[ Search ] [ PDF text ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
| [ Introduced ] |
92_SB1840eng SB1840 Engrossed LRB9215867EGfg 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 15-135 as follows: 6 (40 ILCS 5/15-135) (from Ch. 108 1/2, par. 15-135) 7 Sec. 15-135. Retirement annuities - Conditions. 8 (a) A participant who retires in one of the following 9 specified years with the specified amount of service is 10 entitled to a retirement annuity at any age under the 11 retirement program applicable to the participant: 12 35 years if retirement is in 1997 or before; 13 34 years if retirement is in 1998; 14 33 years if retirement is in 1999; 15 32 years if retirement is in 2000; 16 31 years if retirement is in 2001; 17 30 years if retirement is in 2002 or later.;1835 years if retirement is in 2003 or later.19 A participant with 8 or more years of service after 20 September 1, 1941, is entitled to a retirement annuity on or 21 after attainment of age 55. 22 A participant with at least 5 but less than 8 years of 23 service after September 1, 1941, is entitled to a retirement 24 annuity on or after attainment of age 62. 25 A participant who has at least 25 years of service in 26 this system as a police officer or firefighter is entitled to 27 a retirement annuity on or after the attainment of age 50, if 28 Rule 4 of Section 15-136 is applicable to the participant. 29 (b) The annuity payment period shall begin on the date 30 specified by the participant submitting a written 31 application, which date shall not be prior to termination of SB1840 Engrossed -2- LRB9215867EGfg 1 employment or more than one year before the application is 2 received by the board; however, if the participant is not an 3 employee of an employer participating in this System or in a 4 participating system as defined in Article 20 of this Code on 5 April 1 of the calendar year next following the calendar year 6 in which the participant attains age 70 1/2, the annuity 7 payment period shall begin on that date regardless of whether 8 an application has been filed. 9 (c) An annuity is not payable if the amount provided 10 under Section 15-136 is less than $10 per month. 11 (Source: P.A. 90-65, eff. 7-7-97; 90-766, eff. 8-14-98.) 12 Section 99. Effective date. This Act takes effect upon 13 becoming law.