98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB0447

 

Introduced 1/23/2013, by Sen. John J. Cullerton

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/7-141  from Ch. 108 1/2, par. 7-141

    Amends the Illinois Pension Code. Makes a technical change in a Section concerning the Illinois Municipal Retirement Fund.


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PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by changing
5Section 7-141 as follows:
 
6    (40 ILCS 5/7-141)  (from Ch. 108 1/2, par. 7-141)
7    Sec. 7-141. Retirement annuities - Conditions. Retirement
8annuities shall be payable as hereinafter set forth:
9    (a) A participating employee who, regardless of cause, is
10separated from the the service of all participating
11municipalities and instrumentalities thereof and participating
12instrumentalities shall be entitled to a retirement annuity
13provided:
14        1. He is at least age 55, or in the case of a person who
15    is eligible to have his annuity calculated under Section
16    7-142.1, he is at least age 50;
17        2. He is not entitled to receive earnings for
18    employment in a position requiring him, or entitling him to
19    elect, to be a participating employee;
20        3. The amount of his annuity, before the application of
21    paragraph (b) of Section 7-142 is at least $10 per month;
22        4. If he first became a participating employee after
23    December 31, 1961, he has at least 8 years of service. This

 

 

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1    service requirement shall not apply to any participating
2    employee, regardless of participation date, if the General
3    Assembly terminates the Fund.
4    (b) Retirement annuities shall be payable:
5        1. As provided in Section 7-119;
6        2. Except as provided in item 3, upon receipt by the
7    fund of a written application. The effective date may be
8    not more than one year prior to the date of the receipt by
9    the fund of the application;
10        3. Upon attainment of age 70 1/2 if the member (i) is
11    no longer in service, and (ii) is otherwise entitled to an
12    annuity under this Article;
13        4. To the beneficiary of the deceased annuitant for the
14    unpaid amount accrued to date of death, if any.
15(Source: P.A. 97-328, eff. 8-12-11; 97-609, eff. 1-1-12.)