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92_HB0834 LRB9204150LDpr 1 AN ACT in relation to public employee benefits. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Illinois Pension Code is amended by 5 changing Section 17-119 as follows: 6 (40 ILCS 5/17-119) (from Ch. 108 1/2, par. 17-119) 7 Sec. 17-119. Automatic annual increase in pension. 8 (a) Each teacher retiring on or after September 1, 1959, 9 is entitled to the annual increase in pension, defined 10 herein, while he is receiving a pension from the Fund. 11 1. The term "base pension" means a service 12 retirement or disability retirement pension in the amount 13 fixed and payable at the date of retirement of a teacher. 14 2. The annual increase in pension shall be at the 15 rate of 1 1/2% of base pension. This increase shall first 16 occur in January of the year next following the first 17 anniversary of retirement. At such time the Fund shall 18 pay the pro rata part of the increase for the period from 19 the first anniversary date to the date of the first 20 increase in pension. Beginning January 1, 1972, the rate 21 of annual increase in pension shall be 2% of the base 22 pension. Beginning January 1, 1979, the rate of annual 23 increase in pension shall be 3% of the base pension. 24 Beginning January 1, 1990, all automatic annual increases 25 payable under this Section shall be calculated as a 26 percentage of the total pension payable at the time of 27 the increase, including all increases previously granted 28 under this Article, notwithstanding Section 17-157. 29 3. An increase in pension shall be granted only if 30 the retired teacher is age 60 or over. If the teacher 31 attains age 60 after retirement, the increase in pension -2- LRB9204150LDpr 1 shall begin in January of the year following the 61st 2 birthday. At such time the Fund also shall pay the pro 3 rata part of the increase from the later of (i) 4 attainment of age 55 or (ii) the date of retirement
61st5 birthdayto the date of first increase in pension. 6 (b) In addition to other increases which may be provided 7 by this Section, on January 1, 1981 any teacher who was 8 receiving a retirement pension on or before January 1, 1971 9 shall have his retirement pension then being paid increased 10 $1 per month for each year of creditable service. On January 11 1, 1982, any teacher whose retirement pension began on or 12 before January 1, 1977, shall have his retirement pension 13 then being paid increased $1 per month for each year of 14 creditable service. 15 On January 1, 1987, any teacher whose retirement pension 16 began on or before January 1, 1977, shall have the monthly 17 retirement pension increased by an amount equal to 8¢ per 18 year of creditable service times the number of years that 19 have elapsed since the retirement pension began. 20 (Source: P.A. 90-566, eff. 1-2-98.) 21 Section 90. The State Mandates Act is amended by adding 22 Section 8.25 as follows: 23 (30 ILCS 805/8.25 new) 24 Sec. 8.25. Exempt mandate. Notwithstanding Sections 6 25 and 8 of this Act, no reimbursement by the State is required 26 for the implementation of any mandate created by this 27 amendatory Act of the 92nd General Assembly. 28 Section 99. Effective date. This Act takes effect upon 29 becoming law.
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