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91_HB1597eng HB1597 Engrossed 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 16determined by striking an average of 4 consecutive highest17years of salary within the last 10 years of service18immediately 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 23for the 4 consecutive highest years of salary within the last2410 years of service immediately prior to his reaching25compulsory 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 HB1597 Engrossed -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 be5determined by striking an average of the 4 consecutive6highest years of salary within the last 10 years of service7immediately 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% oftheaverage salaryfor the 4 highest21consecutive years of the last 10 years of service, plus 22 additional annuity equal to 2% ofsuchaverage 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% ofsuchaverage 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.