HB5673 98TH GENERAL ASSEMBLY

LRB098 17313 EFG 52407 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB5673

Introduced , by Rep. Michael J. Zalewski

SYNOPSIS AS INTRODUCED:

40 ILCS 5/7-141

from Ch. 108 1/2, par. 7-141

Amends the Illinois Municipal Retirement Fund Article of the Illinois Pension Code. Deletes the requirement that the effective date of a retirement annuity may not be more than one year prior to the date on which the application for the annuity is received by the Fund. Provides instead that the annuity may begin no earlier than the day following the last day of creditable service. Effective immediately.

FISCAL NOTE ACT MAY APPLY

PENSION IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT in relation to public employee benefits.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Pension Code is amended by changing Section 7-141 as follows:

(40 ILCS 5/7-141) (from Ch. 108 1/2, par. 7-141)

Sec. 7-141. Retirement annuities - Conditions. Retirement annuities shall be payable as hereinafter set forth:

(a) A participating employee who, regardless of cause, is separated from the service of all participating municipalities and instrumentalities thereof and participating instrumentalities shall be entitled to a retirement annuity provided:

1. He is at least age 55, or in the case of a person who is eligible to have his annuity calculated under Section 7-142.1, he is at least age 50;

2. He is not entitled to receive earnings for employment in a position requiring him, or entitling him to elect, to be a participating employee;

3. The amount of his annuity, before the application of paragraph (b) of Section 7-142 is at least $10 per month;

4. If he first became a participating employee after December 31, 1961, he has at least 8 years of service. This service requirement shall not apply to any participating employee, regardless of participation date, if the General Assembly terminates the Fund.

(b) Retirement annuities shall be payable:

1. As provided in Section 7-119;

2. Except as provided in item 3, upon receipt by the fund of a written application. The effective date may be not more than one year prior to the date of the receipt by the fund of the application;

3. Upon the earlier of:

(i) The date chosen by the member and included in the written application, which shall be no earlier than the day following the last day of creditable service, or

(ii) Attainment Upon attainment of age 70 1/2 if the member (i) is no longer in service, and (ii) is otherwise entitled to an annuity under this Article;

4. To the beneficiary of the deceased annuitant for the unpaid amount accrued to date of death, if any.

The changes to this Section made by this amendatory Act of the 98th General Assembly apply to retirement annuities first granted on or after the effective date of this amendatory Act, without regard to whether the prospective annuitant was in service on or after that effective date.

(Source: P.A. 97-328, eff. 8-12-11; 97-609, eff. 1-1-12.)

Section 99. Effective date. This Act takes effect upon becoming law.