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91_HB0682
LRB9102986EGfg
1 AN ACT to amend the Illinois Pension Code by changing
2 Section 14-114.
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 14-114 as follows:
7 (40 ILCS 5/14-114) (from Ch. 108 1/2, par. 14-114)
8 Sec. 14-114. Automatic increase in retirement annuity.
9 (a) Any person receiving a retirement annuity under this
10 Article who retires having attained age 60, or who retires
11 before age 60 having at least 35 years of creditable service,
12 shall on January 1, next following the first full year of
13 retirement, have the amount of the then fixed and payable
14 monthly retirement annuity increased 3%. Any person
15 receiving a retirement annuity under this Article who retires
16 before attainment of age 60 and with less than 35 years of
17 creditable service shall have the amount of the fixed and
18 payable retirement annuity increased by 3% on the January 1
19 occurring on or next following (1) attainment of age 60, or
20 (2) the first anniversary of retirement, whichever occurs
21 later. However, (i) for a person with at least 20 years of
22 service as a State policeman who is receiving a retirement
23 annuity calculated under Section 14-110 and has not yet
24 received the initial increase under this subsection (a), that
25 initial increase shall be granted on January 1, 2000 or the
26 January 1 occurring on or next following the first
27 anniversary of retirement, whichever occurs later, and (ii)
28 for other persons who receive the alternative retirement
29 annuity under Section 14-110, references in this subsection
30 (a) to attainment of age 60 shall be deemed to refer to
31 attainment of age 55. For a person receiving early
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1 retirement incentives under Section 14-108.3 whose retirement
2 annuity began after January 1, 1992 pursuant to an extension
3 granted under subsection (e) of that Section, the first
4 anniversary of retirement shall be deemed to be January 1,
5 1993.
6 On each January 1 following the date of the initial
7 increase under this subsection, the employee's monthly
8 retirement annuity shall be increased by an additional 3%.
9 Beginning January 1, 1990, all automatic annual increases
10 payable under this Section shall be calculated as a
11 percentage of the total annuity payable at the time of the
12 increase, including previous increases granted under this
13 Article.
14 (b) The provisions of subsection (a) of this Section
15 shall be applicable to an employee only if the employee makes
16 the additional contributions required after December 31, 1969
17 for the purpose of the automatic increases for not less than
18 the equivalent of one full year. If an employee becomes an
19 annuitant before his additional contributions equal one full
20 year's contributions based on his salary at the date of
21 retirement, the employee may pay the necessary balance of the
22 contributions to the system, without interest, and be
23 eligible for the increasing annuity authorized by this
24 Section.
25 (c) The provisions of subsection (a) of this Section
26 shall not be applicable to any annuitant who is on retirement
27 on December 31, 1969, and thereafter returns to State
28 service, unless the member has established at least one year
29 of additional creditable service following reentry into
30 service.
31 (d) In addition to other increases which may be provided
32 by this Section, on January 1, 1981 any annuitant who was
33 receiving a retirement annuity on or before January 1, 1971
34 shall have his retirement annuity then being paid increased
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1 $1 per month for each year of creditable service. On January
2 1, 1982, any annuitant who began receiving a retirement
3 annuity on or before January 1, 1977, shall have his
4 retirement annuity then being paid increased $1 per month for
5 each year of creditable service.
6 On January 1, 1987, any annuitant who began receiving a
7 retirement annuity on or before January 1, 1977, shall have
8 the monthly retirement annuity increased by an amount equal
9 to 8¢ per year of creditable service times the number of
10 years that have elapsed since the annuity began.
11 (e) Every person who receives the alternative retirement
12 annuity under Section 14-110 and who is eligible to receive
13 the 3% increase under subsection (a) on January 1, 1986,
14 shall also receive on that date a one-time increase in
15 retirement annuity equal to the difference between (1) his
16 actual retirement annuity on that date, including any
17 increases received under subsection (a), and (2) the amount
18 of retirement annuity he would have received on that date if
19 the amendments to subsection (a) made by Public Act 84-162
20 had been in effect since the date of his retirement.
21 (Source: P.A. 86-273; 87-1265.)
22 Section 99. Effective date. This Act takes effect upon
23 becoming law.