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92_SB0485 LRB9203904EGfg 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 9-134.4 as follows: 6 (40 ILCS 5/9-134.4 new) 7 Sec. 9-134.4. Early retirement incentives. 8 (a) To be eligible for the benefits provided in this 9 Section, a person must: 10 (1) be a current contributing member of the Fund 11 established under this Article who, on January 1, 2001 12 and within 30 days prior to the date of retirement, is 13 (i) in active payroll status in a position of employment 14 under this Article or (ii) receiving disability benefits 15 under Section 9-156 or 9-157; 16 (2) have not previously retired from the Fund; 17 (3) file with the Board before October 1, 2001 a 18 written application requesting the benefits provided in 19 this Section; 20 (4) elect to retire under this Section on or after 21 June 1, 2002 and on or before November 30, 2002 (or the 22 date established under subsection (d), if applicable); 23 (5) have attained age 50 on or before the date of 24 retirement and before November 30, 2002; and 25 (6) have at least 20 years of creditable service in 26 the Fund, excluding service in any of the other 27 participating systems under the Retirement Systems 28 Reciprocal Act, by the effective date of the retirement 29 annuity or November 30, 2002, whichever occurs first. 30 (b) An employee who qualifies for the benefits provided 31 under this Section shall be entitled to the following: -2- LRB9203904EGfg 1 (1) The employee's retirement annuity, as 2 calculated under the other provisions of this Article, 3 shall be increased at the time of retirement by an amount 4 equal to 1% of the employee's average annual salary for 5 the highest 4 consecutive years within the last 10 years 6 of service, multiplied by the employee's number of years 7 of service credit in this Fund up to a maximum of 10 8 years; except that the total retirement annuity, 9 including any additional benefits elected under Section 10 9-121.6 or 9-179.3, shall not exceed 80% of that highest 11 average annual salary. 12 (2) If the employee's retirement annuity is 13 calculated under Section 9-134, the employee shall not be 14 subject to the reduction in retirement annuity because of 15 retirement below age 60 that is otherwise required under 16 that Section. 17 (c) A person who elects to retire under the provisions 18 of this Section thereby relinquishes his or her right, if 19 any, to have the retirement annuity calculated under the 20 alternative formula formerly set forth in Section 20-122 of 21 the Retirement Systems Reciprocal Act. 22 (d) In the case of an employee whose immediate 23 retirement could jeopardize public safety or create hardship 24 for the employer, the deadline for retirement provided in 25 subdivision (a)(4) of this Section may be extended to a 26 specified date, no later than May 31, 2003, by the employee's 27 department head, with the approval of the President of the 28 County Board. In the case of an employee who is not employed 29 by a department of the County, the employee's "department 30 head", for the purposes of this Section, shall be a person 31 designated by the President of the County Board. 32 (e) Notwithstanding Section 9-161, an annuitant who 33 reenters service under this Article after receiving a 34 retirement annuity based on benefits provided under this -3- LRB9203904EGfg 1 Section thereby forfeits the right to continue to receive 2 those benefits and shall have his or her retirement annuity 3 recalculated without the benefits provided in this Section. 4 (f) This Section also applies to the Fund established 5 under Article 10 of this Code. 6 Section 90. The State Mandates Act is amended by adding 7 Section 8.25 as follows: 8 (30 ILCS 805/8.25 new) 9 Sec. 8.25. Exempt mandate. Notwithstanding Sections 6 10 and 8 of this Act, no reimbursement by the State is required 11 for the implementation of any mandate created by this 12 amendatory Act of the 92nd General Assembly. 13 Section 99. Effective date. This Act takes effect upon 14 becoming law.
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