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91_HB0366 LRB9101360EGfg 1 AN ACT to amend the Illinois Pension Code by changing 2 Section 6-128 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 6-128 as follows: 7 (40 ILCS 5/6-128) (from Ch. 108 1/2, par. 6-128) 8 Sec. 6-128. (a) A future entrant who withdraws on or 9 after July 21, 1959, after completing at least 23 years of 10 service, and for whom the annuity otherwise provided in this 11 Article is less than that stated in this Section, has a right 12 to receive annuity as follows: 13 If he is age 53 or more on withdrawal, his annuity after 14 withdrawal, shall be equal to 50% of his average salary 15
determined by striking an average of 4 consecutive highest16 years of salary within the last 10 years of service17 immediately preceding the date of withdrawal. 18 An employee who reaches compulsory retirement age and who 19 has less than 23 years of service shall be entitled to a 20 minimum annuity equal to an amount determined by the product 21 of (1) his years of service and (2) 2% of his average salary 22 for the 4 consecutive highest years of salary within the last23 10 years of service immediately prior to his reaching24 compulsory retirement age. 25 An employee who remains in service after qualifying for 26 annuity under this Section shall have added to this annuity 27 an additional 1% of average salary for each completed year of 28 service or fraction thereof rendered until July 21, 1959, and 29 an additional 1% for a total of 2% of average salary from 30 July 21, 1959. Each future entrant who has completed 23 31 years of service before reaching age 53 shall have added to -2- LRB9101360EGfg 1 this annuity 1% of average salary for each completed year of 2 service or fraction thereof in excess of 23 years up to age 3 53. "Salary" as referred to in this paragraph shall be4 determined by striking an average of the 4 consecutive5 highest years of salary within the last 10 years of service6 immediately preceding withdrawal.7 (b) In lieu of the annuity provided in the foregoing 8 provisions of this Section any future entrant who withdraws 9 from the service either (i) after December 31, 1983 with at 10 least 22 years of service credit and having attained age 52 11 in the service, or (ii) after December 31, 1984 with at least 12 21 years of service credit and having attained age 51 in the 13 service, or (iii) after December 31, 1985 with at least 20 14 years of service credit and having attained age 50 in the 15 service, or (iv) after December 31, 1990 with at least 20 16 years of service regardless of age, may elect to receive an 17 annuity, to begin not earlier than upon attainment of age 50 18 if under that age at withdrawal, computed as follows: an 19 annuity equal to 50% of theaverage salary for the 4 highest20 consecutive years of the last 10 years of service, plus 21 additional annuity equal to 2% of suchaverage salary for 22 each completed year of service or fraction thereof rendered 23 after his completion of the minimum number of years of 24 service required for him to be eligible under this subsection 25 (b). However, the annuity provided under this subsection (b) 26 may not exceed 75% of suchaverage salary. 27 (c) In lieu of the annuity provided in any other 28 provision of this Section, a future entrant who withdraws 29 from service after December 31, 1999 with at least 20 years 30 of service may elect to receive an annuity, to begin no 31 earlier than upon attainment of age 50 if under that age at 32 withdrawal, equal to 50% of average salary plus 2.5% of 33 average salary for each completed year of service or fraction 34 thereof over 20, but not to exceed 75% of average salary. -3- LRB9101360EGfg 1 (d) For the purpose of this Section, "average salary" 2 means the average of the highest 4 consecutive years of 3 salary within the last 10 years of service. 4 (Source: P.A. 86-1488.) 5 Section 90. The State Mandates Act is amended by adding 6 Section 8.23 as follows: 7 (30 ILCS 805/8.23 new) 8 Sec. 8.23. Exempt mandate. Notwithstanding Sections 6 9 and 8 of this Act, no reimbursement by the State is required 10 for the implementation of any mandate created by this 11 amendatory Act of the 91st General Assembly. 12 Section 99. Effective date. This Act takes effect upon 13 becoming law.
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