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90_HB1878
40 ILCS 5/15-136.3
Amends the State Universities Article of the Pension
Code. Increases the minimum retirement annuity by 3% each
year. Effective immediately.
LRB9005133EGfg
LRB9005133EGfg
1 AN ACT to amend the Illinois Pension Code by changing
2 Section 15-136.3.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Pension Code is amended by
6 changing Section 15-136.3 as follows:
7 (40 ILCS 5/15-136.3)
8 Sec. 15-136.3. Minimum retirement annuity.
9 (a) Beginning January 1, 1997, any person who is
10 receiving a monthly retirement annuity under this Article
11 which, after inclusion of (1) all one-time and automatic
12 annual increases to which the person is entitled, (2) any
13 supplemental annuity payable under Section 15-136.1, and (3)
14 any amount deducted under Section 15-138 or 15-140 to provide
15 a reversionary annuity, is less than the minimum monthly
16 retirement benefit amount specified in subsection (b) of this
17 Section, shall be entitled to a monthly supplemental payment
18 equal to the difference.
19 (b) For purposes of the calculation in subsection (a),
20 the minimum monthly retirement benefit amount is the sum of
21 $25 for each year of service credit, up to a maximum of 30
22 years of service. This $25 shall be increased by 3% on
23 January 1, 1998, and by 3% of the current amount on every
24 January 1 thereafter.
25 (c) The change to this Section made by this amendatory
26 Act of 1997 applies to all persons receiving a retirement
27 annuity under this Article, without regard to whether or not
28 employment terminated prior to the effective date of this
29 amendatory Act Section.
30 (Source: P.A. 89-616, eff. 8-9-96.)
-2- LRB9005133EGfg
1 Section 99. Effective date. This Act takes effect upon
2 becoming law.