |
| of 3% per annum.
| 26 |
| Such deductions from salary and city contributions shall |
|
|
|
09600HB5873sam001 |
- 49 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| continue
while the policeman is in service.
| 2 |
| The salary deductions provided in this Section are not | 3 |
| subject to
refund, except to the policeman himself, in any case | 4 |
| in which a
policeman withdraws prior to qualification for | 5 |
| minimum annuity and
applies for refund or applies for annuity, | 6 |
| and also where a term annuity
becomes payable. In such cases, | 7 |
| the total of such salary deductions
shall be refunded to the | 8 |
| policeman, without interest, and charged to the
Automatic | 9 |
| Increase Reserve.
| 10 |
| (d) Notwithstanding any other provision of this Article, | 11 |
| for a policeman who first becomes a policeman under this | 12 |
| Article on or after January 1, 2011, the annuity to which the | 13 |
| surviving spouse, children, or parents are entitled under this | 14 |
| subsection (d) shall be in the amount of 66 2/3% of the | 15 |
| policeman's earned annuity at the date of death. Nothing in | 16 |
| this subsection (d) shall act to diminish the survivor's
| 17 |
| benefits described in this Section. | 18 |
| Notwithstanding any other provision of this Article, the | 19 |
| monthly annuity
of a survivor of a policeman who first becomes | 20 |
| a policeman for any municipality
participating under this | 21 |
| Article on or after January 1, 2011 shall be increased on the | 22 |
| January 1 after commencement of the annuity and
each January 1 | 23 |
| thereafter by 3% or the annual increase in the consumer price | 24 |
| index-u for the
preceding calendar year, whichever is less, of | 25 |
| the originally granted annuity. If the increase in
the cpi-u | 26 |
| for the preceding calendar year is zero or there is a decrease, |
|
|
|
09600HB5873sam001 |
- 50 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| then the annuity shall not
be increased. | 2 |
| For the purposes of this subsection (d), "consumer price | 3 |
| index-u" means the index published by the Bureau of Labor | 4 |
| Statistics of the United States Department of Labor that | 5 |
| measures the average change in prices of goods and services | 6 |
| purchased by all urban consumers, United States city average, | 7 |
| all items, 1982-84 = 100. The new amount resulting from each | 8 |
| annual adjustment shall be determined by the Public Pension | 9 |
| Division of the Department of Insurance and made available to | 10 |
| the boards of the pension funds. | 11 |
| (Source: P.A. 94-719, eff. 1-6-06.)
| 12 |
| (40 ILCS 5/5-238 new) | 13 |
| Sec. 5-238. Provisions applicable to new hires. | 14 |
| (a) Notwithstanding any other provision of this Article, | 15 |
| the provisions of this Section apply to a person who first | 16 |
| becomes a policeman under this Article on or after January 1, | 17 |
| 2011. | 18 |
| (b) A policeman age 55 or more with 10 or
more years of | 19 |
| creditable service, who is no longer in service
as a policeman, | 20 |
| shall receive an annuity of 2.4% of the policeman's final | 21 |
| average salary for each year of service. | 22 |
| The annuity of a policeman who is retiring after attaining | 23 |
| age 50 with 10 or more years of creditable service shall be | 24 |
| reduced by one-fourth of 1% for each month that the policeman's | 25 |
| age is under age 55. |
|
|
|
09600HB5873sam001 |
- 51 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| A policeman who withdraws from service at age 55 or more | 2 |
| with 20 or more years of creditable service, shall receive an | 3 |
| annuity of 2.5% of the policeman's final average salary for | 4 |
| each of the first 20 years of service plus 2.2% of final | 5 |
| average salary for each completed year of service or fraction | 6 |
| thereof over 20. | 7 |
| The maximum pension under this subsection (b) shall be 72% | 8 |
| of final average
salary. | 9 |
| For the purposes of this subsection (b), "final average | 10 |
| salary" means the average monthly salary obtained by dividing | 11 |
| the total salary of the policeman during the 48 consecutive | 12 |
| months of service within the last 120 months of service in | 13 |
| which the total salary was the highest by the number of months | 14 |
| of service in that period. | 15 |
| (c) The automatic annual increases authorized under | 16 |
| Section 5-167.1 shall be granted on the January 1 after the | 17 |
| policeman attains age 57 and each January 1 thereafter. | 18 |
| (d) Notwithstanding any other provision of this Article, | 19 |
| for a policeman who first becomes a policeman under this | 20 |
| Article on or after January 1, 2011, the annuity to which the | 21 |
| surviving spouse, children, or parents are entitled under this | 22 |
| subsection (d) shall be in the amount of 66 2/3% of the | 23 |
| policeman's earned annuity at the date of death. Nothing in | 24 |
| this subsection (d) shall act to diminish the survivor's
| 25 |
| benefits described in this Section. | 26 |
| Notwithstanding any other provision of this Article, the |
|
|
|
09600HB5873sam001 |
- 52 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| monthly annuity
of a survivor of a policeman who first becomes | 2 |
| a policeman for any municipality
participating under this | 3 |
| Article on or after January 1, 2011 shall be increased on the | 4 |
| January 1 after commencement of the annuity and
each January 1 | 5 |
| thereafter by 3% or the annual increase in the consumer price | 6 |
| index-u for the
preceding calendar year, whichever is less, of | 7 |
| the originally granted pension. If the increase in
the cpi-u | 8 |
| for the preceding calendar year is zero or there is a decrease, | 9 |
| then the annuity shall not
be increased. | 10 |
| For the purposes of this subsection (d), "consumer price | 11 |
| index-u" means the index published by the Bureau of Labor | 12 |
| Statistics of the United States Department of Labor that | 13 |
| measures the average change in prices of goods and services | 14 |
| purchased by all urban consumers, United States city average, | 15 |
| all items, 1982-84 = 100. The new amount resulting from each | 16 |
| annual adjustment shall be determined by the Public Pension | 17 |
| Division of the Department of Insurance and made available to | 18 |
| the boards of the pension funds.
| 19 |
| (40 ILCS 5/6-164)
(from Ch. 108 1/2, par. 6-164)
| 20 |
| Sec. 6-164. Automatic annual increase; retirement after | 21 |
| September 1, 1959.
| 22 |
| (a) A fireman qualifying for a minimum annuity who retires | 23 |
| from service
after September 1, 1959 shall, upon either the | 24 |
| first of the month following the
first anniversary of his date | 25 |
| of retirement if he is age 60 (age 55 if born
before January 1, |
|
|
|
09600HB5873sam001 |
- 53 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| 1955) or over on that anniversary date, or upon
the first of | 2 |
| the month following his attainment of age 60 (age 55 if born
| 3 |
| before January 1, 1955) if that occurs after the first | 4 |
| anniversary
of his retirement date, have his then fixed and | 5 |
| payable monthly annuity
increased by 1 1/2%, and such first | 6 |
| fixed annuity as granted at retirement
increased by an | 7 |
| additional 1 1/2% in January of each year thereafter up to a
| 8 |
| maximum increase of 30%.
Beginning July 1, 1982 for firemen | 9 |
| born before January 1, 1930, and beginning
January 1, 1990 for | 10 |
| firemen born after December 31, 1929 and before January 1,
| 11 |
| 1940, and beginning January 1, 1996 for firemen born after | 12 |
| December 31, 1939
but before January 1, 1945, and beginning | 13 |
| January 1, 2004, for firemen born
after December 31, 1944 but | 14 |
| before January 1, 1955, such increases shall be
3% and such | 15 |
| firemen shall not be subject to the 30% maximum increase.
| 16 |
| Any fireman born before January 1, 1945 who qualifies for a | 17 |
| minimum annuity
and retires after September 1, 1967 but has not | 18 |
| received the initial increase
under this subsection before | 19 |
| January 1, 1996 is entitled to receive the initial
increase | 20 |
| under this subsection on (1) January 1, 1996, (2) the first
| 21 |
| anniversary of the date of retirement, or (3) attainment of age | 22 |
| 55, whichever
occurs last. The changes to this Section made by | 23 |
| this amendatory Act of 1995
apply beginning January 1, 1996 and | 24 |
| apply without regard to whether the fireman
or annuitant | 25 |
| terminated service before the effective date of this amendatory
| 26 |
| Act of 1995.
|
|
|
|
09600HB5873sam001 |
- 54 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| Any fireman born before January 1, 1955 who qualifies for a | 2 |
| minimum
annuity and retires after September 1, 1967 but has not | 3 |
| received the initial
increase under this subsection before | 4 |
| January 1, 2004 is entitled to receive
the initial increase | 5 |
| under this subsection on (1) January 1, 2004, (2) the
first | 6 |
| anniversary of the date of retirement, or (3) attainment of age | 7 |
| 55,
whichever occurs last. The changes to this Section made by | 8 |
| this amendatory
Act of the 93rd General Assembly apply without | 9 |
| regard to whether the fireman
or annuitant terminated service | 10 |
| before the effective date of this amendatory
Act.
| 11 |
| (b) Subsection (a) of this Section is
not applicable to an | 12 |
| employee receiving a term annuity.
| 13 |
| (c) To help defray the cost of such increases in annuity, | 14 |
| there
shall be deducted, beginning September 1, 1959, from each | 15 |
| payment of salary
to a fireman, 1/8 of 1% of each such salary | 16 |
| payment and an additional 1/8
of 1% beginning on September 1, | 17 |
| 1961, and September 1, 1963, respectively,
concurrently with | 18 |
| and in addition to the salary deductions otherwise made
for | 19 |
| annuity purposes.
| 20 |
| Each such additional 1/8 of 1% deduction from salary which | 21 |
| shall, on
September 1, 1963, result in a total increase of 3/8 | 22 |
| of 1% of salary,
shall be credited to the Automatic Increase | 23 |
| Reserve, to be used,
together with city contributions as | 24 |
| provided in this Article, to defray
the cost of the 1 1/2% | 25 |
| annuity increments herein specified. Any balance
in such | 26 |
| reserve as of the beginning of each calendar year shall be
|
|
|
|
09600HB5873sam001 |
- 55 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| credited with interest at the rate of 3% per annum.
| 2 |
| The salary deductions provided in this Section are not | 3 |
| subject to
refund, except to the fireman himself, in any case | 4 |
| in which a fireman
withdraws prior to qualification for minimum | 5 |
| annuity and applies for
refund, or applies for annuity, and | 6 |
| also where a term annuity becomes
payable. In such cases, the | 7 |
| total of such salary deductions shall be
refunded to the | 8 |
| fireman, without interest, and charged to the
aforementioned | 9 |
| reserve.
| 10 |
| (d) Notwithstanding any other provision of this Article, | 11 |
| the monthly pension of a
fireman who first becomes a fireman | 12 |
| under this Article on or after January 1, 2011 shall be | 13 |
| increased on the January 1 after the fireman attains age 57 and | 14 |
| each January 1 thereafter by 3% or the annual increase in the | 15 |
| consumer price index-u for the preceding calendar year, | 16 |
| whichever is less, of the originally granted pension. If the | 17 |
| increase in the consumer price index-u for the preceding | 18 |
| calendar year is zero or there is a decrease, then the pension | 19 |
| shall not be increased. | 20 |
| For the purposes of this subsection (d), "consumer price | 21 |
| index-u" means the index published by the Bureau of Labor | 22 |
| Statistics of the United States Department of Labor that | 23 |
| measures the average change in prices of goods and services | 24 |
| purchased by all urban consumers, United States city average, | 25 |
| all items, 1982-84 = 100. The new amount resulting from each | 26 |
| annual adjustment shall be determined by the Public Pension |
|
|
|
09600HB5873sam001 |
- 56 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| Division of the Department of Insurance and made available to | 2 |
| the boards of the pension funds. | 3 |
| (Source: P.A. 93-654, eff. 1-16-04.)
| 4 |
| (40 ILCS 5/6-229 new) | 5 |
| Sec. 6-229. Provisions applicable to new hires. | 6 |
| (a) Notwithstanding any other provision of this Article, | 7 |
| the provisions of this Section apply to a person who first | 8 |
| becomes a fireman under this Article on or after January 1, | 9 |
| 2011. | 10 |
| (b) A fireman age 55 or more with 10 or
more years of | 11 |
| creditable service, who is no longer in service
as a fireman, | 12 |
| shall receive an annuity of 2.4% of the fireman's final average | 13 |
| salary. | 14 |
| The annuity of a fireman who is retiring after attaining | 15 |
| age 50 with 10 or more years of creditable service shall be | 16 |
| reduced by one-fourth of 1% for each month that the fireman's | 17 |
| age is under age 55. | 18 |
| A fireman who withdraws from service at age 55 or more with | 19 |
| 20 or
more years of creditable service, shall receive an | 20 |
| annuity of 2.5% of the fireman's final average salary for each | 21 |
| of the first 20 years of service plus 2.2% of final average | 22 |
| salary for each completed year of service or fraction thereof | 23 |
| over 20. | 24 |
| The maximum pension under this subsection (b) shall be 72% | 25 |
| of final average
salary. |
|
|
|
09600HB5873sam001 |
- 57 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| For the purposes of this subsection (b), "final average | 2 |
| salary" means the average monthly salary obtained by dividing | 3 |
| the total salary of the fireman during the 48 consecutive | 4 |
| months of service within the last 120 months of service in | 5 |
| which the total salary was the highest by the number of months | 6 |
| of service in that period. | 7 |
| (c) The automatic annual increases authorized under | 8 |
| Section 6-164 shall be granted on the January 1 after the | 9 |
| fireman attains age 57 and each January 1 thereafter. | 10 |
| (d) Notwithstanding any other provision of this Article, | 11 |
| for a fireman who first becomes a fireman under this Article on | 12 |
| or after January 1, 2011, the annuity to which the surviving | 13 |
| spouse, children, or parents are entitled under this subsection | 14 |
| (d) shall be in the amount of 66 2/3% of the fireman's earned | 15 |
| pension at the date of death. Nothing in this subsection (d) | 16 |
| shall act to diminish the survivor's
benefits described in this | 17 |
| Section. | 18 |
| Notwithstanding any other provision of this Article, the | 19 |
| monthly annuity
of a survivor of a fireman who first becomes a | 20 |
| fireman for any municipality
participating under this Article | 21 |
| on or after January 1, 2011 shall be increased on the January 1 | 22 |
| after commencement of the annuity and
each January 1 thereafter | 23 |
| by 3% or the annual increase in the consumer price index-u for | 24 |
| the
preceding calendar year, whichever is less, of the | 25 |
| originally granted pension. If the increase in
the cpi-u for | 26 |
| the preceding calendar year is zero or there is a decrease, |
|
|
|
09600HB5873sam001 |
- 58 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| then the annuity shall not
be increased. | 2 |
| (40 ILCS 5/7-142.1) (from Ch. 108 1/2, par. 7-142.1)
| 3 |
| Sec. 7-142.1. Sheriff's law enforcement employees.
| 4 |
| (a) In lieu of the retirement annuity provided by | 5 |
| subparagraph 1 of
paragraph (a) of Section 7-142:
| 6 |
| Any sheriff's law enforcement employee who
has 20 or more | 7 |
| years of service in that capacity and who terminates
service | 8 |
| prior to January 1, 1988 shall be entitled at his
option to | 9 |
| receive a monthly retirement annuity for his service as a
| 10 |
| sheriff's law enforcement employee computed by multiplying 2% | 11 |
| for each year
of such service up to 10 years, 2 1/4% for each | 12 |
| year
of such service above 10 years and up to 20 years, and
2 | 13 |
| 1/2% for each year of such service above
20 years, by his | 14 |
| annual final rate of earnings and dividing by 12.
| 15 |
| Any sheriff's law enforcement employee who has 20 or more | 16 |
| years of
service in that capacity and who terminates service on | 17 |
| or after January 1,
1988 and before July 1, 2004 shall be | 18 |
| entitled at his option to receive
a monthly retirement
annuity | 19 |
| for his service as a sheriff's law enforcement employee | 20 |
| computed by
multiplying 2.5% for each year of such service up | 21 |
| to 20 years, 2% for each
year of such service above 20 years | 22 |
| and up to 30 years, and 1% for each
year of such service above | 23 |
| 30 years, by his annual final rate of earnings
and dividing by | 24 |
| 12.
| 25 |
| Any sheriff's law enforcement employee who has 20 or more |
|
|
|
09600HB5873sam001 |
- 59 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| years of
service in that capacity and who terminates service on | 2 |
| or after July 1,
2004 shall be entitled at his or her option to | 3 |
| receive a monthly retirement
annuity for service as a sheriff's | 4 |
| law enforcement employee computed by
multiplying 2.5% for each | 5 |
| year of such service by his annual final rate of
earnings and | 6 |
| dividing by 12.
| 7 |
| If a sheriff's law enforcement employee has service in any | 8 |
| other
capacity, his retirement annuity for service as a | 9 |
| sheriff's law enforcement
employee may be computed under this | 10 |
| Section and the retirement annuity for
his other service under | 11 |
| Section 7-142.
| 12 |
| In no case shall the total monthly retirement annuity for | 13 |
| persons who retire before July 1, 2004 exceed 75% of the
| 14 |
| monthly final rate of earnings. In no case shall the total | 15 |
| monthly retirement annuity for persons who retire on or after | 16 |
| July 1, 2004 exceed 80% of the
monthly final rate of earnings.
| 17 |
| (b) Whenever continued group insurance coverage is elected | 18 |
| in accordance
with the provisions of Section 367h of the | 19 |
| Illinois Insurance Code, as now
or hereafter amended, the total | 20 |
| monthly premium for such continued group
insurance coverage or | 21 |
| such portion thereof as is not paid
by the municipality shall, | 22 |
| upon request of the person electing such
continued group | 23 |
| insurance coverage, be deducted from any monthly pension
| 24 |
| benefit otherwise payable to such person pursuant to this | 25 |
| Section, to be
remitted by the Fund to the insurance company
or | 26 |
| other entity providing the group insurance coverage.
|
|
|
|
09600HB5873sam001 |
- 60 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| (c) A sheriff's law enforcement employee who has service in | 2 |
| any other
capacity may convert up to 10 years of that service | 3 |
| into service as a sheriff's
law enforcement employee by paying | 4 |
| to the Fund an amount equal to (1) the
additional employee | 5 |
| contribution required under Section 7-173.1, plus (2) the | 6 |
| additional employer contribution required under Section 7-172, | 7 |
| plus (3) interest on items (1) and (2) at the
prescribed rate | 8 |
| from the date of the service to the date of payment.
| 9 |
| (d) The changes to subsections (a) and (b) of this Section | 10 |
| made by this amendatory Act of the 94th General Assembly apply | 11 |
| only to persons in service on or after July 1, 2004. In the | 12 |
| case of such a person who begins to receive a retirement | 13 |
| annuity before the effective date of this amendatory Act of the | 14 |
| 94th General Assembly, the annuity shall be recalculated | 15 |
| prospectively to reflect those changes, with the resulting | 16 |
| increase beginning to accrue on the first annuity payment date | 17 |
| following the effective date of this amendatory Act.
| 18 |
| (e) Notwithstanding any other provision of this Article, | 19 |
| the provisions of this subsection apply to a person who first | 20 |
| becomes a sheriff's law enforcement employee under this Article | 21 |
| on or after January 1, 2011. | 22 |
| In lieu of the retirement annuity provided by subparagraph | 23 |
| 1 of
paragraph (a) of Section 7-142, a sheriff's law | 24 |
| enforcement employee age 55 or more who
has 10 or more years of | 25 |
| service in that capacity shall be entitled at his
option to | 26 |
| receive a monthly retirement annuity for his service as a
|
|
|
|
09600HB5873sam001 |
- 61 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| sheriff's law enforcement employee computed by multiplying | 2 |
| 2.4% for each year
of such service by his or her final rate of | 3 |
| earnings. | 4 |
| The annuity of a sheriff's law enforcement employee who is | 5 |
| retiring after attaining age 50 with 10 or more years of | 6 |
| creditable service shall be reduced by one-fourth of 1% for | 7 |
| each month that the sheriff's law enforcement employee's age is | 8 |
| under age 55. | 9 |
| A sheriff's law enforcement employee who withdraws from | 10 |
| service at age 55 or more with 20 or more years of creditable | 11 |
| service, shall receive an annuity of 2.5% of the sheriff's law | 12 |
| enforcement employee's final average salary for each of the | 13 |
| first 20 years of service plus 2.2% of final average salary for | 14 |
| each completed year of service or fraction thereof over 20. | 15 |
| The maximum pension under this subsection (e) shall be 72% | 16 |
| of final average
salary. | 17 |
| (f) Notwithstanding any other provision of this Article, | 18 |
| for a sheriff's law enforcement employee who first becomes a | 19 |
| sheriff's law enforcement employee under this Article on or | 20 |
| after January 1, 2011, the annuity to which the surviving | 21 |
| spouse, children, or parents are entitled under this subsection | 22 |
| (f) shall be in the amount of 66 2/3% of the sheriff's law | 23 |
| enforcement employee's earned annuity at the date of death. | 24 |
| Nothing in this subsection (f) shall act to diminish the | 25 |
| survivor's
benefits described in this Section. | 26 |
| Notwithstanding any other provision of this Article, the |
|
|
|
09600HB5873sam001 |
- 62 - |
LRB096 19254 AMC 41254 a |
|
| 1 |
| monthly annuity
of a survivor of a sheriff's law enforcement | 2 |
| employee who first becomes a sheriff's law enforcement employee | 3 |
| for any municipality
participating under this Article on or | 4 |
| after January 1, 2011 shall be increased on the January 1 after | 5 |
| commencement of the annuity and
each January 1 thereafter by 3% | 6 |
| or the annual increase in the consumer price index-u for the
| 7 |
| preceding calendar year, whichever is less, of the originally | 8 |
| granted pension. If the increase in
the cpi-u for the preceding | 9 |
| calendar year is zero or there is a decrease, then the annuity | 10 |
| shall not
be increased. | 11 |
| For the purposes of this subsection (f), "consumer price | 12 |
| index-u" means the index published by the Bureau of Labor | 13 |
| Statistics of the United States Department of Labor that | 14 |
| measures the average change in prices of goods and services | 15 |
| purchased by all urban consumers, United States city average, | 16 |
| all items, 1982-84 = 100. The new amount resulting from each | 17 |
| annual adjustment shall be determined by the Public Pension | 18 |
| Division of the Department of Insurance and made available to | 19 |
| the boards of the pension funds. | 20 |
| (Source: P.A. 94-712, eff. 6-1-06 .)
| 21 |
| Section 99. Effective date. This Act takes effect upon | 22 |
| becoming law.".
|
|