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| Public Act 096-0207 |
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AN ACT concerning State government.
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Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly:
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Section 5. The Illinois Pension Code is amended by changing | ||||
Sections 2-108.1 and 18-125 as follows:
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(40 ILCS 5/2-108.1) (from Ch. 108 1/2, par. 2-108.1)
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Sec. 2-108.1. Highest salary for annuity purposes.
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(a) "Highest salary for annuity purposes" means whichever | ||||
of
the following is applicable to the participant:
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For a participant who first becomes a participant of this | ||||
System before the effective date of this amendatory Act of the | ||||
96th General Assembly:
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(1) For a participant who is a member of the General | ||||
Assembly on his
or her last day of service: the highest | ||||
salary that is prescribed by law,
on the participant's last | ||||
day of service, for a member of the General
Assembly who is | ||||
not an officer; plus, if the participant was elected or
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appointed to serve as an officer of the General Assembly | ||||
for 2 or more
years and has made contributions as required | ||||
under subsection (d) of
Section 2-126, the highest | ||||
additional amount of compensation prescribed by
law, at the | ||||
time of the participant's service as an officer, for | ||||
members of
the General Assembly who serve in that office.
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(2) For a participant who holds one of the State | ||
executive offices
specified in Section 2-105 on his or her | ||
last day of service: the highest
salary prescribed by law | ||
for service in that office on the participant's
last day of | ||
service.
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(3) For a participant who is Clerk or Assistant Clerk | ||
of the House of Representatives or Secretary or Assistant | ||
Secretary of the Senate
on his or her last day of service: | ||
the salary received for service in that
capacity on the | ||
last day of service, but not to exceed the highest salary
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(including additional compensation for service as an | ||
officer) that is
prescribed by law on the participant's | ||
last day of service for the highest
paid officer of the | ||
General Assembly.
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(4) For a participant who is a continuing participant | ||
under Section
2-117.1 on his or her last day of service: | ||
the salary received for service
in that capacity on the | ||
last day of service, but not to exceed the highest
salary | ||
(including additional compensation for service as an | ||
officer) that
is prescribed by law on the participant's | ||
last day of service for the
highest paid officer of the | ||
General Assembly.
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For a participant who first becomes a participant of this | ||
System on or after the effective date of this amendatory Act of | ||
the 96th General Assembly, the average monthly salary obtained | ||
by dividing the total salary of the participant during the | ||
period of: (1) the 48 consecutive months of service within the | ||
last 120 months of service in which the total compensation was | ||
the highest, or (2) the total period of service, if less than | ||
48 months, by the number of months of service in that period. | ||
(b) The earnings limitations of subsection (a) apply to | ||
earnings
under any other participating system under the | ||
Retirement Systems Reciprocal
Act that are considered in | ||
calculating a proportional annuity under this
Article, except | ||
in the case of a person who first became a member of this
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System before August 22,
1994.
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(c) In calculating the subsection (a) earnings limitation | ||
to be applied to
earnings under any other participating system | ||
under the Retirement Systems
Reciprocal Act for the purpose of | ||
calculating a proportional annuity under this
Article, the | ||
participant's last day of service shall be deemed to mean the | ||
last
day of service in any participating system from which the | ||
person has applied
for a proportional annuity under the | ||
Retirement Systems Reciprocal Act.
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(Source: P.A. 90-655, eff. 7-30-98.)
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(40 ILCS 5/18-125) (from Ch. 108 1/2, par. 18-125)
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Sec. 18-125. Retirement annuity amount.
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(a) The annual retirement annuity for a participant who | ||
terminated
service as a judge prior to July 1, 1971 shall be | ||
based on the law in
effect at the time of termination of | ||
service.
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(b) Effective July 1, 1971, the retirement annuity for any | ||
participant
in service on or after such date shall be 3 1/2% of | ||
final average salary,
as defined in this Section, for each of | ||
the first 10 years of service, and
5% of such final average | ||
salary for each year of service on excess of 10.
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For purposes of this Section, final average salary for a | ||
participant who first serves a judge before the effective date | ||
of this amendatory Act of the 96th General Assembly shall be:
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(1) the average salary for the last 4 years of credited | ||
service as a
judge for a participant who terminates service | ||
before July 1, 1975.
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(2) for a participant who terminates service after June | ||
30, 1975
and before July 1, 1982, the salary on the last | ||
day of employment as a judge.
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(3) for any participant who terminates service after | ||
June 30, 1982 and
before January 1, 1990, the average | ||
salary for the final year of service as
a judge.
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(4) for a participant who terminates service on or | ||
after January 1,
1990 but before the effective date of this | ||
amendatory Act of 1995, the
salary on the last day of | ||
employment as a judge.
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(5) for a participant who terminates service on or | ||
after the effective
date of this amendatory Act of 1995, | ||
the salary on the last day of employment
as a judge, or the | ||
highest salary received by the participant for employment | ||
as
a judge in a position held by the participant for at | ||
least 4 consecutive years,
whichever is greater.
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However, in the case of a participant who elects to | ||
discontinue contributions
as provided in subdivision (a)(2) of | ||
Section 18-133, the time of such
election shall be considered | ||
the last day of employment in the determination
of final | ||
average salary under this subsection.
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For a participant who first serves a judge on or after the | ||
effective date of this amendatory Act of the 96th General | ||
Assembly, final average salary shall be the average monthly | ||
salary obtained by dividing the total salary of the participant | ||
during the period of: (1) the 48 consecutive months of service | ||
within the last 120 months of service in which the total | ||
compensation was the highest, or (2) the total period of | ||
service, if less than 48 months, by the number of months of | ||
service in that period. | ||
The maximum retirement annuity for any participant shall be | ||
85% of final
average salary.
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(c) The retirement annuity for a participant who retires | ||
prior to age 60
with less than 28 years of service in the | ||
System shall be reduced 1/2 of 1%
for each month that the | ||
participant's age is under 60 years at the time the
annuity | ||
commences. However, for a participant who retires on or after | ||
the
effective date of this amendatory Act of the 91st General | ||
Assembly, the
percentage reduction in retirement annuity | ||
imposed under this subsection shall
be reduced by 5/12 of 1% | ||
for every month of service in this System in excess of
20 | ||
years, and therefore a participant with at least 26 years of | ||
service in this
System may retire at age 55 without any | ||
reduction in annuity.
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The reduction in retirement annuity imposed by this | ||
subsection shall not
apply in the case of retirement on account | ||
of disability.
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(Source: P.A. 91-653, eff. 12-10-99.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law. | ||