before March 1, 1994, a written application requesting the benefits provided in this Section and a notice of resignation from employment, which resignation must take effect no earlier than June 1, 1994 and no later than September 1, 1994 unless the applicant's retirement is delayed under subsection (e) of this Section;
(b) An eligible person may establish up to 5 years of creditable service
under this Section. In addition, for each period of creditable
service established under this Section, a person's age at retirement shall
be deemed to be increased by an equal period.
The creditable service established under this Section may be used for all
purposes under this Article and the Retirement Systems Reciprocal Act,
except for the purposes of Section 17-116.1, and the determination of
average salary or compensation under this or any other Article of this Code.
The age enhancement established under this Section may be used for all
purposes under this Article (including calculation of a proportionate
pension payable by this Fund under the Retirement Systems Reciprocal
Act), except for purposes of the reversionary pension under
Section 17-120, and distributions required by federal law on
account of age. However, age enhancement established under this
Section shall not be used in determining benefits payable under other
Articles of this Code under the Retirement Systems Reciprocal Act.
(c) For all creditable service established under this Section, the
employer must pay to the Fund an employer contribution consisting of
12% of the member's highest annual full-time rate of compensation for each
year of creditable service granted under this Section.
The employer contribution shall be paid to the Fund in one of the
following ways: (i) in a single sum at the time of the member's
retirement, (ii) in equal quarterly installments over a period of 5 years
from the date of retirement, or (iii) subject to the approval of the Board
of the Fund, in unequal installments over a period of no more than 5
years from the date of retirement, as provided in a payment plan designed
by the Fund to accommodate the needs of the employer. The employer's
failure to make the required contributions in a timely manner shall not
affect the payment of the retirement pension.
For all creditable service established under this Section, the
employee must pay to the Fund an employee contribution consisting of
4% of the member's highest annual salary rate used in the determination of
the retirement pension for each year of creditable service granted under
this Section. The employee contribution shall be deducted from the retirement
annuity in 24 monthly installments.
(d) An annuitant who has received any age enhancement or creditable
service under this Section and whose pension is suspended or cancelled
under Section 17-149 or 17-150 shall thereby forfeit the age enhancement
and creditable service. The forfeiture of creditable service under this
subsection shall not entitle the employer to a refund of the employer
contribution paid under this Section, nor to forgiveness of any part of that
contribution that remains unpaid. The forfeiture of creditable service under
this subsection shall not entitle the employee to a refund of the employee
contribution paid under this Section.
(e) If the number of employees of an employer that apply for early
retirement under this Section exceeds 30% of those eligible, the employer may
require that, for any or all of the number of applicants in excess of that 30%,
the starting date of the retirement pension enhanced under this Section be no
earlier than June 1, 1995 and no later than September 1, 1995. The right to
have the retirement pension begin before June 1, 1995 shall be allocated among
the applicants on the basis of seniority in the service of that employer.
This delay applies only to persons who are applying for early
retirement incentives under this Section, and does not prevent a person
whose application for early retirement incentives has been withdrawn from
beginning to receive a retirement pension on the earliest date upon which
the person is otherwise eligible under this Article.
(f) A member who receives any early retirement incentive under Section
17-116.3 may not receive any early retirement incentive under this Section.
(g) Notwithstanding Section 17-157, a person who is receiving early
retirement benefits under this Section may establish service credit for a
period of up to 3 weeks during the month of January, 1968, during which the
person was prevented from working due to civil unrest or a wildcat strike.
A person wishing to establish this credit must apply in writing to the Board
within 30 days after the effective date of this amendatory Act of the 92nd
General Assembly and pay to the Fund an employee contribution calculated at
the rate and salary applicable to the employee at the time for which credit
is being established, without interest. When a person establishes additional
service credit under this subsection, the Fund shall recalculate the annuity
originally granted under this Section to reflect the additional credit and
shall pay to the annuitant in a lump sum the difference between the annuity
payments paid before the date of the recalculation and the recalculated amount
of those payments.
(Source: P.A. 92-416, eff. 8-17-01.)