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91_HB0205 LRB9100896EGfg 1 AN ACT to amend the Illinois Pension Code by changing 2 Section 5-132 and to amend the State Mandates Act. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Illinois Pension Code is amended by 6 changing Section 5-132 as follows: 7 (40 ILCS 5/5-132) (from Ch. 108 1/2, par. 5-132) 8 Sec. 5-132. Minimum annuity. 9 (A) Any policeman who withdraws on or after July 8, 10 1957, or any policeman transferred to the police service of 11 the city under the Exchange of Functions Act of 1957 who 12 withdraws on or after July 17, 1959, after completing at 13 least 20 years of service, for whom the annuity otherwise 14 provided in this Article is less than that stated in this 15 Section, has a right to receive annuity as follows: 16 (a) If he is age 55 or more on withdrawal, his 17 annuity after
suchwithdrawal ,shall be equal to 2% of 18 theaverage salary for 4 consecutive years of highest19 salaries within the last 10 years of service before20 withdrawal,for each year of service, together with 1/6 21 of 1% of suchaverage salary for each complete month of 22 service of each fractional year, but not in excess of 75% 23 of the average annual salary. 24 (b) If he is age 50 or more but less than age 55 on 25 withdrawal, his annuity shall be equal to 2% of the26 average salary for the 4 highest consecutive years of the27 last 10 years of servicefor each year of service, 28 together with 1/16 of 1% of suchaverage salary for each 29 month of each fractional year of service, reduced by 1/2 30 of 1% for each month that he is less than age 55. 31 (c) If he is less than age 50 on withdrawal, he -2- LRB9100896EGfg 1 may, upon attainment of age 50 or over, become entitled 2 to the annuity provided in this Section or ,he may, upon 3 application before age 50, receive a refund of the 4 deductions from salary, plus interest at 1 1/2% per annum 5 if he is entitled to refund under Section 5-163. 6 (d) In lieu of the annuity provided in the 7 foregoing provisions of this Section 5-132 any policeman 8 who withdraws from the service after December 31, 1973, 9 after having attained age 53 in the service with 23 or 10 more years of service credit shall be entitled to an 11 annuity computed as follows if such annuity is greater 12 than that provided in the foregoing paragraphs of this 13 Section 5-132: An annuity equal to 50% of theaverage 14 salary for the 4 highest consecutive years of the last 1015 years of serviceplus additional annuity equal to 2% of 16 suchaverage salary for each completed year of service or 17 fraction thereof rendered after his attainment of age 53 18 and the completion of 23 years of service. 19 Any policeman who has completed 23 years of service 20 prior to his attainment of age 53 in the service and 21 continues in the service until his attainment of age 53 22 shall have added to his annuity, computed as provided in 23 the immediately preceding paragraph, an additional 24 annuity equal to 1% of suchaverage salary for each 25 completed year of service or fraction thereof in excess 26 of 23 years up to age 53. 27 (e) In lieu of the annuity provided in the 28 foregoing provisions of this Section, any policeman who 29 withdraws from the service either (i) after December 31, 30 1983 with at least 22 years of service credit and having 31 attained age 52 in the service, or (ii) after December 32 31, 1984 with at least 21 years of service credit and 33 having attained age 51 in the service, or (iii) after 34 December 31, 1985 with at least 20 years of service -3- LRB9100896EGfg 1 credit and having attained age 50 in the service, or (iv) 2 after December 31, 1990, with at least 20 years of 3 service credit regardless of age, shall be entitled to an 4 annuity to begin not earlier than upon attainment of age 5 50 if under such age at withdrawal, computed as follows: 6 an annuity equal to 50% of theaverage salary for the 47 highest consecutive years of the last 10 years of8 service,plus additional annuity equal to 2% of such9 average salary for each completed year of service or 10 fraction thereof rendered after his completion of the 11 minimum number of years of service required for him to be 12 eligible under this subsection (e). However, the annuity 13 provided under this subsection (e) may not exceed 75% of 14 suchaverage salary. 15 (f) A policeman who withdraws from service on or 16 after the effective date of this amendatory Act of the 17 91st General Assembly with at least 25 years of service 18 credit, regardless of age at withdrawal, may elect to 19 receive, in lieu of any other annuity provided under this 20 Article, an annuity equal to 2% of average salary for 21 each completed year of service, but not to exceed a 22 maximum of 75% of average salary. This annuity is 23 payable without regard to the age of the annuitant. 24 (B) A policeman withdrawing after September 1, 1969, 25 may, in addition, be entitled to the benefits provided by 26 Section 5-167.1 of this Article if he so qualifies under that 27 Section. 28 (C) If, on withdrawal, total service is less than 20 29 years, the policeman shall not be entitled to an annuity 30 under this Section but may receive an annuity under the other 31 provisions of this Article or, if entitled thereto under 32 Section 5-163, a refund of the deductions from salary, 33 including, in the case of policemen transferred to the police 34 service of the city under the Exchange of Functions Act of -4- LRB9100896EGfg 1 1957, the additional contribution paid on salary received 2 from August 1, 1957, to July 17, 1959, as provided in the 3 Park Policemen's Annuity Act, together with interest at 1 4 1/2% per annum. 5 Moneys voluntarily contributed under the Policemen's 6 Annuity and Benefit Fund Act of the Illinois Municipal Code, 7 or the Park Policemen's Annuity Act, shall be refunded to the 8 contributing policemen who were in service on January 1, 9 1954, or in the case of policemen transferred to the police 10 service of the city under the Exchange of Functions Act of 11 1957, who were in service on July 17, 1959. 12 The age and service annuity formula in this Section shall 13 not apply to any policeman who, having retired before July 8, 14 1957, or before July 17, 1959, in the case of a policeman 15 transferred under the provisions of the Exchange of Functions 16 Act of 1957, re-enters the police service after such dates, 17 whichever are applicable. 18 (D) For the purpose of this Section, "average salary" 19 means the average of the highest 4 consecutive years of 20 salary within the last 10 years of service. 21 (Source: P.A. 86-1488.) 22 Section 90. The State Mandates Act is amended by adding 23 Section 8.23 as follows: 24 (30 ILCS 805/8.23 new) 25 Sec. 8.23. Exempt mandate. Notwithstanding Sections 6 26 and 8 of this Act, no reimbursement by the State is required 27 for the implementation of any mandate created by this 28 amendatory Act of the 91st General Assembly. 29 Section 99. Effective date. This Act takes effect upon 30 becoming law.
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