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92_HB4236
LRB9212534EGfg
1 AN ACT in relation to public employee benefits.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Pension Code is amended by
5 changing Section 6-128 as follows:
6 (40 ILCS 5/6-128) (from Ch. 108 1/2, par. 6-128)
7 Sec. 6-128. (a) A future entrant who withdraws on or
8 after July 21, 1959, after completing at least 23 years of
9 service, and for whom the annuity otherwise provided in this
10 Article is less than that stated in this Section, has a right
11 to receive annuity as follows:
12 If he is age 53 or more on withdrawal, his annuity after
13 withdrawal, shall be equal to 50% of his average salary
14 determined by striking an average of 4 consecutive highest
15 years of salary within the last 10 years of service
16 immediately preceding the date of withdrawal.
17 An employee who reaches compulsory retirement age and who
18 has less than 23 years of service shall be entitled to a
19 minimum annuity equal to an amount determined by the product
20 of (1) his years of service and (2) 2% of his average salary
21 for the 4 consecutive highest years of salary within the last
22 10 years of service immediately prior to his reaching
23 compulsory retirement age.
24 An employee who remains in service after qualifying for
25 annuity under this Section shall have added to this annuity
26 an additional 1% of average salary for each completed year of
27 service or fraction thereof rendered until July 21, 1959, and
28 an additional 1% for a total of 2% of average salary from
29 July 21, 1959. Each future entrant who has completed 23
30 years of service before reaching age 53 shall have added to
31 this annuity 1% of average salary for each completed year of
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1 service or fraction thereof in excess of 23 years up to age
2 53. "Salary" as referred to in this paragraph shall be
3 determined by striking an average of the 4 consecutive
4 highest years of salary within the last 10 years of service
5 immediately preceding withdrawal.
6 (b) In lieu of the annuity provided in the foregoing
7 provisions of this Section any future entrant who withdraws
8 from the service either (i) after December 31, 1983 with at
9 least 22 years of service credit and having attained age 52
10 in the service, or (ii) after December 31, 1984 with at least
11 21 years of service credit and having attained age 51 in the
12 service, or (iii) after December 31, 1985 with at least 20
13 years of service credit and having attained age 50 in the
14 service, or (iv) after December 31, 1990 with at least 20
15 years of service regardless of age, may elect to receive an
16 annuity, to begin not earlier than upon attainment of age 50
17 if under that age at withdrawal, computed as follows: an
18 annuity equal to 50% of the average salary for the 4 highest
19 consecutive years of the last 10 years of service, plus
20 additional annuity equal to 2% of such average salary for
21 each completed year of service or fraction thereof rendered
22 after his completion of the minimum number of years of
23 service required for him to be eligible under this subsection
24 (b). However, the annuity provided under this subsection (b)
25 may not exceed 75% of such average salary.
26 (c) In lieu of the annuity provided in any other
27 provision of this Section, a future entrant who withdraws
28 from service after the effective date of this amendatory Act
29 of the 92nd General Assembly with at least 20 years of
30 service may elect to receive an annuity, to begin no earlier
31 than upon attainment of age 50 if under that age at
32 withdrawal, equal to 50% of average salary plus 2.5% of
33 average salary for each completed year of service or fraction
34 thereof over 20, but not to exceed 75% of average salary.
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1 (d) For the purpose of this Section, "average salary"
2 means the average of the highest 4 consecutive years of
3 salary within the last 10 years of service.
4 (Source: P.A. 86-1488.)
5 Section 90. The State Mandates Act is amended by adding
6 Section 8.26 as follows:
7 (30 ILCS 805/8.26 new)
8 Sec. 8.26. 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 the 92nd General Assembly.
12 Section 99. Effective date. This Act takes effect upon
13 becoming law.