| ||||
| Public Act 102-0850 | ||||
| ||||
| ||||
AN ACT concerning public employee benefits.
| ||||
Be it enacted by the People of the State of Illinois,
| ||||
represented in the General Assembly:
| ||||
Section 5. The Illinois Pension Code is amended by | ||||
changing Section 7-141.1 as follows: | ||||
(40 ILCS 5/7-141.1)
| ||||
(Text of Section before amendment by P.A. 102-210) | ||||
Sec. 7-141.1. Early retirement incentive.
| ||||
(a) The General Assembly finds and declares that:
| ||||
(1) Units of local government across the State have | ||||
been functioning
under a financial crisis.
| ||||
(2) This financial crisis is expected to continue.
| ||||
(3) Units of local government must depend on | ||||
additional sources of
revenue and, when those sources are | ||||
not forthcoming, must establish
cost-saving programs.
| ||||
(4) An early retirement incentive designed | ||||
specifically to target
highly-paid senior employees could | ||||
result in significant annual cost
savings.
| ||||
(5) The early retirement incentive should be made | ||||
available only to
those units of local government that | ||||
determine that an early retirement
incentive is in their | ||||
best interest.
| ||||
(6) A unit of local government adopting a program of | ||||
early retirement
incentives under this Section is | ||
encouraged to implement personnel procedures
to prohibit, | ||
for at least 5 years, the rehiring (whether on payroll or | ||
by
independent contract) of employees who receive early | ||
retirement incentives.
| ||
(7) A unit of local government adopting a program of | ||
early retirement
incentives under this Section is also | ||
encouraged to replace as few of the
participating | ||
employees as possible and to hire replacement employees | ||
for
salaries totaling no more than 80% of the total | ||
salaries formerly paid to the
employees who participate in | ||
the early retirement program.
| ||
It is the primary purpose of this Section to encourage | ||
units of local
government that can realize true cost savings, | ||
or have determined that an early
retirement program is in | ||
their best interest, to implement an early retirement
program.
| ||
(b) Until the effective date of this amendatory Act of | ||
1997, this
Section does not apply to any employer that is a | ||
city, village, or incorporated
town, nor to the employees of | ||
any such employer. Beginning on the effective
date of this | ||
amendatory Act of 1997, any employer under this Article, | ||
including
an employer that is a city, village, or incorporated | ||
town, may establish an
early retirement incentive program for | ||
its employees under this Section. The
decision of a city, | ||
village, or incorporated town to consider or establish an
| ||
early retirement program is at the sole discretion of that | ||
city, village, or
incorporated town, and nothing in this | ||
amendatory Act of 1997 limits or
otherwise diminishes this | ||
discretion. Nothing contained in this Section shall
be | ||
construed to require a city, village, or incorporated town to | ||
establish an
early retirement program and no city, village, or | ||
incorporated town may be
compelled to implement such a | ||
program.
| ||
The benefits provided in this Section are available only | ||
to members
employed by a participating employer that has filed | ||
with the Board of the
Fund a resolution or ordinance expressly | ||
providing for the creation of an
early retirement incentive | ||
program under this Section for its employees and
specifying | ||
the effective date of the early retirement incentive program.
| ||
Subject to the limitation in subsection (h), an employer may | ||
adopt a resolution
or ordinance providing a program of early | ||
retirement incentives under this
Section at any time.
| ||
The resolution or ordinance shall be in substantially the | ||
following form:
| ||
RESOLUTION (ORDINANCE) NO. ....
| ||
A RESOLUTION (ORDINANCE) ADOPTING AN EARLY
| ||
RETIREMENT INCENTIVE PROGRAM FOR EMPLOYEES
| ||
IN THE ILLINOIS MUNICIPAL RETIREMENT FUND
| ||
WHEREAS, Section 7-141.1 of the Illinois Pension Code | ||
provides that a
participating employer may elect to adopt an | ||
early retirement
incentive program offered by the Illinois | ||
Municipal Retirement Fund by
adopting a resolution or | ||
ordinance; and
| ||
WHEREAS, The goal of adopting an early retirement program | ||
is
to realize a substantial savings in personnel costs by | ||
offering early
retirement incentives to employees who have | ||
accumulated many years of
service credit; and
| ||
WHEREAS, Implementation of the early retirement program | ||
will provide a
budgeting tool to aid in controlling payroll | ||
costs; and
| ||
WHEREAS, The (name of governing body) has determined that | ||
the adoption of an
early retirement incentive program is in | ||
the best interests of the (name of
participating employer); | ||
therefore be it
| ||
RESOLVED (ORDAINED) by the (name of governing body) of | ||
(name of
participating employer) that:
| ||
(1) The (name of participating employer) does hereby adopt | ||
the Illinois
Municipal Retirement Fund early retirement | ||
incentive program as provided in
Section 7-141.1 of the | ||
Illinois Pension Code. The early retirement incentive
program | ||
shall take effect on (date).
| ||
(2) In order to help achieve a true cost savings, a person | ||
who retires under
the early retirement incentive program shall | ||
lose those incentives if he or she
later accepts employment | ||
with or enters into a personal services contract with any IMRF | ||
employer in a position for which
participation in IMRF is | ||
required or is elected by the employee.
| ||
(3) In order to utilize an early retirement incentive as a | ||
budgeting
tool, the (name of participating employer) will use | ||
its best efforts either
to limit the number of employees who | ||
replace the employees who retire under
the early retirement | ||
program or to limit the salaries paid to the employees who
| ||
replace the employees who retire under the early retirement | ||
program.
| ||
(4) The effective date of each employee's retirement under | ||
this early
retirement program shall be set by (name of | ||
employer) and shall be no
earlier than the effective date of | ||
the program and no later than one year after
that effective | ||
date; except that the employee may require that the retirement
| ||
date set by the employer be no later than the June 30 next | ||
occurring after the
effective date of the program and no | ||
earlier than the date upon which the
employee qualifies for | ||
retirement.
| ||
(5) To be eligible for the early retirement incentive | ||
under this Section,
the employee must have attained age 50 and | ||
have at least 20 years of creditable
service by his or her | ||
retirement date.
| ||
(6) The (clerk or secretary) shall promptly file a | ||
certified copy of
this resolution (ordinance) with the Board | ||
of Trustees of the Illinois
Municipal Retirement Fund.
| ||
CERTIFICATION
| ||
I, (name), the (clerk or secretary) of the (name of | ||
participating
employer) of the County of (name), State of | ||
Illinois, do hereby certify
that I am the keeper of the books | ||
and records of the (name of employer)
and that the foregoing is | ||
a true and correct copy of a resolution
(ordinance) duly | ||
adopted by the (governing body) at a meeting duly convened
and | ||
held on (date).
| ||
SEAL
| ||
(Signature of clerk or secretary)
| ||
(c) To be eligible for the benefits provided under an | ||
early retirement
incentive program adopted under this Section, | ||
a member must:
| ||
(1) be a participating employee of this Fund who, on | ||
the effective date of
the program, (i) is in active | ||
payroll status as an employee of a participating
employer | ||
that has filed the required ordinance or resolution with | ||
the Board,
(ii) is on layoff status from such a position | ||
with a right of re-employment or
recall to service, (iii) | ||
is on a leave of absence from such a position, or (iv)
is | ||
on disability but has not been receiving benefits under | ||
Section 7-146 or
7-150 for a period of more than 2 years | ||
from the date of application;
| ||
(2) have never previously received a retirement | ||
annuity under
this Article or under the Retirement Systems | ||
Reciprocal Act using service
credit established under this | ||
Article;
| ||
(3) (blank);
| ||
(4) have at least 20 years of creditable service in | ||
the Fund by the date
of retirement, without the use of any | ||
creditable service established under this
Section;
| ||
(5) have attained age 50 by the date of retirement, | ||
without the use of any
age enhancement received under this | ||
Section; and
| ||
(6) be eligible to receive a retirement annuity under | ||
this Article by the
date of retirement, for which purpose | ||
the age enhancement and creditable
service established | ||
under this Section may be considered.
| ||
(d) The employer shall determine the retirement date for | ||
each employee
participating in the early retirement program | ||
adopted under this Section. The
retirement date shall be no | ||
earlier than the effective date of the program and
no later | ||
than one year after that effective date, except that the | ||
employee may
require that the retirement date set by the | ||
employer be no later than the June
30 next occurring after the | ||
effective date of the program and no earlier than
the date upon | ||
which the employee qualifies for retirement. The employer | ||
shall
give each employee participating in the early retirement | ||
program at least 30
days written notice of the employee's | ||
designated retirement date, unless the
employee waives this | ||
notice requirement.
| ||
(e) An eligible person may establish up to 5 years of | ||
creditable service
under this Section. In addition, for each | ||
period of creditable service
established under this Section, a | ||
person shall have his or her age at
retirement deemed enhanced | ||
by an equivalent period.
| ||
The creditable service established under this Section may | ||
be used for all
purposes under this Article and the Retirement | ||
Systems Reciprocal Act,
except for the computation of final | ||
rate of earnings and the determination
of earnings, salary, or | ||
compensation under this or any other Article of the
Code.
| ||
The age enhancement established under this Section may be | ||
used for all
purposes under this Article (including | ||
calculation of the reduction imposed
under subdivision | ||
(a)1b(iv) of Section 7-142), except for purposes of a
| ||
reversionary annuity under Section 7-145 and any distributions | ||
required because
of age. The age enhancement established under | ||
this Section may be used in
calculating a proportionate | ||
annuity payable by this Fund under the Retirement
Systems | ||
Reciprocal Act, but shall not be used in determining benefits | ||
payable
under other Articles of this Code under the Retirement | ||
Systems Reciprocal Act.
| ||
(f) For all creditable service established under this | ||
Section, the
member must pay to the Fund an employee | ||
contribution consisting of the total employee contribution | ||
rate in effect at the time the member purchases the service for | ||
the plan in which the member was participating with the | ||
employer at that time multiplied by the member's highest | ||
annual salary rate used in the determination of the
final rate | ||
of earnings for retirement annuity purposes for each year of
| ||
creditable service granted under this Section.
Contributions | ||
for fractions of a year of service shall be prorated.
Any | ||
amounts that are disregarded in determining the final rate of | ||
earnings
under subdivision (d)(5) of Section 7-116 (the 125% | ||
rule) shall also be
disregarded in determining the required | ||
contribution under this subsection (f).
| ||
The employee contribution shall be paid to the Fund as | ||
follows: If the
member is entitled to a lump sum payment for | ||
accumulated vacation, sick leave,
or personal leave upon | ||
withdrawal from service, the employer shall deduct the
| ||
employee contribution from that lump sum and pay the deducted | ||
amount directly
to the Fund. If there is no such lump sum | ||
payment or the required employee
contribution exceeds the net | ||
amount of the lump sum payment, then the remaining
amount due, | ||
at the option of the employee, may either be paid to the Fund
| ||
before the annuity commences or deducted from the retirement | ||
annuity in 24
equal monthly installments.
| ||
(g) An annuitant who has received any age enhancement or | ||
creditable service
under this Section and thereafter accepts | ||
employment with or enters into a
personal services contract | ||
with an employer under this Article thereby forfeits
that age | ||
enhancement and creditable service; except that this | ||
restriction
does not apply to (1) service in an elective | ||
office, so long as the annuitant
does not participate in this | ||
Fund with respect to that office, (2) a person appointed as an | ||
officer under subsection (f) of Section 3-109 of this Code, | ||
and (3) a person appointed as an auxiliary police officer | ||
pursuant to Section 3.1-30-5 of the Illinois Municipal Code. A | ||
person
forfeiting early retirement incentives under this | ||
subsection (i) must repay to
the Fund that portion of the | ||
retirement annuity already received which is
attributable to | ||
the early retirement incentives that are being forfeited, (ii)
| ||
shall not be eligible to participate in any future early | ||
retirement program
adopted under this Section, and (iii) is | ||
entitled to a refund of the employee
contribution paid under | ||
subsection (f). The Board shall deduct the required
repayment | ||
from the refund and may impose a reasonable payment schedule | ||
for
repaying the amount, if any, by which the required | ||
repayment exceeds the refund
amount.
| ||
(h) The additional unfunded liability accruing as a result | ||
of the adoption
of a program of early retirement incentives | ||
under this Section by an employer
shall be amortized over a | ||
period of 10 years beginning on January 1 of the
second | ||
calendar year following the calendar year in which the latest | ||
date for
beginning to receive a retirement annuity under the | ||
program (as determined by
the employer under subsection (d) of | ||
this Section) occurs; except that the
employer may provide for | ||
a shorter amortization period (of no less than 5
years) by | ||
adopting an ordinance or resolution specifying the length of | ||
the
amortization period and submitting a certified copy of the | ||
ordinance or
resolution to the Fund no later than 6 months | ||
after the effective date of the
program. An employer, at its | ||
discretion, may accelerate payments to the Fund.
| ||
An employer may provide more than one early retirement | ||
incentive program
for its employees under this Section. | ||
However, an employer that has provided
an early retirement | ||
incentive program for its employees under this Section may
not | ||
provide another early retirement incentive program under this | ||
Section until the liability arising from the earlier program | ||
has been fully paid to
the Fund.
| ||
(Source: P.A. 99-382, eff. 8-17-15.)
| ||
(Text of Section after amendment by P.A. 102-210) | ||
Sec. 7-141.1. Early retirement incentive.
| ||
(a) The General Assembly finds and declares that:
| ||
(1) Units of local government across the State have | ||
been functioning
under a financial crisis.
| ||
(2) This financial crisis is expected to continue.
| ||
(3) Units of local government must depend on | ||
additional sources of
revenue and, when those sources are | ||
not forthcoming, must establish
cost-saving programs.
| ||
(4) An early retirement incentive designed | ||
specifically to target
highly-paid senior employees could | ||
result in significant annual cost
savings.
| ||
(5) The early retirement incentive should be made | ||
available only to
those units of local government that | ||
determine that an early retirement
incentive is in their | ||
best interest.
| ||
(6) A unit of local government adopting a program of | ||
early retirement
incentives under this Section is | ||
encouraged to implement personnel procedures
to prohibit, | ||
for at least 5 years, the rehiring (whether on payroll or | ||
by
independent contract) of employees who receive early | ||
retirement incentives.
| ||
(7) A unit of local government adopting a program of | ||
early retirement
incentives under this Section is also | ||
encouraged to replace as few of the
participating | ||
employees as possible and to hire replacement employees | ||
for
salaries totaling no more than 80% of the total | ||
salaries formerly paid to the
employees who participate in | ||
the early retirement program.
| ||
It is the primary purpose of this Section to encourage | ||
units of local
government that can realize true cost savings, | ||
or have determined that an early
retirement program is in | ||
their best interest, to implement an early retirement
program.
| ||
(b) Until June 27, 1997 (the effective date of Public Act | ||
90-32), this
Section does not apply to any employer that is a | ||
city, village, or incorporated
town, nor to the employees of | ||
any such employer. Beginning on June 27, 1997 (the effective
| ||
date of Public Act 90-32), any employer under this Article, | ||
including
an employer that is a city, village, or incorporated | ||
town, may establish an
early retirement incentive program for | ||
its employees under this Section. The
decision of a city, | ||
village, or incorporated town to consider or establish an
| ||
early retirement program is at the sole discretion of that | ||
city, village, or
incorporated town, and nothing in Public Act | ||
90-32 limits or
otherwise diminishes this discretion. Nothing | ||
contained in this Section shall
be construed to require a | ||
city, village, or incorporated town to establish an
early | ||
retirement program and no city, village, or incorporated town | ||
may be
compelled to implement such a program.
| ||
The benefits provided in this Section are available only | ||
to members
employed by a participating employer that has filed | ||
with the Board of the
Fund a resolution or ordinance expressly | ||
providing for the creation of an
early retirement incentive | ||
program under this Section for its employees and
specifying | ||
the effective date of the early retirement incentive program.
| ||
Subject to the limitation in subsection (h), an employer may | ||
adopt a resolution
or ordinance providing a program of early | ||
retirement incentives under this
Section at any time.
| ||
The resolution or ordinance shall be in substantially the | ||
following form:
| ||
RESOLUTION (ORDINANCE) NO. ....
| ||
A RESOLUTION (ORDINANCE) ADOPTING AN EARLY
| ||
RETIREMENT INCENTIVE PROGRAM FOR EMPLOYEES
| ||
IN THE ILLINOIS MUNICIPAL RETIREMENT FUND
| ||
WHEREAS, Section 7-141.1 of the Illinois Pension Code | ||
provides that a
participating employer may elect to adopt an | ||
early retirement
incentive program offered by the Illinois | ||
Municipal Retirement Fund by
adopting a resolution or | ||
ordinance; and
| ||
WHEREAS, The goal of adopting an early retirement program | ||
is
to realize a substantial savings in personnel costs by | ||
offering early
retirement incentives to employees who have | ||
accumulated many years of
service credit; and
| ||
WHEREAS, Implementation of the early retirement program | ||
will provide a
budgeting tool to aid in controlling payroll | ||
costs; and
| ||
WHEREAS, The (name of governing body) has determined that | ||
the adoption of an
early retirement incentive program is in | ||
the best interests of the (name of
participating employer); | ||
therefore be it
| ||
RESOLVED (ORDAINED) by the (name of governing body) of | ||
(name of
participating employer) that:
| ||
(1) The (name of participating employer) does hereby adopt | ||
the Illinois
Municipal Retirement Fund early retirement | ||
incentive program as provided in
Section 7-141.1 of the | ||
Illinois Pension Code. The early retirement incentive
program | ||
shall take effect on (date).
| ||
(2) In order to help achieve a true cost savings, a person | ||
who retires under
the early retirement incentive program shall | ||
lose those incentives if he or she
later accepts employment | ||
with or enters into a personal services contract with any IMRF | ||
employer in a position for which
participation in IMRF is | ||
required or is elected by the employee.
| ||
(3) In order to utilize an early retirement incentive as a | ||
budgeting
tool, the (name of participating employer) will use | ||
its best efforts either
to limit the number of employees who | ||
replace the employees who retire under
the early retirement | ||
program or to limit the salaries paid to the employees who
| ||
replace the employees who retire under the early retirement | ||
program.
| ||
(4) The effective date of each employee's retirement under | ||
this early
retirement program shall be set by (name of | ||
employer) and shall be no
earlier than the effective date of | ||
the program and no later than one year after
that effective | ||
date; except that the employee may require that the retirement
| ||
date set by the employer be no later than the June 30 next | ||
occurring after the
effective date of the program and no | ||
earlier than the date upon which the
employee qualifies for | ||
retirement.
| ||
(5) To be eligible for the early retirement incentive | ||
under this Section,
the employee must have attained age 50 and | ||
have at least 20 years of creditable
service by his or her | ||
retirement date.
| ||
(6) The (clerk or secretary) shall promptly file a | ||
certified copy of
this resolution (ordinance) with the Board | ||
of Trustees of the Illinois
Municipal Retirement Fund.
| ||
CERTIFICATION
| ||
I, (name), the (clerk or secretary) of the (name of | ||
participating
employer) of the County of (name), State of | ||
Illinois, do hereby certify
that I am the keeper of the books | ||
and records of the (name of employer)
and that the foregoing is | ||
a true and correct copy of a resolution
(ordinance) duly | ||
adopted by the (governing body) at a meeting duly convened
and | ||
held on (date).
| ||
SEAL
| ||
(Signature of clerk or secretary)
| ||
(c) To be eligible for the benefits provided under an | ||
early retirement
incentive program adopted under this Section, | ||
a member must:
| ||
(1) be a participating employee of this Fund who, on | ||
the effective date of
the program, (i) is in active | ||
payroll status as an employee of a participating
employer | ||
that has filed the required ordinance or resolution with | ||
the Board,
(ii) is on layoff status from such a position | ||
with a right of re-employment or
recall to service, (iii) | ||
is on a leave of absence from such a position, or (iv)
is | ||
on disability but has not been receiving benefits under | ||
Section 7-146 or
7-150 for a period of more than 2 years | ||
from the date of application;
| ||
(2) have never previously received a retirement | ||
annuity under
this Article or under the Retirement Systems | ||
Reciprocal Act using service
credit established under this | ||
Article;
| ||
(3) (blank);
| ||
(4) have at least 20 years of creditable service in | ||
the Fund by the date
of retirement, without the use of any | ||
creditable service established under this
Section;
| ||
(5) have attained age 50 by the date of retirement if | ||
he or she is a Tier 1 regular employee or age 57 if he or | ||
she is a Tier 2 regular employee, without the use of any
| ||
age enhancement received under this Section; and
| ||
(6) be eligible to receive a retirement annuity under | ||
this Article by the
date of retirement, for which purpose | ||
the age enhancement and creditable
service established | ||
under this Section may be considered.
| ||
(d) The employer shall determine the retirement date for | ||
each employee
participating in the early retirement program | ||
adopted under this Section. The
retirement date shall be no | ||
earlier than the effective date of the program and
no later | ||
than one year after that effective date, except that the | ||
employee may
require that the retirement date set by the | ||
employer be no later than the June
30 next occurring after the | ||
effective date of the program and no earlier than
the date upon | ||
which the employee qualifies for retirement. The employer | ||
shall
give each employee participating in the early retirement | ||
program at least 30
days written notice of the employee's | ||
designated retirement date, unless the
employee waives this | ||
notice requirement.
| ||
(e) An eligible person may establish up to 5 years of | ||
creditable service
under this Section. In addition, for each | ||
period of creditable service
established under this Section, a | ||
person shall have his or her age at
retirement deemed enhanced | ||
by an equivalent period.
| ||
The creditable service established under this Section may | ||
be used for all
purposes under this Article and the Retirement | ||
Systems Reciprocal Act,
except for the computation of final | ||
rate of earnings and the determination
of earnings, salary, or | ||
compensation under this or any other Article of the
Code.
| ||
The age enhancement established under this Section may be | ||
used for all
purposes under this Article (including | ||
calculation of the reduction imposed
under subdivision | ||
(a)1b(iv) of Section 7-142), except for purposes of a
| ||
reversionary annuity under Section 7-145 and any distributions | ||
required because
of age. The age enhancement established under | ||
this Section may be used in
calculating a proportionate | ||
annuity payable by this Fund under the Retirement
Systems | ||
Reciprocal Act, but shall not be used in determining benefits | ||
payable
under other Articles of this Code under the Retirement | ||
Systems Reciprocal Act.
| ||
(f) For all creditable service established under this | ||
Section, the
member must pay to the Fund an employee | ||
contribution consisting of the total employee contribution | ||
rate in effect at the time the member purchases the service for | ||
the plan in which the member was participating with the | ||
employer at that time multiplied by the member's highest | ||
annual salary rate used in the determination of the
final rate | ||
of earnings for retirement annuity purposes for each year of
| ||
creditable service granted under this Section.
Contributions | ||
for fractions of a year of service shall be prorated.
Any | ||
amounts that are disregarded in determining the final rate of | ||
earnings
under subdivision (d)(5) of Section 7-116 (the 125% | ||
rule) shall also be
disregarded in determining the required | ||
contribution under this subsection (f).
| ||
The employee contribution shall be paid to the Fund as | ||
follows: If the
member is entitled to a lump sum payment for | ||
accumulated vacation, sick leave,
or personal leave upon | ||
withdrawal from service, the employer shall deduct the
| ||
employee contribution from that lump sum and pay the deducted | ||
amount directly
to the Fund. If there is no such lump sum | ||
payment or the required employee
contribution exceeds the net | ||
amount of the lump sum payment, then the remaining
amount due, | ||
at the option of the employee, may either be paid to the Fund
| ||
before the annuity commences or deducted from the retirement | ||
annuity in 24
equal monthly installments.
| ||
(g) An annuitant who has received any age enhancement or | ||
creditable service
under this Section and thereafter accepts | ||
employment with or enters into a
personal services contract | ||
with an employer under this Article thereby forfeits
that age | ||
enhancement and creditable service; except that this | ||
restriction
does not apply to (1) service in an elective | ||
office, so long as the annuitant
does not participate in this | ||
Fund with respect to that office, (2) a person appointed as an | ||
officer under subsection (f) of Section 3-109 of this Code, | ||
and (3) a person appointed as an auxiliary police officer | ||
pursuant to Section 3.1-30-5 of the Illinois Municipal Code. A | ||
person
forfeiting early retirement incentives under this | ||
subsection (i) must repay to
the Fund that portion of the | ||
retirement annuity already received which is
attributable to | ||
the early retirement incentives that are being forfeited, (ii)
| ||
shall not be eligible to participate in any future early | ||
retirement program
adopted under this Section, and (iii) is | ||
entitled to a refund of the employee
contribution paid under | ||
subsection (f). The Board shall deduct the required
repayment | ||
from the refund and may impose a reasonable payment schedule | ||
for
repaying the amount, if any, by which the required | ||
repayment exceeds the refund
amount.
| ||
(h) The additional unfunded liability accruing as a result | ||
of the adoption
of a program of early retirement incentives | ||
under this Section by an employer
shall be amortized over a | ||
period of 10 years beginning on January 1 of the
second | ||
calendar year following the calendar year in which the latest | ||
date for
beginning to receive a retirement annuity under the | ||
program (as determined by
the employer under subsection (d) of | ||
this Section) occurs; except that the
employer may provide for | ||
a shorter amortization period (of no less than 5
years) by | ||
adopting an ordinance or resolution specifying the length of | ||
the
amortization period and submitting a certified copy of the | ||
ordinance or
resolution to the Fund no later than 6 months | ||
after the effective date of the
program. An employer, at its | ||
discretion, may accelerate payments to the Fund.
| ||
An employer may provide more than one early retirement | ||
incentive program
for its employees under this Section. | ||
However, an employer that has provided
an early retirement | ||
incentive program for its employees under this Section may
not | ||
provide another early retirement incentive program under this | ||
Section until the liability arising from the earlier program | ||
has been fully paid to
the Fund.
| ||
(Source: P.A. 102-210, eff. 1-1-22.)
| ||
Section 95. No acceleration or delay. Where this Act makes | ||
changes in a statute that is represented in this Act by text | ||
that is not yet or no longer in effect (for example, a Section | ||
represented by multiple versions), the use of that text does | ||
not accelerate or delay the taking effect of (i) the changes | ||
made by this Act or (ii) provisions derived from any other | ||
Public Act.
| ||
Section 99. Effective date. This Act takes effect upon | ||
becoming law.
| ||