(40 ILCS 5/7-144.3)
(from Ch. 108 1/2, par. 7-144.3)
Supplemental benefit payment.
(a) A supplemental benefit payment, consisting of a sum calculated as
provided in subsection (c), shall be payable to each eligible retirement
annuitant and surviving spouse annuitant on July 1, 1993, and on each
subsequent July 1; except that if this Code is amended to change the
uncompounded annual increase in retirement annuity granted in subsection
(c) of Section 7-142 to a compounded annual increase, no supplemental
benefit shall be paid under this Section on any July 1 occurring on or
after the effective date of that amendment. The amount of the supplemental
benefit payment, and a person's eligibility to receive the supplemental
benefit payment, shall be redetermined for each year in which the benefit
(b) To be eligible to receive a supplemental benefit payment, a person
must be entitled to receive a retirement annuity or surviving spouse
annuity from the Fund on the July 1 supplemental benefit payment date, and
must have been receiving that annuity during each of the 12 months
immediately preceding that date; except that a surviving spouse annuitant
whose surviving spouse annuity began less than one year before the July 1
supplemental benefit payment date shall be eligible if the deceased spouse
received a retirement annuity from the Fund during the period from the
previous July 1 until the start of the surviving spouse annuity.
(c) The amount of the supplemental benefit payment shall be determined
by the Board as follows:
(1) The total amount available for the payment of
supplemental benefit payments under this Section in any year shall be 0.62% of the last annual participating payroll for all participating municipalities and participating instrumentalities in the Fund, as determined and reconciled by the Fund.
(2) The amount of the supplemental benefit payment to
each eligible person shall be a portion of the total amount available under paragraph (1), equal to that portion of the total amount payable by the Fund to all eligible persons for retirement and surviving spouse annuities in the June preceding the July 1 supplemental benefit payment date, that is payable to the eligible person in that month.
(3) Notwithstanding paragraph (2), the amount of any
supplemental benefit payment paid to an annuitant under this Section shall not exceed any benefit limitations established by the federal government for qualified public pension plans.
(Source: P.A. 87-850.)