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92_SB0703
LRB9203367EGfg
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 18-125 as follows:
6 (40 ILCS 5/18-125) (from Ch. 108 1/2, par. 18-125)
7 Sec. 18-125. Retirement annuity amount.
8 (a) The annual retirement annuity for a participant who
9 terminated service as a judge prior to July 1, 1971 shall be
10 based on the law in effect at the time of termination of
11 service.
12 (b) Effective July 1, 1971, the retirement annuity for
13 any participant in service on or after such date shall be
14 3 1/2% of final average salary, as defined in this Section,
15 for each of the first 10 years of service, and 5% of such
16 final average salary for each year of service on excess of
17 10.
18 For purposes of this Section, final average salary shall
19 be:
20 (1) the average salary for the last 4 years of
21 credited service as a judge for a participant who
22 terminates service before July 1, 1975.
23 (2) for a participant who terminates service after
24 June 30, 1975 and before July 1, 1982, the salary on the
25 last day of employment as a judge.
26 (3) for any participant who terminates service
27 after June 30, 1982 and before January 1, 1990, the
28 average salary for the final year of service as a judge.
29 (4) for a participant who terminates service on or
30 after January 1, 1990 but before the effective date of
31 this amendatory Act of 1995, the salary on the last day
-2- LRB9203367EGfg
1 of employment as a judge.
2 (5) for a participant who terminates service on or
3 after the effective date of this amendatory Act of 1995,
4 the salary on the last day of employment as a judge, or
5 the highest salary received by the participant for
6 employment as a judge in a position held by the
7 participant for at least 4 consecutive years, whichever
8 is greater.
9 However, in the case of a participant who elects to
10 discontinue contributions as provided in subdivision (a)(2)
11 of Section 18-133, the time of such election shall be
12 considered the last day of employment in the determination of
13 final average salary under this subsection.
14 The maximum retirement annuity for any participant shall
15 be 85% of final average salary.
16 (c) The retirement annuity for a participant who retires
17 prior to age 60 with less than 28 years of service in the
18 System shall be reduced 0.25% 1/2 of 1% for each month that
19 the participant's age is under 60 years at the time the
20 annuity commences. However, for a participant who retires on
21 or after the effective date of this amendatory Act of the
22 91st General Assembly, the percentage reduction in retirement
23 annuity imposed under this subsection shall be reduced by
24 0.25% 5/12 of 1% for every month of service in this System in
25 excess of 20 years, and therefore a participant with at least
26 25 years 26 years of service in this System may retire at age
27 55 without any reduction in annuity.
28 The reduction in retirement annuity imposed by this
29 subsection shall not apply in the case of retirement on
30 account of disability.
31 (Source: P.A. 91-653, eff. 12-10-99.)
32 Section 99. Effective date. This Act takes effect upon
33 becoming law.