[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
| [ Engrossed ] |
91_HB1597
LRB9104333EGfg
1 AN ACT to amend the Illinois Pension Code by changing
2 Section 6-128.
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. Alternative annuity for future entrants.
9 (a) A future entrant who withdraws on or after July 21,
10 1959, after completing at least 23 years of service, and for
11 whom the annuity otherwise provided in this Article is less
12 than that stated in this Section, has a right to receive
13 annuity as follows:
14 If he is age 53 or more on withdrawal, his annuity after
15 withdrawal, shall be equal to 50% of his average salary
16 determined by striking an average of 4 consecutive highest
17 years of salary within the last 10 years of service
18 immediately preceding the date of withdrawal.
19 An employee who reaches compulsory retirement age and who
20 has less than 23 years of service shall be entitled to a
21 minimum annuity equal to an amount determined by the product
22 of (1) his years of service and (2) 2% of his average salary
23 for the 4 consecutive highest years of salary within the last
24 10 years of service immediately prior to his reaching
25 compulsory retirement age.
26 An employee who remains in service after qualifying for
27 annuity under this Section shall have added to this annuity
28 an additional 1% of average salary for each completed year of
29 service or fraction thereof rendered until July 21, 1959, and
30 an additional 1% for a total of 2% of average salary from
31 July 21, 1959. Each future entrant who has completed 23
-2- LRB9104333EGfg
1 years of service before reaching age 53 shall have added to
2 this annuity 1% of average salary for each completed year of
3 service or fraction thereof in excess of 23 years up to age
4 53. "Salary" as referred to in this paragraph shall be
5 determined by striking an average of the 4 consecutive
6 highest years of salary within the last 10 years of service
7 immediately preceding withdrawal.
8 (b) In lieu of the annuity provided in the foregoing
9 provisions of this Section any future entrant who withdraws
10 from the service either (i) after December 31, 1983 with at
11 least 22 years of service credit and having attained age 52
12 in the service, or (ii) after December 31, 1984 with at least
13 21 years of service credit and having attained age 51 in the
14 service, or (iii) after December 31, 1985 with at least 20
15 years of service credit and having attained age 50 in the
16 service, or (iv) after December 31, 1990 with at least 20
17 years of service regardless of age, may elect to receive an
18 annuity, to begin not earlier than upon attainment of age 50
19 if under that age at withdrawal, computed as follows: an
20 annuity equal to 50% of the average salary for the 4 highest
21 consecutive years of the last 10 years of service, plus
22 additional annuity equal to 2% of such average salary for
23 each completed year of service or fraction thereof rendered
24 after his completion of the minimum number of years of
25 service required for him to be eligible under this subsection
26 (b). However, the annuity provided under this subsection (b)
27 may not exceed 75% of such average salary.
28 (c) For the purpose of this Section, "average salary"
29 means the average of the highest 4 consecutive years of
30 salary within the last 10 years of service.
31 (Source: P.A. 86-1488.)
32 Section 99. Effective date. This Act takes effect upon
33 becoming law.