[ Search ] [ PDF text ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
92_SB1597 LRB9213992EGfg 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 5-132 as follows: 6 (40 ILCS 5/5-132) (from Ch. 108 1/2, par. 5-132) 7 Sec. 5-132. Minimum annuity. 8 (A) Any policeman who withdraws on or after July 8, 9 1957, or any policeman transferred to the police service of 10 the city under the Exchange of Functions Act of 1957 who 11 withdraws on or after July 17, 1959, after completing at 12 least 20 years of service, for whom the annuity otherwise 13 provided in this Article is less than that stated in this 14 Section, has a right to receive annuity as follows: 15 (a) If he is age 55 or more on withdrawal, his 16 annuity after
suchwithdrawal ,shall be equal to 2% of 17 theaverage salary for 4 consecutive years of highest18 salaries within the last 10 years of service before19 withdrawal,for each year of service, together with 1/6 20 of 1% of suchaverage salary for each complete month of 21 service of each fractional year, but not in excess of 75% 22 of the average annual salary. 23 (b) If he is age 50 or more but less than age 55 on 24 withdrawal, his annuity shall be equal to 2% of the25 average salary for the 4 highest consecutive years of the26 last 10 years of servicefor each year of service, 27 together with 1/16 of 1% of suchaverage salary for each 28 month of each fractional year of service, reduced by 1/2 29 of 1% for each month that he is less than age 55. 30 (c) If he is less than age 50 on withdrawal, he 31 may, upon attainment of age 50 or over, become entitled -2- LRB9213992EGfg 1 to the annuity provided in this Section or ,he may, upon 2 application before age 50, receive a refund of the 3 deductions from salary, plus interest at 1 1/2% per annum 4 if he is entitled to refund under Section 5-163. 5 (d) In lieu of the annuity provided in the 6 foregoing provisions of this Section 5-132 any policeman 7 who withdraws from the service after December 31, 1973, 8 after having attained age 53 in the service with 23 or 9 more years of service credit shall be entitled to an 10 annuity computed as follows if such annuity is greater 11 than that provided in the foregoing paragraphs of this 12 Section 5-132: An annuity equal to 50% of theaverage 13 salary for the 4 highest consecutive years of the last 1014 years of serviceplus additional annuity equal to 2% of 15 suchaverage salary for each completed year of service or 16 fraction thereof rendered after his attainment of age 53 17 and the completion of 23 years of service. 18 Any policeman who has completed 23 years of service 19 prior to his attainment of age 53 in the service and 20 continues in the service until his attainment of age 53 21 shall have added to his annuity, computed as provided in 22 the immediately preceding paragraph, an additional 23 annuity equal to 1% of suchaverage salary for each 24 completed year of service or fraction thereof in excess 25 of 23 years up to age 53. 26 (e) In lieu of the annuity provided in the 27 foregoing provisions of this Section, any policeman who 28 withdraws from the service either (i) after December 31, 29 1983 with at least 22 years of service credit and having 30 attained age 52 in the service, or (ii) after December 31 31, 1984 with at least 21 years of service credit and 32 having attained age 51 in the service, or (iii) after 33 December 31, 1985 with at least 20 years of service 34 credit and having attained age 50 in the service, or (iv) -3- LRB9213992EGfg 1 after December 31, 1990, with at least 20 years of 2 service credit regardless of age, shall be entitled to an 3 annuity to begin not earlier than upon attainment of age 4 50 if under such age at withdrawal, computed as follows: 5 an annuity equal to 50% of theaverage salary for the 46 highest consecutive years of the last 10 years of7 service,plus additional annuity equal to 2% of such8 average salary for each completed year of service or 9 fraction thereof rendered after his completion of the 10 minimum number of years of service required for him to be 11 eligible under this subsection (e). However, the annuity 12 provided under this subsection (e) may not exceed 75% of 13 suchaverage salary. 14 (B) (f)A policeman withdrawing after September 1, 1969, 15 may, in addition, be entitled to the benefits provided by 16 Section 5-167.1 of this Article if he so qualifies under that 17 Section. 18 (C) If, on withdrawal, total service is less than 20 19 years, the policeman shall not be entitled to an annuity 20 under this Section but may receive an annuity under the other 21 provisions of this Article or, if entitled thereto under 22 Section 5-163, a refund of the deductions from salary, 23 including, in the case of policemen transferred to the police 24 service of the city under the Exchange of Functions Act of 25 1957, the additional contribution paid on salary received 26 from August 1, 1957, to July 17, 1959, as provided in the 27 Park Policemen's Annuity Act, together with interest at 1 28 1/2% per annum. 29 Moneys voluntarily contributed under the Policemen's 30 Annuity and Benefit Fund Act of the Illinois Municipal Code, 31 or the Park Policemen's Annuity Act, shall be refunded to the 32 contributing policemen who were in service on January 1, 33 1954, or in the case of policemen transferred to the police 34 service of the city under the Exchange of Functions Act of -4- LRB9213992EGfg 1 1957, who were in service on July 17, 1959. 2 The age and service annuity formula in this Section shall 3 not apply to any policeman who, having retired before July 8, 4 1957, or before July 17, 1959, in the case of a policeman 5 transferred under the provisions of the Exchange of Functions 6 Act of 1957, re-enters the police service after such dates, 7 whichever are applicable. 8 (D) For the purpose of this Section, "average salary" 9 means: 10 (1) for a policeman withdrawing from service before 11 January 1, 2003, the average of the highest 4 consecutive 12 years of salary within the last 10 years of service; 13 (2) for a policeman withdrawing from service on or 14 after January 1, 2003, the average of the highest 36 15 consecutive months of salary within the last 10 years of 16 service. 17 (Source: P.A. 86-1488.) 18 Section 90. The State Mandates Act is amended by adding 19 Section 8.26 as follows: 20 (30 ILCS 805/8.26 new) 21 Sec. 8.26. Exempt mandate. Notwithstanding Sections 6 22 and 8 of this Act, no reimbursement by the State is required 23 for the implementation of any mandate created by this 24 amendatory Act of the 92nd General Assembly. 25 Section 99. Effective date. This Act takes effect upon 26 becoming law.
[ Top ]