State of Illinois
91st General Assembly
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91_HB1597

 
                                               LRB9104333EGfg

 1        AN  ACT  to  amend  the Illinois Pension Code by changing
 2    Section 6-128.

 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. Alternative annuity for future entrants.
 9        (a)  A future entrant who withdraws on or after July  21,
10    1959,  after completing at least 23 years of service, and for
11    whom the annuity otherwise provided in this Article  is  less
12    than  that  stated  in  this  Section, has a right to receive
13    annuity as follows:
14        If he is age 53 or more on withdrawal, his annuity  after
15    withdrawal,  shall  be  equal  to  50%  of his average salary
16    determined by striking an average of  4  consecutive  highest
17    years   of  salary  within  the  last  10  years  of  service
18    immediately preceding the date of withdrawal.
19        An employee who reaches compulsory retirement age and who
20    has less than 23 years of service  shall  be  entitled  to  a
21    minimum  annuity equal to an amount determined by the product
22    of (1) his years of service and (2) 2% of his average salary
23    for the 4 consecutive highest years of salary within the last
24    10  years  of  service  immediately  prior  to  his  reaching
25    compulsory retirement age.
26        An employee who remains in service after  qualifying  for
27    annuity  under  this Section shall have added to this annuity
28    an additional 1% of average salary for each completed year of
29    service or fraction thereof rendered until July 21, 1959, and
30    an additional 1% for a total of 2%  of  average  salary  from
31    July  21,  1959.   Each  future  entrant who has completed 23
 
                            -2-                LRB9104333EGfg
 1    years of service before reaching age 53 shall have  added  to
 2    this  annuity 1% of average salary for each completed year of
 3    service or fraction thereof in excess of 23 years up  to  age
 4    53.  "Salary"  as  referred  to  in  this  paragraph shall be
 5    determined by  striking  an  average  of  the  4  consecutive
 6    highest  years  of salary within the last 10 years of service
 7    immediately preceding withdrawal.
 8        (b)  In lieu of the annuity  provided  in  the  foregoing
 9    provisions  of  this Section any future entrant who withdraws
10    from the service either (i) after December 31, 1983  with  at
11    least  22  years of service credit and having attained age 52
12    in the service, or (ii) after December 31, 1984 with at least
13    21 years of service credit and having attained age 51 in  the
14    service,  or  (iii)  after December 31, 1985 with at least 20
15    years of service credit and having attained  age  50  in  the
16    service,  or  (iv)  after  December 31, 1990 with at least 20
17    years of service regardless of age, may elect to  receive  an
18    annuity,  to begin not earlier than upon attainment of age 50
19    if under that age at withdrawal,  computed  as  follows:   an
20    annuity  equal to 50% of the average salary for the 4 highest
21    consecutive years of the  last  10  years  of  service,  plus
22    additional  annuity  equal  to  2% of such average salary for
23    each completed year of service or fraction  thereof  rendered
24    after  his  completion  of  the  minimum  number  of years of
25    service required for him to be eligible under this subsection
26    (b).  However, the annuity provided under this subsection (b)
27    may not exceed 75% of such average salary.
28        (c)  For the purpose of this  Section,  "average  salary"
29    means  the  average  of  the  highest  4 consecutive years of
30    salary within the last 10 years of service.
31    (Source: P.A. 86-1488.)

32        Section 99. Effective date.  This Act takes  effect  upon
33    becoming law.

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