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92_SB0335 LRB9207358EGfg 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 adding Section 5-129.1 as follows: 6 (40 ILCS 5/5-129.1 new) 7 Sec. 5-129.1. Withdrawal at mandatory retirement age - 8 amount of annuity. 9 (a) In lieu of any annuity provided in the other 10 provisions of this Article, a policeman who is required to 11 withdraw from service due to attainment of mandatory 12 retirement age and has less than 20 years of service credit 13 may elect to receive an annuity equal to 30% of average 14 salary for the first 10 years of service plus 2% of average 15 salary for each completed year of service or fraction thereof 16 in excess of 10, but not to exceed a maximum of 48% of 17 average salary. 18 (b) For the purpose of this Section, "average salary" 19 means the average of the highest 4 consecutive years of 20 salary within the last 10 years of service, or such shorter 21 period as may be used to calculate a minimum retirement 22 annuity under Section 5-132. 23 (c) For the purpose of qualifying for the annual 24 increases provided in Section 5-167.1, a policeman whose 25 retirement annuity is calculated under this Section shall be 26 deemed to qualify for a minimum annuity. 27 Section 90. The State Mandates Act is amended by adding 28 Section 8.25 as follows: 29 (30 ILCS 805/8.25 new) -2- LRB9207358EGfg 1 Sec. 8.25. Exempt mandate. Notwithstanding Sections 6 2 and 8 of this Act, no reimbursement by the State is required 3 for the implementation of any mandate created by this 4 amendatory Act of the 92nd General Assembly. 5 Section 99. Effective date. This Act takes effect upon 6 becoming law.
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