Full Text of SB0369 96th General Assembly
SB0369enr 96TH GENERAL ASSEMBLY
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| AN ACT concerning State government.
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| Be it enacted by the People of the State of Illinois, | 3 |
| represented in the General Assembly:
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| Section 5. The Illinois Pension Code is amended by changing | 5 |
| Sections 2-108.1 and 18-125 as follows:
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| (40 ILCS 5/2-108.1) (from Ch. 108 1/2, par. 2-108.1)
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| Sec. 2-108.1. Highest salary for annuity purposes.
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| (a) "Highest salary for annuity purposes" means whichever | 9 |
| of
the following is applicable to the participant:
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| For a participant who first becomes a participant of this | 11 |
| System before the effective date of this amendatory Act of the | 12 |
| 96th General Assembly:
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| (1) For a participant who is a member of the General | 14 |
| Assembly on his
or her last day of service: the highest | 15 |
| salary that is prescribed by law,
on the participant's last | 16 |
| day of service, for a member of the General
Assembly who is | 17 |
| not an officer; plus, if the participant was elected or
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| appointed to serve as an officer of the General Assembly | 19 |
| for 2 or more
years and has made contributions as required | 20 |
| under subsection (d) of
Section 2-126, the highest | 21 |
| additional amount of compensation prescribed by
law, at the | 22 |
| time of the participant's service as an officer, for | 23 |
| members of
the General Assembly who serve in that office.
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| (2) For a participant who holds one of the State | 2 |
| executive offices
specified in Section 2-105 on his or her | 3 |
| last day of service: the highest
salary prescribed by law | 4 |
| for service in that office on the participant's
last day of | 5 |
| service.
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| (3) For a participant who is Clerk or Assistant Clerk | 7 |
| of the House of Representatives or Secretary or Assistant | 8 |
| Secretary of the Senate
on his or her last day of service: | 9 |
| the salary received for service in that
capacity on the | 10 |
| last day of service, but not to exceed the highest salary
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| (including additional compensation for service as an | 12 |
| officer) that is
prescribed by law on the participant's | 13 |
| last day of service for the highest
paid officer of the | 14 |
| General Assembly.
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| (4) For a participant who is a continuing participant | 16 |
| under Section
2-117.1 on his or her last day of service: | 17 |
| the salary received for service
in that capacity on the | 18 |
| last day of service, but not to exceed the highest
salary | 19 |
| (including additional compensation for service as an | 20 |
| officer) that
is prescribed by law on the participant's | 21 |
| last day of service for the
highest paid officer of the | 22 |
| General Assembly.
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| For a participant who first becomes a participant of this | 24 |
| System on or after the effective date of this amendatory Act of | 25 |
| the 96th General Assembly, the average monthly salary obtained | 26 |
| by dividing the total salary of the participant during the |
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| period of: (1) the 48 consecutive months of service within the | 2 |
| last 120 months of service in which the total compensation was | 3 |
| the highest, or (2) the total period of service, if less than | 4 |
| 48 months, by the number of months of service in that period. | 5 |
| (b) The earnings limitations of subsection (a) apply to | 6 |
| earnings
under any other participating system under the | 7 |
| Retirement Systems Reciprocal
Act that are considered in | 8 |
| calculating a proportional annuity under this
Article, except | 9 |
| in the case of a person who first became a member of this
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| System before August 22,
1994.
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| (c) In calculating the subsection (a) earnings limitation | 12 |
| to be applied to
earnings under any other participating system | 13 |
| under the Retirement Systems
Reciprocal Act for the purpose of | 14 |
| calculating a proportional annuity under this
Article, the | 15 |
| participant's last day of service shall be deemed to mean the | 16 |
| last
day of service in any participating system from which the | 17 |
| person has applied
for a proportional annuity under the | 18 |
| Retirement Systems Reciprocal Act.
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| (Source: P.A. 90-655, eff. 7-30-98.)
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| (40 ILCS 5/18-125) (from Ch. 108 1/2, par. 18-125)
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| Sec. 18-125. Retirement annuity amount.
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| (a) The annual retirement annuity for a participant who | 23 |
| terminated
service as a judge prior to July 1, 1971 shall be | 24 |
| based on the law in
effect at the time of termination of | 25 |
| service.
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| (b) Effective July 1, 1971, the retirement annuity for any | 2 |
| participant
in service on or after such date shall be 3 1/2% of | 3 |
| final average salary,
as defined in this Section, for each of | 4 |
| the first 10 years of service, and
5% of such final average | 5 |
| salary for each year of service on excess of 10.
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| For purposes of this Section, final average salary for a | 7 |
| participant who first serves a judge before the effective date | 8 |
| of this amendatory Act of the 96th General Assembly shall be:
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| (1) the average salary for the last 4 years of credited | 10 |
| service as a
judge for a participant who terminates service | 11 |
| before July 1, 1975.
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| (2) for a participant who terminates service after June | 13 |
| 30, 1975
and before July 1, 1982, the salary on the last | 14 |
| day of employment as a judge.
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| (3) for any participant who terminates service after | 16 |
| June 30, 1982 and
before January 1, 1990, the average | 17 |
| salary for the final year of service as
a judge.
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| (4) for a participant who terminates service on or | 19 |
| after January 1,
1990 but before the effective date of this | 20 |
| amendatory Act of 1995, the
salary on the last day of | 21 |
| employment as a judge.
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| (5) for a participant who terminates service on or | 23 |
| after the effective
date of this amendatory Act of 1995, | 24 |
| the salary on the last day of employment
as a judge, or the | 25 |
| highest salary received by the participant for employment | 26 |
| as
a judge in a position held by the participant for at |
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| least 4 consecutive years,
whichever is greater.
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| However, in the case of a participant who elects to | 3 |
| discontinue contributions
as provided in subdivision (a)(2) of | 4 |
| Section 18-133, the time of such
election shall be considered | 5 |
| the last day of employment in the determination
of final | 6 |
| average salary under this subsection.
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| For a participant who first serves a judge on or after the | 8 |
| effective date of this amendatory Act of the 96th General | 9 |
| Assembly, final average salary shall be the average monthly | 10 |
| salary obtained by dividing the total salary of the participant | 11 |
| during the period of: (1) the 48 consecutive months of service | 12 |
| within the last 120 months of service in which the total | 13 |
| compensation was the highest, or (2) the total period of | 14 |
| service, if less than 48 months, by the number of months of | 15 |
| service in that period. | 16 |
| The maximum retirement annuity for any participant shall be | 17 |
| 85% of final
average salary.
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| (c) The retirement annuity for a participant who retires | 19 |
| prior to age 60
with less than 28 years of service in the | 20 |
| System shall be reduced 1/2 of 1%
for each month that the | 21 |
| participant's age is under 60 years at the time the
annuity | 22 |
| commences. However, for a participant who retires on or after | 23 |
| the
effective date of this amendatory Act of the 91st General | 24 |
| Assembly, the
percentage reduction in retirement annuity | 25 |
| imposed under this subsection shall
be reduced by 5/12 of 1% | 26 |
| for every month of service in this System in excess of
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| years, and therefore a participant with at least 26 years of | 2 |
| service in this
System may retire at age 55 without any | 3 |
| reduction in annuity.
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| The reduction in retirement annuity imposed by this | 5 |
| subsection shall not
apply in the case of retirement on account | 6 |
| of disability.
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| (Source: P.A. 91-653, eff. 12-10-99.)
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| Section 99. Effective date. This Act takes effect upon | 9 |
| becoming law. |
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