(40 ILCS 5/5-129.1)
Withdrawal at mandatory retirement age - amount of annuity.
(a) In lieu of any annuity provided in the other provisions of this
Article, a policeman who is required to withdraw from service on or after
January 1, 2000 due to attainment of mandatory retirement age and 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 fraction thereof in excess of 10, but
not to exceed a maximum of 48% of average salary.
(b) For the purpose of this Section, "average salary" means the average of
the highest 4 consecutive years of salary within the last 10 years of service,
or such shorter period as may be used to calculate a minimum retirement
annuity under Section 5-132.
(c) For the purpose of qualifying for the annual increases provided in
Section 5-167.1, a policeman whose retirement annuity is calculated under
this Section shall be deemed to qualify for a minimum annuity.
(d) A policeman with less than 20 years of service credit who was
required to withdraw from service on or after January 1, 2000 but before
June 28, 2002 due to attainment of mandatory retirement age is also entitled
to have his or her retirement annuity calculated in accordance with this
Section. If payment of the annuity has already begun, the annuity shall be
recalculated. The resulting increase, if any, shall accrue from the starting
date of the annuity; the amount of the increase relating to the period before
the annuity is recalculated shall be paid to the annuitant in a lump sum,
(Source: P.A. 92-599, eff. 6-28-02; 93-654, eff. 1-16-04.)