State of Illinois
91st General Assembly
Legislation

   [ Search ]   [ Legislation ]
[ Home ]   [ Back ]   [ Bottom ]



91_SB0062

 
                                               LRB9100893EGfg

 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  such  withdrawal, shall be equal to 2% of
18        the average salary for 4  consecutive  years  of  highest
19        salaries  within  the  last  10  years  of service before
20        withdrawal, for each year of service, together  with  1/6
21        of  1%  of such average 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  the
26        average salary for the 4 highest consecutive years of the
27        last  10  years  of  service  for  each  year of service,
28        together with 1/16 of 1% of such average 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-                LRB9100893EGfg
 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 the average
14        salary for the 4 highest consecutive years of the last 10
15        years of service plus additional annuity equal to  2%  of
16        such average 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  such  average 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-                LRB9100893EGfg
 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 the average salary for  the  4
 7        highest  consecutive  years  of  the  last  10  years  of
 8        service,  plus  additional  annuity  equal  to 2% of such
 9        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        such average salary.
15        (B) (f)  A policeman withdrawing after September 1, 1969,
16    may,  in  addition,  be  entitled to the benefits provided by
17    Section 5-167.1 of this Article if he so qualifies under that
18    Section.
19        (C)  If, on withdrawal, total service  is  less  than  20
20    years,  the  policeman  shall  not  be entitled to an annuity
21    under this Section but may receive an annuity under the other
22    provisions of this Article  or,  if  entitled  thereto  under
23    Section  5-163,  a  refund  of  the  deductions  from salary,
24    including, in the case of policemen transferred to the police
25    service of the city under the Exchange of  Functions  Act  of
26    1957,  the  additional  contribution  paid on salary received
27    from August 1, 1957, to July 17, 1959,  as  provided  in  the
28    Park  Policemen's  Annuity  Act,  together with interest at 1
29    1/2% per annum.
30        Moneys  voluntarily  contributed  under  the  Policemen's
31    Annuity and Benefit Fund Act of the Illinois Municipal  Code,
32    or the Park Policemen's Annuity Act, shall be refunded to the
33    contributing  policemen  who  were  in  service on January 1,
34    1954, or in the case of policemen transferred to  the  police
 
                            -4-                LRB9100893EGfg
 1    service  of  the  city under the Exchange of Functions Act of
 2    1957, who were in service on July 17, 1959.
 3        The age and service annuity formula in this Section shall
 4    not apply to any policeman who, having retired before July 8,
 5    1957, or before July 17, 1959, in the  case  of  a  policeman
 6    transferred under the provisions of the Exchange of Functions
 7    Act  of  1957, re-enters the police service after such dates,
 8    whichever are applicable.
 9        (D)  For the purpose of this  Section,  "average  salary"
10    means:
11             (1)  for a policeman withdrawing from service before
12        January 1, 2000, the average of the highest 4 consecutive
13        years of salary within the last 10 years of service;
14             (2)  for  a policeman withdrawing from service on or
15        after January 1, 2000, the  average  of  the  highest  12
16        consecutive  months of salary within the last 10 years of
17        service.
18    (Source: P.A. 86-1488.)

19        Section 90.  The State Mandates Act is amended by  adding
20    Section 8.23 as follows:

21        (30 ILCS 805/8.23 new)
22        Sec.  8.23.  Exempt  mandate.  Notwithstanding Sections 6
23    and 8 of this Act, no reimbursement by the State is  required
24    for  the  implementation  of  any  mandate  created  by  this
25    amendatory Act of the 91st General Assembly.

26        Section  99.  Effective date.  This Act takes effect upon
27    becoming law.

[ Top ]