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| Public Act 102-0293 | ||||
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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 Sections 6-124, 6-124.1, and 6-158 as follows:
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(40 ILCS 5/6-124) (from Ch. 108 1/2, par. 6-124)
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Sec. 6-124. Future entrants; amount entrants-age 63 in | ||||
service-amount of annuity. When a future entrant attains age | ||||
63 in service, except for a fireman who is not subject to the | ||||
compulsory retirement age, his age and service
annuity shall | ||||
be fixed as of age 63. The annuity shall be that provided
from | ||||
the entire sum accumulated to his credit for age and service | ||||
annuity
on the date he attains age 63.
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When a future entrant who is not subject to the compulsory | ||||
retirement age withdraws from service and is at least age 63, | ||||
his or her age and service annuity shall be fixed as of the age | ||||
he or she withdraws from service. The annuity shall be that | ||||
provided from the entire sum accumulated to his or her credit | ||||
for age and service annuity on the date he or she withdraws | ||||
from service. | ||||
(Source: P.A. 76-1668.)
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(40 ILCS 5/6-124.1)
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Sec. 6-124.1. Withdrawal from service; amount at | ||
compulsory retirement age - amount of annuity.
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(a) In lieu of any annuity provided in the other | ||
provisions of this
Article, a fireman who (1) is required to | ||
withdraw from service due to attainment
of compulsory | ||
retirement age, or is not subject to compulsory retirement | ||
age, withdraws from service, and is at least age 63, and (2) | ||
has at least 10 but less than 20 years of
service credit may | ||
elect to receive an annuity equal to 30% of average salary
for | ||
the first 10 years of service plus 2% of average salary for | ||
each completed
year of service or remaining fraction thereof | ||
in excess of 10, but not to
exceed a maximum of 50% of average | ||
salary.
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(b) For the purpose of this Section, "average salary" | ||
means the average of
the fireman's highest 4 consecutive years | ||
of salary within the last 10 years
of service.
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(c) For the purpose of qualifying for the annual increases | ||
provided in
Section 6-164, a fireman whose retirement annuity | ||
is calculated under this
Section shall be deemed to qualify | ||
for a minimum annuity.
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(Source: P.A. 93-654, eff. 1-16-04.)
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(40 ILCS 5/6-158) (from Ch. 108 1/2, par. 6-158)
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Sec. 6-158. Refund Refund - General.
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(a) A fireman who withdraws before age 50 and a fireman | ||
with less than
10 years of service who withdraws before age 57, | ||
or any fireman who
withdraws and enters the service of another | ||
department of the city, has a
right to a refund of the entire | ||
amount to his credit as of the date of
withdrawal for age and | ||
service annuity or Tier 2 monthly retirement annuity, for | ||
automatic annual increase in annuity as provided in Section | ||
6-164, and for widow's annuity or Tier 2 surviving spouse's | ||
annuity, from deductions
from salary.
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(b) Any such fireman shall be entitled to refund until he | ||
re-enters
service or until his annuity is fixed.
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(c) A fireman who receives a refund forfeits all rights to | ||
any annuity
or benefit from the fund, for himself and for any | ||
other person who might
benefit through him because of his | ||
service, provided he shall retain the
right to credit for any | ||
such service, for the purpose of computing his
total service | ||
if he re-enters service before age 57, becomes a beneficiary
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of the fund and makes repayment of the refund with interest.
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(d) A fireman completing 10 years of service who does not | ||
receive a
refund, may receive an annuity as provided in this | ||
Article.
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(e) A fireman completing less than 10 years who does not | ||
receive a
refund has a right to have all amounts to his credit | ||
for annuity purposes
on the date of withdrawal improved by | ||
interest while he is out of service
until age 57 only, for his | ||
benefit and the benefit of any person who may
have any right to | ||
annuity through him, if he subsequently reenters service
and | ||
attains a right to annuity.
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(Source: P.A. 99-905, eff. 11-29-16.)
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Section 90. The State Mandates Act is amended by adding | ||
Section 8.45 as follows: | ||
(30 ILCS 805/8.45 new) | ||
Sec. 8.45. 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 102nd General Assembly.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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