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90_SB0665sam010
LRB9000602EGfgam13
1 AMENDMENT TO SENATE BILL 665
2 AMENDMENT NO. . Amend Senate Bill 665, AS AMENDED,
3 by inserting immediately below the enacting clause the
4 following:
5 "Section 5. The Illinois Pension Code is amended by
6 changing Section 17-116.1 as follows:
7 (40 ILCS 5/17-116.1) (from Ch. 108 1/2, par. 17-116.1)
8 Sec. 17-116.1. Early retirement without discount. A
9 member retiring after June 1, 1980 and before June 30, 2005
10 1995 and within 6 months of the last day of teaching for
11 which retirement contributions were required, may elect at
12 the time of application to make a one time employee
13 contribution to the system and thereby avoid the early
14 retirement reduction in allowance specified in paragraph (4)
15 of Section 17-116 of this Article. The exercise of the
16 election shall obligate the employer to also make a one time
17 non-refundable contribution to the fund.
18 The one-time employee contribution shall be equal to 7%
19 of the retiring member's highest full-time annual salary rate
20 used in the determination of the average salary rate for
21 retirement pension, or if not full-time then the full-time
22 equivalent, multiplied by (1) the number of years the teacher
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1 is under age 60, or (2) the number of years the employee's
2 creditable service is less than 35 years, whichever is less.
3 The employer contribution shall be 20% of such salary
4 multiplied by such number of years.
5 Upon receipt of the application and election, the board
6 shall determine the one time employee and employer
7 contributions. The provisions of this Section shall not be
8 applicable until all the above outlined contributions have
9 been received by the fund; however, the date such
10 contributions are received shall not be considered in
11 determining the effective date of retirement.
12 The number of employees who may retire under this Section
13 in any year may be limited at the option of the employer to a
14 specified percentage of those eligible, not lower than 30%,
15 with the right to participate to be allocated among those
16 applying on the basis of seniority in the service of the
17 employer.
18 Notwithstanding Section 17-157, the extension of the
19 deadline for early retirement without discount under this
20 Section effected by this amendatory Act of 1997 also applies
21 to persons who withdrew from service on or after June 30,
22 1995 and before the effective date of this amendatory Act of
23 1997. Any such person who qualifies for early retirement
24 without discount under this Section, applies to the Fund
25 within 90 days after the effective date of this amendatory
26 Act of 1997, and pays the required employee contribution may
27 have his or her retirement pension recalculated in accordance
28 with this Section; the resulting increase shall be effective
29 retroactively to the starting date of the retirement pension.
30 (Source: P.A. 86-272.)
31 Section 10. The State Mandates Act is amended by adding
32 Section 8.21 as follows:
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1 (30 ILCS 805/8.21 new)
2 Sec. 8.21. Exempt mandate. Notwithstanding Sections 6
3 and 8 of this Act, no reimbursement by the State is required
4 for the implementation of any mandate created by this
5 amendatory Act of 1997."; and
6 by renumbering all subsequent Sections of the bill in
7 consecutive ascending multiples of 5, beginning with the
8 number 15.