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| Public Act 094-0719 |
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AN ACT concerning public employee benefits.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Pension Code is amended by changing | ||||
Section 5-167.1 as follows:
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(40 ILCS 5/5-167.1) (from Ch. 108 1/2, par. 5-167.1)
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Sec. 5-167.1. Automatic increase in annuity; retirement | ||||
from service
after September 1, 1967.
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(a) A policeman who retires from service after September 1, | ||||
1967
with at least 20 years of service credit shall, upon | ||||
either the first
of the month following the first anniversary | ||||
of his date of retirement
if he is age 60 (age 55 if born before | ||||
January 1, 1955
1950)
or over on that anniversary date, or upon | ||||
the first of the month following
his attainment of age 60 (age | ||||
55 if born before January 1, 1955
1950)
if it occurs after the | ||||
first anniversary of his retirement date, have his
then fixed | ||||
and payable monthly annuity increased by 1 1/2% and such first
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fixed annuity as granted at retirement increased by an | ||||
additional 1 1/2% in
January of each year thereafter up to a | ||||
maximum increase of 30%. Beginning
January 1, 1983 for | ||||
policemen born before January 1, 1930, and beginning
January 1, | ||||
1988 for policemen born on or after January 1, 1930 but before
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January 1, 1940, and beginning January 1, 1996 for policemen | ||||
born on or after
January 1, 1940 but before January 1, 1945, | ||||
and beginning January 1, 2000
for policemen born on or after | ||||
January 1, 1945 but before January 1, 1950, and beginning | ||||
January 1, 2005
for policemen born on or after January 1, 1950 | ||||
but before January 1, 1955,
such increases shall be 3% and such | ||||
policemen shall not be subject to the
30% maximum increase.
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Any policeman born before January 1, 1945 who qualifies for | ||||
a minimum
annuity and retires after September 1, 1967 but has | ||||
not received the initial
increase under this subsection before | ||||
January 1, 1996 is entitled to receive
the initial increase | ||
under this subsection on (1) January 1, 1996, (2) the
first | ||
anniversary of the date of retirement, or (3) attainment of age | ||
55,
whichever occurs last. The changes to this Section made by | ||
Public Act
89-12 apply beginning January 1, 1996 and
without | ||
regard to whether the policeman or annuitant terminated service | ||
before
the effective date of that Act.
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Any policeman born before January 1, 1950 who qualifies for | ||
a minimum
annuity and retires after September 1, 1967 but has | ||
not received the initial
increase under this subsection before | ||
January 1, 2000 is entitled to receive
the initial increase | ||
under this subsection on (1) January 1, 2000, (2) the
first | ||
anniversary of the date of retirement, or (3) attainment of age | ||
55,
whichever occurs last. The changes to this Section made by | ||
this amendatory
Act of the 92nd General Assembly apply without | ||
regard to whether the policeman
or annuitant terminated service | ||
before the effective date of this amendatory
Act.
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Any policeman born before January 1, 1955 who qualifies for | ||
a minimum
annuity and retires after September 1, 1967 but has | ||
not received the initial
increase under this subsection before | ||
January 1, 2005 is entitled to receive
the initial increase | ||
under this subsection on (1) January 1, 2005, (2) the
first | ||
anniversary of the date of retirement, or (3) attainment of age | ||
55,
whichever occurs last. The changes to this Section made by | ||
this amendatory
Act of the 94th General Assembly apply without | ||
regard to whether the policeman
or annuitant terminated service | ||
before the effective date of this amendatory
Act.
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(b) Subsection (a) of this Section is
not applicable to an | ||
employee receiving a term annuity.
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(c) To help defray the cost of such increases in annuity, | ||
there shall
be deducted, beginning September 1, 1967, from each | ||
payment of salary to a
policeman, 1/2 of 1% of each salary | ||
payment concurrently with and in addition
to the salary | ||
deductions otherwise made for annuity purposes.
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The city, in addition to the contributions otherwise made | ||
by it for
annuity purposes under other provisions of this | ||
Article, shall make
matching contributions concurrently with | ||
such salary deductions.
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Each such 1/2 of 1% deduction from salary and each such | ||
contribution
by the city of 1/2 of 1% of salary shall be | ||
credited to the Automatic
Increase Reserve, to be used to | ||
defray the cost of the 1 1/2% annuity
increase provided by this | ||
Section. Any balance in such reserve as of the
beginning of | ||
each calendar year shall be credited with interest at the
rate | ||
of 3% per annum.
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Such deductions from salary and city contributions shall | ||
continue
while the policeman is in service.
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The salary deductions provided in this Section are not | ||
subject to
refund, except to the policeman himself, in any case | ||
in which a
policeman withdraws prior to qualification for | ||
minimum annuity and
applies for refund or applies for annuity, | ||
and also where a term annuity
becomes payable. In such cases, | ||
the total of such salary deductions
shall be refunded to the | ||
policeman, without interest, and charged to the
Automatic | ||
Increase Reserve.
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(Source: P.A. 92-52, eff. 7-12-01.)
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Section 90. The State Mandates Act is amended by adding | ||
Section 8.29 as
follows:
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(30 ILCS 805/8.29 new)
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Sec. 8.29. Exempt mandate. Notwithstanding Sections 6 and 8 | ||
of this
Act, no reimbursement by the State is required for the | ||
implementation of
any mandate created by this amendatory Act of | ||
the 94th General Assembly.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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