State of Illinois
92nd General Assembly
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92_SB0407

 
                                               LRB9205300EGfg

 1        AN ACT in relation to public employee benefits.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.   The  Illinois  Pension  Code  is amended by
 5    changing Section 15-135 as follows:

 6        (40 ILCS 5/15-135) (from Ch. 108 1/2, par. 15-135)
 7        Sec. 15-135.  Retirement annuities - Conditions.
 8        (a)  A participant who retires in one  of  the  following
 9    specified  years  with  the  specified  amount  of service is
10    entitled to  a  retirement  annuity  at  any  age  under  the
11    retirement program applicable to the participant:
12             35 years if retirement is in 1997 or before;
13             34 years if retirement is in 1998;
14             33 years if retirement is in 1999;
15             32 years if retirement is in 2000;
16             31 years if retirement is in 2001;
17             30 years if retirement is in 2002 or later.;
18             35 years if retirement is in 2003 or later.
19        A  participant  with  8  or  more  years of service after
20    September 1, 1941, is entitled to a retirement annuity on  or
21    after attainment of age 55.
22        A  participant  with  at least 5 but less than 8 years of
23    service after September 1, 1941, is entitled to a  retirement
24    annuity on or after attainment of age 62.
25        A  participant  who  has  at least 25 years of service in
26    this system as a police officer or firefighter is entitled to
27    a retirement annuity on or after the attainment of age 50, if
28    Rule 4 of Section 15-136 is applicable to the participant.
29        (b)  The annuity payment period shall begin on  the  date
30    specified   by   the   participant   submitting   a   written
31    application,  which date shall not be prior to termination of
 
                            -2-                LRB9205300EGfg
 1    employment or more than one year before  the  application  is
 2    received  by the board; however, if the participant is not an
 3    employee of an employer participating in this System or in  a
 4    participating system as defined in Article 20 of this Code on
 5    April 1 of the calendar year next following the calendar year
 6    in  which  the  participant  attains  age 70 1/2, the annuity
 7    payment period shall begin on that date regardless of whether
 8    an application has been filed.
 9        (c)  An annuity is not payable  if  the  amount  provided
10    under Section 15-136 is less than $10 per month.
11    (Source: P.A. 90-65, eff. 7-7-97; 90-766, eff. 8-14-98.)

12        Section  99.  Effective date.  This Act takes effect upon
13    becoming law.

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