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Public Act 102-0293
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| SB0603 Enrolled | LRB102 10824 RPS 16154 b |
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AN ACT concerning public employee benefits.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Pension Code is amended by |
changing Sections 6-124, 6-124.1, and 6-158 as follows:
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(40 ILCS 5/6-124) (from Ch. 108 1/2, par. 6-124)
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Sec. 6-124. Future entrants; amount entrants-age 63 in |
service-amount of annuity. When a future entrant attains age |
63 in service, except for a fireman who is not subject to the |
compulsory retirement age, his age and service
annuity shall |
be fixed as of age 63. The annuity shall be that provided
from |
the entire sum accumulated to his credit for age and service |
annuity
on the date he attains age 63.
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When a future entrant who is not subject to the compulsory |
retirement age withdraws from service and is at least age 63, |
his or her age and service annuity shall be fixed as of the age |
he or she withdraws from service. The annuity shall be that |
provided from the entire sum accumulated to his or her credit |
for age and service annuity on the date he or she withdraws |
from service. |
(Source: P.A. 76-1668.)
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(40 ILCS 5/6-124.1)
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Sec. 6-124.1. Withdrawal from service; amount at |
compulsory retirement age - amount of annuity.
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(a) In lieu of any annuity provided in the other |
provisions of this
Article, a fireman who (1) is required to |
withdraw from service due to attainment
of compulsory |
retirement age, or is not subject to compulsory retirement |
age, withdraws from service, and is at least age 63, and (2) |
has at least 10 but less than 20 years of
service credit may |
elect to receive an annuity equal to 30% of average salary
for |
the first 10 years of service plus 2% of average salary for |
each completed
year of service or remaining fraction thereof |
in excess of 10, but not to
exceed a maximum of 50% of average |
salary.
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(b) For the purpose of this Section, "average salary" |
means the average of
the fireman's highest 4 consecutive years |
of salary within the last 10 years
of service.
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(c) For the purpose of qualifying for the annual increases |
provided in
Section 6-164, a fireman whose retirement annuity |
is calculated under this
Section shall be deemed to qualify |
for a minimum annuity.
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(Source: P.A. 93-654, eff. 1-16-04.)
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(40 ILCS 5/6-158) (from Ch. 108 1/2, par. 6-158)
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Sec. 6-158. Refund Refund - General.
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(a) A fireman who withdraws before age 50 and a fireman |
with less than
10 years of service who withdraws before age 57, |
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or any fireman who
withdraws and enters the service of another |
department of the city, has a
right to a refund of the entire |
amount to his credit as of the date of
withdrawal for age and |
service annuity or Tier 2 monthly retirement annuity, for |
automatic annual increase in annuity as provided in Section |
6-164, and for widow's annuity or Tier 2 surviving spouse's |
annuity, from deductions
from salary.
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(b) Any such fireman shall be entitled to refund until he |
re-enters
service or until his annuity is fixed.
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(c) A fireman who receives a refund forfeits all rights to |
any annuity
or benefit from the fund, for himself and for any |
other person who might
benefit through him because of his |
service, provided he shall retain the
right to credit for any |
such service, for the purpose of computing his
total service |
if he re-enters service before age 57, becomes a beneficiary
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of the fund and makes repayment of the refund with interest.
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(d) A fireman completing 10 years of service who does not |
receive a
refund, may receive an annuity as provided in this |
Article.
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(e) A fireman completing less than 10 years who does not |
receive a
refund has a right to have all amounts to his credit |
for annuity purposes
on the date of withdrawal improved by |
interest while he is out of service
until age 57 only, for his |
benefit and the benefit of any person who may
have any right to |
annuity through him, if he subsequently reenters service
and |
attains a right to annuity.
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