Illinois General Assembly - Full Text of Public Act 093-0494
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Public Act 093-0494


 

Public Act 93-0494 of the 93rd General Assembly


Public Act 93-0494

SB1476 Enrolled                      LRB093 10980 EFG 11590 b

    AN ACT in relation to public employee benefits.

    Be it enacted by the People of  the  State  of  Illinois,
represented in the General Assembly:

    Section  5.   The  Illinois  Pension  Code  is amended by
changing Section 2-119.1 as follows:

    (40 ILCS 5/2-119.1) (from Ch. 108 1/2, par. 2-119.1)
    Sec. 2-119.1.  Automatic increase in retirement annuity.
    (a)  A participant who retires after June 30,  1967,  and
who  has  not received an initial increase under this Section
before the effective date of this  amendatory  Act  of  1991,
shall,   in   January   or  July  next  following  the  first
anniversary of retirement, whichever occurs first, and in the
same month of each year thereafter, but in no event prior  to
age  60, have the amount of the originally granted retirement
annuity increased as follows:  for each year through 1971,  1
1/2%;  for each year from 1972 through 1979, 2%; and for 1980
and each year thereafter, 3%.  Annuitants who  have  received
an  initial  increase  under  this  subsection  prior  to the
effective date of this amendatory Act of 1991 shall  continue
to  receive  their  annual increases in the same month as the
initial increase.
    (b)  Beginning January 1, 1990, for eligible participants
who remain in service after attaining 20 years of  creditable
service, the 3% increases provided under subsection (a) shall
begin to accrue on the January 1 next following the date upon
which  the  participant (1) attains age 55, or (2) attains 20
years of creditable  service,  whichever  occurs  later,  and
shall  continue  to  accrue  while the participant remains in
service; such increases shall become payable on January 1  or
July  1,  whichever  occurs  first,  next following the first
anniversary of retirement.  For any person  who  has  service
credit  in  the System for the entire period from January 15,
1969 through December 31, 1992, regardless  of  the  date  of
termination of service, the reference to age 55 in clause (1)
of this subsection (b) shall be deemed to mean age 50.
    This  subsection  (b)  does  not  apply to any person who
first becomes a member of the System after the effective date
of this amendatory Act of the 93rd General Assembly.
    (c)  The  foregoing  provisions  relating  to   automatic
increases  are  not  applicable  to a participant who retires
before having made contributions (at the rate  prescribed  in
Section  2-126)  for  automatic  increases  for less than the
equivalent of  one  full  year.   However,  in  order  to  be
eligible  for the automatic increases, such a participant may
make arrangements to pay to the system the amount required to
bring the total contributions for the automatic  increase  to
the  equivalent of one year's contributions based upon his or
her last salary.
    (d)  A participant who terminated service prior  to  July
1,  1967, with at least 14 years of service is entitled to an
increase in retirement annuity beginning January,  1976,  and
to additional increases in January of each year thereafter.
    The  initial  increase  shall be 1 1/2% of the originally
granted retirement annuity multiplied by the number  of  full
years  that  the   annuitant  was  in receipt of such annuity
prior to January 1, 1972, plus 2% of the  originally  granted
retirement  annuity  for  each  year  after  that  date.  The
subsequent annual increases shall be at the rate of 2% of the
originally granted retirement annuity for each  year  through
1979 and at the rate of 3% for 1980 and thereafter.
    (e)  Beginning  January  1,  1990,  all  automatic annual
increases payable under this Section shall be calculated as a
percentage of the total annuity payable at the  time  of  the
increase,  including  previous  increases  granted under this
Article.
(Source: P.A. 86-273; 87-794; 87-1265.)

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

Effective Date: 8/8/2003