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90_HB2835
40 ILCS 5/6-128 from Ch. 108 1/2, par. 6-128
30 ILCS 805/8.22 new
Amends the Chicago Firefighter Article of the Pension
Code to provide an increase in the retirement benefit
formula. Provides for 2.5% (rather than 2%) of average
salary for each year of service beyond 20. Applies to
persons withdrawing from service after December 31, 1998.
Also makes technical changes. Amends the State Mandates Act
to require implementation without reimbursement. Effective
immediately.
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1 AN ACT to amend the Illinois Pension Code by changing
2 Section 6-128 and to amend the State Mandates Act.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Pension Code is amended by
6 changing Section 6-128 as follows:
7 (40 ILCS 5/6-128) (from Ch. 108 1/2, par. 6-128)
8 Sec. 6-128. (a) A future entrant who withdraws on or
9 after July 21, 1959, after completing at least 23 years of
10 service, and for whom the annuity otherwise provided in this
11 Article is less than that stated in this Section, has a right
12 to receive annuity as follows:
13 If he is age 53 or more on withdrawal, his annuity after
14 withdrawal, shall be equal to 50% of his average salary
15 determined by striking an average of 4 consecutive highest
16 years of salary within the last 10 years of service
17 immediately preceding the date of withdrawal.
18 An employee who reaches compulsory retirement age and who
19 has less than 23 years of service shall be entitled to a
20 minimum annuity equal to an amount determined by the product
21 of (1) his years of service and (2) 2% of his average salary
22 for the 4 consecutive highest years of salary within the last
23 10 years of service immediately prior to his reaching
24 compulsory retirement age.
25 An employee who remains in service after qualifying for
26 annuity under this Section shall have added to this annuity
27 an additional 1% of average salary for each completed year of
28 service or fraction thereof rendered until July 21, 1959, and
29 an additional 1% for a total of 2% of average salary from
30 July 21, 1959. Each future entrant who has completed 23
31 years of service before reaching age 53 shall have added to
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1 this annuity 1% of average salary for each completed year of
2 service or fraction thereof in excess of 23 years up to age
3 53. "Salary" as referred to in this paragraph shall be
4 determined by striking an average of the 4 consecutive
5 highest years of salary within the last 10 years of service
6 immediately preceding withdrawal.
7 (b) In lieu of the annuity provided in the foregoing
8 provisions of this Section any future entrant who withdraws
9 from the service either (i) after December 31, 1983 with at
10 least 22 years of service credit and having attained age 52
11 in the service, or (ii) after December 31, 1984 with at least
12 21 years of service credit and having attained age 51 in the
13 service, or (iii) after December 31, 1985 with at least 20
14 years of service credit and having attained age 50 in the
15 service, or (iv) after December 31, 1990 with at least 20
16 years of service regardless of age, may elect to receive an
17 annuity, to begin not earlier than upon attainment of age 50
18 if under that age at withdrawal, computed as follows: an
19 annuity equal to 50% of the average salary for the 4 highest
20 consecutive years of the last 10 years of service, plus
21 additional annuity equal to 2% of such average salary for
22 each completed year of service or fraction thereof rendered
23 after his completion of the minimum number of years of
24 service required for him to be eligible under this subsection
25 (b). However, the annuity provided under this subsection (b)
26 may not exceed 75% of such average salary.
27 (c) For the purpose of this Section, "average salary"
28 means the average of the highest 4 consecutive years of
29 salary within the last 10 years of service.
30 (d) In lieu of the annuity provided in any other
31 provision of this Section, a future entrant who withdraws
32 from service after December 31, 1998 with at least 20 years
33 of service may elect to receive an annuity, to begin no
34 earlier than upon attainment of age 50 if under that age at
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1 withdrawal, equal to 50% of average salary plus 2% of average
2 salary for each completed year of service or fraction thereof
3 over 20, but not to exceed 75% of average salary.
4 (Source: P.A. 86-1488.)
5 Section 90. The State Mandates Act is amended by adding
6 Section 8.22 as follows:
7 (30 ILCS 805/8.22 new)
8 Sec. 8.22. Exempt mandate. Notwithstanding Sections 6
9 and 8 of this Act, no reimbursement by the State is required
10 for the implementation of any mandate created by this
11 amendatory Act of 1998.
12 Section 99. Effective date. This Act takes effect upon
13 becoming law.