State of Illinois
92nd General Assembly
Legislation

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92_SB1596

 
                                               LRB9213991EGfg

 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 5-132 as follows:

 6        (40 ILCS 5/5-132) (from Ch. 108 1/2, par. 5-132)
 7        Sec. 5-132. Minimum annuity.
 8        (A)  Any policeman who withdraws  on  or  after  July  8,
 9    1957,  or  any policeman transferred to the police service of
10    the city under the Exchange of  Functions  Act  of  1957  who
11    withdraws  on  or  after  July  17, 1959, after completing at
12    least 20 years of service, for  whom  the  annuity  otherwise
13    provided  in  this  Article  is less than that stated in this
14    Section, has a right to receive annuity as follows:
15             (a)  If he is age 55  or  more  on  withdrawal,  his
16        annuity  after  such  withdrawal, shall be equal to 2% of
17        the average salary for 4  consecutive  years  of  highest
18        salaries  within  the  last  10  years  of service before
19        withdrawal, for each year of service, together  with  1/6
20        of  1%  of such average salary for each complete month of
21        service of each fractional year, but not in excess of 75%
22        of the average annual salary.
23             (b)  If he is age 50 or more but less than age 55 on
24        withdrawal, his annuity shall  be  equal  to  2%  of  the
25        average salary for the 4 highest consecutive years of the
26        last  10  years  of  service  for  each  year of service,
27        together with 1/16 of 1% of such average salary for  each
28        month  of each fractional year of service, reduced by 1/2
29        of 1% for each month that he is less than age 55.
30             (c)  If he is less than age  50  on  withdrawal,  he
31        may,  upon  attainment of age 50 or over, become entitled
 
                            -2-                LRB9213991EGfg
 1        to the annuity provided in this Section or, he may,  upon
 2        application  before  age  50,  receive  a  refund  of the
 3        deductions from salary, plus interest at 1 1/2% per annum
 4        if he is entitled to refund under Section 5-163.
 5             (d)  In  lieu  of  the  annuity  provided   in   the
 6        foregoing  provisions of this Section 5-132 any policeman
 7        who withdraws from the service after December  31,  1973,
 8        after  having  attained  age 53 in the service with 23 or
 9        more years of service credit  shall  be  entitled  to  an
10        annuity  computed  as  follows if such annuity is greater
11        than that provided in the foregoing  paragraphs  of  this
12        Section  5-132:  An  annuity  equal to 50% of the average
13        salary for the 4 highest consecutive years of the last 10
14        years of service plus additional annuity equal to  2%  of
15        such average salary for each completed year of service or
16        fraction  thereof rendered after his attainment of age 53
17        and the completion of 23 years of service.
18             Any policeman who has completed 23 years of  service
19        prior  to  his  attainment  of  age 53 in the service and
20        continues in the service until his attainment of  age  53
21        shall  have added to his annuity, computed as provided in
22        the  immediately  preceding  paragraph,   an   additional
23        annuity  equal  to  1%  of  such  average salary for each
24        completed year of service or fraction thereof  in  excess
25        of 23 years up to age 53.
26             (e)  In   lieu   of  the  annuity  provided  in  the
27        foregoing provisions of this Section, any  policeman  who
28        withdraws  from the service either (i) after December 31,
29        1983 with at least 22 years of service credit and  having
30        attained  age  52  in the service, or (ii) after December
31        31, 1984 with at least 21 years  of  service  credit  and
32        having  attained  age  51  in the service, or (iii) after
33        December 31, 1985 with  at  least  20  years  of  service
34        credit and having attained age 50 in the service, or (iv)
 
                            -3-                LRB9213991EGfg
 1        after  December  31,  1990,  with  at  least  20 years of
 2        service credit regardless of age, shall be entitled to an
 3        annuity to begin not earlier than upon attainment of  age
 4        50  if under such age at withdrawal, computed as follows:
 5        an annuity equal to 50% of the average salary for  the  4
 6        highest  consecutive  years  of  the  last  10  years  of
 7        service,  plus  additional  annuity  equal  to 2% of such
 8        average salary for each  completed  year  of  service  or
 9        fraction  thereof  rendered  after  his completion of the
10        minimum number of years of service required for him to be
11        eligible under this subsection (e). However, the  annuity
12        provided  under this subsection (e) may not exceed 75% of
13        such average salary.
14             (f)  A policeman who withdraws from  service  on  or
15        after  the  effective  date of this amendatory Act of the
16        92nd General Assembly with at least 25 years  of  service
17        credit,  regardless  of  age  at withdrawal, may elect to
18        receive, in lieu of any other annuity provided under this
19        Article, an annuity equal to 2.25% of average salary  for
20        each  completed  year  of  service,  but  not to exceed a
21        maximum of  75%  of  average  salary.   This  annuity  is
22        payable without regard to the age of the annuitant.
23        (B)  A  policeman  withdrawing  after  September 1, 1969,
24    may, in addition, be entitled to  the  benefits  provided  by
25    Section 5-167.1 of this Article if he so qualifies under that
26    Section.
27        (C)  If,  on  withdrawal,  total  service is less than 20
28    years, the policeman shall not  be  entitled  to  an  annuity
29    under this Section but may receive an annuity under the other
30    provisions  of  this  Article  or,  if entitled thereto under
31    Section 5-163,  a  refund  of  the  deductions  from  salary,
32    including, in the case of policemen transferred to the police
33    service  of  the  city under the Exchange of Functions Act of
34    1957, the additional contribution  paid  on  salary  received
 
                            -4-                LRB9213991EGfg
 1    from  August  1,  1957,  to July 17, 1959, as provided in the
 2    Park Policemen's Annuity Act, together  with  interest  at  1
 3    1/2% per annum.
 4        Moneys  voluntarily  contributed  under  the  Policemen's
 5    Annuity  and Benefit Fund Act of the Illinois Municipal Code,
 6    or the Park Policemen's Annuity Act, shall be refunded to the
 7    contributing policemen who were  in  service  on  January  1,
 8    1954,  or  in the case of policemen transferred to the police
 9    service of the city under the Exchange of  Functions  Act  of
10    1957, who were in service on July 17, 1959.
11        The age and service annuity formula in this Section shall
12    not apply to any policeman who, having retired before July 8,
13    1957,  or  before  July  17, 1959, in the case of a policeman
14    transferred under the provisions of the Exchange of Functions
15    Act of 1957, re-enters the police service after  such  dates,
16    whichever are applicable.
17        (D)  For  the  purpose  of this Section, "average salary"
18    means the average of  the  highest  4  consecutive  years  of
19    salary within the last 10 years of service.
20    (Source: P.A. 86-1488.)

21        Section  90.  The State Mandates Act is amended by adding
22    Section 8.26 as follows:

23        (30 ILCS 805/8.26 new)
24        Sec. 8.26. Exempt mandate.   Notwithstanding  Sections  6
25    and  8 of this Act, no reimbursement by the State is required
26    for  the  implementation  of  any  mandate  created  by  this
27    amendatory Act of the 92nd General Assembly.

28        Section 99. Effective date.  This Act takes  effect  upon
29    becoming law.

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