Illinois General Assembly - Illinois Compiled Statutes

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40 ILCS 5/12-133.7

(40 ILCS 5/12-133.7)

Sec. 12-133.7.

Early retirement incentive for employees who have earned
maximum pension benefits.  A person who is eligible for the benefits provided
under Section 12-133.6 and who, if he or she had retired on or before February 29, 2004, would have been entitled to a pension equal to 80% of his or her
highest average salary for any 4 consecutive years within the last 10 years of
service immediately preceding February 29, 2004 without receiving the benefits
provided in Section 12-133.6 may elect, by filing a written election with
the Fund by January 30, 2004, to receive a lump sum from the Fund on his or
her last day of employment equal to 100% of his or her salary for the year
ending on February 29, 2004 or the date of withdrawal, whichever is earlier. To
be eligible to receive the benefit provided under this Section, the person
must withdraw from service on or after January 31, 2004 and on or before
February 29, 2004. If a person elects to receive the benefit provided under this
Section, his or her retirement annuity otherwise payable under Section 12-133
shall be reduced by an amount equal to the actuarial equivalent of the lump
sum.  If a person elects to receive the benefit provided under this Section,
the resulting reduction in retirement annuity under this Section shall not
affect the amount of any widow's service annuity or widow's prior service
annuity under Section 12-135 or any optional reversionary annuity for a
surviving spouse under Section 12-136.1.

(Source: P.A. 93-654, eff. 1-16-04.)