093_HB3887

                                     LRB093 13485 LRD 18810 b

 1        AN ACT concerning 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 16-132 as follows:

 6        (40 ILCS 5/16-132) (from Ch. 108 1/2, par. 16-132)
 7        Sec. 16-132.  Retirement annuity  eligibility.  A  member
 8    who  has  at least 20 years of creditable service is entitled
 9    to a retirement annuity upon or after attainment of age 55. A
10    member who has  at  least  10  but  less  than  20  years  of
11    creditable  service  is entitled to a retirement annuity upon
12    or after attainment of age 60. A member who has  at  least  5
13    but less than 10 years of creditable service is entitled to a
14    retirement  annuity  upon  or  after  attainment of age 62. A
15    member who (i)  has  earned  during  the  period  immediately
16    preceding  the  last  day  of  service  at  least one year of
17    contributing  creditable  service  as  an   employee   of   a
18    department  as  defined in Section 14-103.04, (ii) has earned
19    at least 5 years of contributing  creditable  service  as  an
20    employee of a department as defined in Section 14-103.04, and
21    (iii)  retires  on  or after January 1, 2001 is entitled to a
22    retirement annuity upon or after attainment of an age  which,
23    when  added  to  the  number  of  years  of  his or her total
24    creditable service, equals at least 85.   Portions  of  years
25    shall be counted as decimal equivalents.
26        A  member who is eligible to receive a retirement annuity
27    of at least 74.6% of final average salary and will attain age
28    55 on or after May 15 and on or before  December  31  of  the
29    calendar  year  of  retirement  before December 31 during the
30    year which commences on July 1 shall be deemed to attain  age
31    55 on May 15 of that calendar year the preceding June 1.
 
                            -2-      LRB093 13485 LRD 18810 b
 1        A  member  meeting  the  above  eligibility conditions is
 2    entitled to a retirement annuity upon written application  to
 3    the  board  setting  forth  the  date  the  member wishes the
 4    retirement annuity to commence.  However, the effective  date
 5    of  the  retirement  annuity shall be no earlier than the day
 6    following the last day of creditable service,  regardless  of
 7    the date of official termination of employment.
 8        To  be  eligible for a retirement annuity, a member shall
 9    not be employed as a teacher in the  schools  included  under
10    this  System  or  under Article 17, except (i) as provided in
11    Section 16-118 or 16-150.1, (ii) if the  member  is  disabled
12    (in which event, eligibility for salary must cease), or (iii)
13    if  the System is required by federal law to commence payment
14    due to the member's age; the changes to this sentence made by
15    this amendatory  Act  of  the  93rd  General  Assembly  apply
16    without  regard  to  whether the member terminated employment
17    before or after its effective date.
18    (Source: P.A. 93-320, eff. 7-23-03.)

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