101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
Introduced 2/15/2019, by Sen. Mattie Hunter
SYNOPSIS AS INTRODUCED:
40 ILCS 5/17-119.1
40 ILCS 5/17-116.1 rep.
40 ILCS 5/17-116.3 rep.
40 ILCS 5/17-116.4 rep.
40 ILCS 5/17-116.5 rep.
40 ILCS 5/17-116.6 rep.
Amends the Chicago Teacher Article of the Illinois Pension Code.
Removes a provision concerning a reduction in a specified contribution for
certain members who retire before July 1, 1998. Repeals obsolete provisions
concerning early retirement incentives. Effective immediately.
|PENSION IMPACT NOTE ACT MAY APPLY|
A BILL FOR
|SB1765||LRB101 08811 RPS 53900 b|
AN ACT concerning public employee benefits.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Illinois Pension Code is amended by changing
Section 17-119.1 as follows:
(40 ILCS 5/17-119.1)
Optional increase in retirement annuity.
(a) A member of the Fund may qualify for the augmented rate
subdivision (b)(3) of Section 17-116 for all years of
earned before July 1, 1998 by making the
optional contribution specified in
subsection (b); except that
a member who retires on or after July 1, 1998
with at least 30
years of creditable service at retirement qualifies for the
augmented rate without making any contribution under
subsection (b). Any
member who retires on or after July 1, 1998
and before the effective date of
this amendatory Act of the
92nd General Assembly with at least 30 years of
service shall be paid a lump sum equal to the amount he or she
have received under the augmented rate minus the amount
he or she actually
received. A member may not elect to qualify
for the augmented rate for only
a portion of his or her
creditable service earned before July 1, 1998.
(b) The contribution shall be an amount equal to 1.0% of