Full Text of HB3813 97th General Assembly
HB3813sam002 97TH GENERAL ASSEMBLY | Sen. Kwame Raoul Filed: 11/9/2011
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| 1 | | AMENDMENT TO HOUSE BILL 3813
| 2 | | AMENDMENT NO. ______. Amend House Bill 3813, AS AMENDED, | 3 | | with reference to page and line numbers of Senate Amendment No. | 4 | | 1, on page 1, line 5, immediately after "6-209,", by inserting | 5 | | "8-138,"; and | 6 | | on page 1, line 6, immediately after "9-219,", by inserting | 7 | | "11-134"; and | 8 | | on page 18, line 25, by deleting " to "; and
| 9 | | on page 18, line 26, by deleting " special duty assignments "; | 10 | | and | 11 | | on page 23, immediately below line 10, by inserting the | 12 | | following:
| 13 | | "(40 ILCS 5/8-138) (from Ch. 108 1/2, par. 8-138)
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| 1 | | Sec. 8-138. Minimum annuities - Additional provisions.
| 2 | | (a) An employee who withdraws after age 65 or more with at | 3 | | least 20
years of service, for whom the amount of age and | 4 | | service and prior service
annuity combined is less than the | 5 | | amount stated in this Section, shall
from the date of | 6 | | withdrawal, instead of all annuities
otherwise provided, be | 7 | | entitled to receive an annuity for life of $150 a
year, plus 1 | 8 | | 1/2% for each year of service, to and including 20 years, and
1 | 9 | | 2/3% for each year of service over 20 years, of his highest | 10 | | average
annual salary for any 4 consecutive years within the | 11 | | last 10 years of
service immediately preceding the date of | 12 | | withdrawal.
| 13 | | An employee who withdraws after 20 or more years of | 14 | | service, before age
65, shall be entitled to such annuity, to | 15 | | begin not earlier than upon
attained age of 55 years if under | 16 | | such age at withdrawal, reduced by 2% for
each full year or | 17 | | fractional part thereof that his attained age is less
than 65, | 18 | | plus an additional 2% reduction for each full year or | 19 | | fractional
part thereof that his attained age when annuity is | 20 | | to begin is less than 60
so that the total reduction at age 55 | 21 | | shall be 30%.
| 22 | | (b) An employee who withdraws after July 1, 1957, at age 60 | 23 | | or over,
with 20 or more years of service, for whom the age and | 24 | | service and prior
service annuity combined, is less than the | 25 | | amount stated in this paragraph,
shall, from the date of | 26 | | withdrawal, instead of such annuities, be entitled
to receive |
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| 1 | | an annuity for life equal to 1 2/3% for each year of service, | 2 | | of
the highest average annual salary for any 5 consecutive | 3 | | years within the
last 10 years of service immediately preceding | 4 | | the date of withdrawal;
provided, that in the case of any | 5 | | employee who withdraws on or after July
1, 1971, such employee | 6 | | age 60 or over with 20 or more years of service,
shall receive | 7 | | an annuity for life equal to 1.67% for each of the
first 10 | 8 | | years of service; 1.90% for each of the next 10 years of | 9 | | service;
2.10% for each year of service in excess of 20 but not | 10 | | exceeding 30; and
2.30% for each year of service in excess of | 11 | | 30, based on the highest
average annual salary for any 4 | 12 | | consecutive years within the last 10 years
of service | 13 | | immediately preceding the date of withdrawal.
| 14 | | An employee who withdraws after July 1, 1957 and before | 15 | | January 1,
1988, with 20 or more years of service, before age | 16 | | 60 years is entitled to
annuity, to begin not earlier than upon | 17 | | attained age of 55 years, if under
such age at withdrawal, as | 18 | | computed in the last preceding paragraph,
reduced 0.25% for | 19 | | each full month or fractional part thereof that his
attained | 20 | | age when annuity is to begin is less than 60 if the employee | 21 | | was
born before January 1, 1936, or 0.5% for each such month if | 22 | | the employee
was born on or after January 1, 1936.
| 23 | | Any employee born before January 1, 1936, who withdraws | 24 | | with 20 or more
years of service, and any employee with 20 or | 25 | | more years of service who
withdraws on or after January 1, | 26 | | 1988, may elect to receive, in lieu of any
other employee |
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| 1 | | annuity provided in this Section, an annuity for life equal
to | 2 | | 1.80% for each of the first 10 years of service, 2.00% for each | 3 | | of the
next 10 years of service, 2.20% for each year of service | 4 | | in excess of 20
but not exceeding 30, and 2.40% for each year | 5 | | of service in excess of 30,
of the highest average annual | 6 | | salary for any 4 consecutive
years within the last 10 years of | 7 | | service immediately preceding the date of
withdrawal, to begin | 8 | | not earlier than upon attained age of 55 years, if
under such | 9 | | age at withdrawal, reduced 0.25% for each full month or | 10 | | fractional
part thereof that his attained age when annuity is | 11 | | to begin is less than
60; except that an employee retiring on | 12 | | or after January 1, 1988, at age
55 or over but less than age | 13 | | 60, having at least 35 years of service,
or an employee | 14 | | retiring on or after July 1, 1990, at age 55 or over but
less | 15 | | than age 60, having at least 30 years of service,
or an | 16 | | employee retiring on or after the effective date of this | 17 | | amendatory
Act of 1997, at age 55 or over but less than age 60, | 18 | | having at least 25 years
of service, shall not be subject to | 19 | | the reduction in retirement annuity
because of retirement below | 20 | | age 60.
| 21 | | However, in the case of an employee who retired on or after | 22 | | January 1,
1985 but before January 1, 1988, at age 55 or older | 23 | | and with at least 35
years of service, and who was subject | 24 | | under this subsection (b) to the
reduction in retirement | 25 | | annuity because of retirement below age 60, that
reduction | 26 | | shall cease to be effective January 1, 1991, and the retirement
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| 1 | | annuity shall be recalculated accordingly.
| 2 | | Any employee who withdraws on or after July 1, 1990, with | 3 | | 20 or more years of
service, may elect to receive, in lieu of | 4 | | any other employee annuity provided
in this Section, an annuity | 5 | | for life equal to 2.20% for each year of service
if withdrawal | 6 | | is before January 1, 2002, or 2.40% for each year of
service if | 7 | | withdrawal is on or after January 1, 2002,
of the highest | 8 | | average annual salary for any 4 consecutive years within the
| 9 | | last 10 years of service immediately preceding the date of | 10 | | withdrawal, to begin
not earlier than upon attained
age of 55 | 11 | | years, if under such age at withdrawal, reduced 0.25% for each
| 12 | | full month or fractional part thereof that his attained age | 13 | | when annuity is
to begin is less than 60; except that an | 14 | | employee retiring at age 55 or
over but less than age 60, | 15 | | having at least 30 years of service, shall not
be subject to | 16 | | the reduction in retirement annuity because of retirement below
| 17 | | age 60.
| 18 | | Any employee who withdraws on or after the effective date | 19 | | of this
amendatory Act of 1997 with 20 or more years of service | 20 | | may elect to receive,
in lieu of any other employee annuity | 21 | | provided in this Section, an annuity for
life equal to 2.20% | 22 | | for each year of service, if withdrawal is before
January 1, | 23 | | 2002, or 2.40% for each year of service if withdrawal is
on or
| 24 | | after January 1, 2002, of the highest average annual
salary for | 25 | | any 4 consecutive years within the last 10 years of service
| 26 | | immediately preceding the date of withdrawal, to begin not |
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| 1 | | earlier than upon
attainment of age 55 (age 50 if the employee | 2 | | has at least 30 years of service),
reduced 0.25% for each full | 3 | | month or remaining fractional part thereof that the
employee's | 4 | | attained age when annuity is to begin is less than 60; except | 5 | | that
an employee retiring at age 50 or over with at least 30 | 6 | | years of service or at
age 55 or over with at least 25 years of | 7 | | service shall not be subject to the
reduction in retirement | 8 | | annuity because of retirement below age 60.
| 9 | | The maximum annuity payable under part (a) and (b) of this | 10 | | Section shall
not exceed 70% of highest average annual salary | 11 | | in the case of an employee
who withdraws prior to July 1, 1971, | 12 | | 75% if withdrawal takes place on
or after July 1, 1971 and | 13 | | prior to January 1, 2002, or 80% if
withdrawal
takes place on | 14 | | or after January 1, 2002. For the
purpose of the minimum
| 15 | | annuity provided in this Section $1,500 is considered the | 16 | | minimum annual
salary for any year; and the maximum annual | 17 | | salary for the computation of such
annuity is $4,800 for any | 18 | | year before 1953, $6000 for the years 1953 to 1956,
inclusive, | 19 | | and the actual annual salary, as salary is defined in this | 20 | | Article,
for any year thereafter.
| 21 | | To preserve rights existing on December 31, 1959, for | 22 | | participants and
contributors on that date to the fund created | 23 | | by the Court and Law
Department Employees' Annuity Act, who | 24 | | became participants in the fund
provided for on January 1, | 25 | | 1960, the maximum annual salary to be considered
for such | 26 | | persons for the years 1955 and 1956 is $7,500.
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| 1 | | (c) For an employee receiving disability benefit, his | 2 | | salary for annuity
purposes under paragraphs (a) and (b) of | 3 | | this Section, for all periods of
disability benefit subsequent | 4 | | to the year 1956, is the amount on which his
disability benefit | 5 | | was based.
| 6 | | (d) An employee with 20 or more years of service, whose | 7 | | entire disability
benefit credit period expires before
| 8 | | attainment of age 55 while still disabled for service, is | 9 | | entitled upon
withdrawal to the larger of (1) the minimum | 10 | | annuity provided above, assuming he
is then age 55, and | 11 | | reducing such annuity to its actuarial equivalent as of his
| 12 | | attained age on such date or (2) the annuity provided from his | 13 | | age and service
and prior service annuity credits.
| 14 | | (e) The minimum annuity provisions do not apply to any | 15 | | former municipal
employee receiving an annuity from the fund | 16 | | who re-enters service as a
municipal employee, unless he | 17 | | renders at least 3 years of additional
service after the date | 18 | | of re-entry.
| 19 | | (f) An employee in service on July 1, 1947, or who became a | 20 | | contributor
after July 1, 1947 and before attainment of age 70, | 21 | | who withdraws after age
65, with less than 20 years of service | 22 | | for whom the annuity has been fixed
under this Article shall, | 23 | | instead of the annuity so fixed, receive an
annuity as follows:
| 24 | | Such amount as he could have received had the accumulated | 25 | | amounts for
annuity been improved with interest at the | 26 | | effective rate to the date of
his withdrawal, or to attainment |
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| 1 | | of age 70, whichever is earlier, and had
the city contributed | 2 | | to such earlier date for age and service annuity the
amount | 3 | | that it would have contributed had he been under age 65, after | 4 | | the
date his annuity was fixed in accordance with this Article, | 5 | | and assuming
his annuity were computed from such accumulations | 6 | | as of his age on such
earlier date. The annuity so computed | 7 | | shall not exceed the annuity which
would be payable under the | 8 | | other provisions of this Section if the employee
was credited | 9 | | with 20 years of service and would qualify for annuity | 10 | | thereunder.
| 11 | | (g) Instead of the annuity provided in this Article, an | 12 | | employee having
attained age 65 with at least 15 years of | 13 | | service who withdraws from
service on or after July 1, 1971 and | 14 | | whose annuity computed under other
provisions of this Article | 15 | | is less than the amount provided under this
paragraph, is | 16 | | entitled to a minimum annuity for life equal to 1% of the
| 17 | | highest average annual salary, as salary is defined and limited | 18 | | in this
Section for any 4 consecutive years within the last 10 | 19 | | years of service for
each year of service, plus the sum of $25 | 20 | | for each year of service. The
annuity shall not exceed 60% of | 21 | | such highest average annual salary.
| 22 | | (g-1) Instead of any other retirement annuity provided in | 23 | | this Article,
an employee who has at least 10 years of service | 24 | | and withdraws from service
on or after January 1, 1999 may | 25 | | elect to receive a retirement annuity for
life, beginning no | 26 | | earlier than upon attainment of age 60, equal to 2.2%
if |
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| 1 | | withdrawal is before January 1, 2002, or 2.4% if withdrawal is | 2 | | on
or after January 1, 2002, of final average salary for each
| 3 | | year of service,
subject to a maximum of 75% of final average | 4 | | salary if withdrawal is before
January 1, 2002, or 80% if | 5 | | withdrawal is on or after January 1, 2002. For
the purpose of | 6 | | calculating this annuity, "final average salary" means the
| 7 | | highest average annual salary for any 4 consecutive years in | 8 | | the last 10 years
of service. Nothwithstanding any provision of | 9 | | this subsection to the contrary, the "final average salary" for | 10 | | a participant that received credit under subsection (c) of | 11 | | Section 8-226 means the highest average salary for any 4 | 12 | | consecutive years (or any 8 consecutive years if the employee | 13 | | first became a participant on or after January 1, 2011) in the | 14 | | 10 years immediately prior to the leave of absence, and adding | 15 | | to that highest average salary, the product of (i) that highest | 16 | | average salary, (ii) the average percentage increase in the | 17 | | Consumer Price Index during each 12-month calendar year for the | 18 | | calendar years during the participant's leave of absence, and | 19 | | (iii) the length of the leave of absence in years, provided | 20 | | that this shall not exceed the participant's salary at the | 21 | | local labor organization. For purposes of this Section, the | 22 | | Consumer Price Index is the Consumer Price Index for All Urban | 23 | | Consumers for all items published by the United States | 24 | | Department of Labor.
| 25 | | (h) The minimum annuities provided under this Section shall | 26 | | be paid in
equal monthly installments.
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| 1 | | (i) The amendatory provisions of part (b) and (g) of this | 2 | | Section shall
be effective July 1, 1971 and apply in the case | 3 | | of every qualifying
employee withdrawing on or after July 1, | 4 | | 1971.
| 5 | | (j) The amendatory provisions of this amendatory Act of | 6 | | 1985 (P.A.
84-23) relating to the discount of annuity because | 7 | | of retirement prior to
attainment of age 60, and to the | 8 | | retirement formula, for those born before
January 1, 1936, | 9 | | shall apply only to qualifying employees withdrawing on or
| 10 | | after July 18, 1985.
| 11 | | (j-1) The changes made to this Section by Public Act 92-609 | 12 | | (increasing the retirement
formula to 2.4% per year of service | 13 | | and increasing the maximum to 80%) apply
to persons who | 14 | | withdraw from service on or after January 1, 2002, regardless
| 15 | | of whether that withdrawal takes place before the effective | 16 | | date of that Act. In the case of a person who withdraws from | 17 | | service
on or after January 1, 2002 but begins to receive a | 18 | | retirement annuity before
July 1, 2002, the annuity
shall be | 19 | | recalculated, with the increase resulting from Public Act | 20 | | 92-609
accruing from the date the retirement annuity
began. The | 21 | | changes made by Public Act 92-609 control over the changes made
| 22 | | by Public Act 92-599, as provided in Section 95 of P.A. 92-609.
| 23 | | (k) Beginning on January 1, 1999, the minimum amount of | 24 | | employee's annuity
shall be $850 per month for life for the | 25 | | following classes of employees,
without regard to the fact that | 26 | | withdrawal occurred prior to the effective date
of this |
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| 1 | | amendatory Act of 1998:
| 2 | | (1) any employee annuitant alive and receiving a life | 3 | | annuity on
the effective date of this amendatory Act of | 4 | | 1998,
except a reciprocal annuity;
| 5 | | (2) any employee annuitant alive and receiving a term | 6 | | annuity on
the effective date of this amendatory Act of | 7 | | 1998,
except a reciprocal annuity;
| 8 | | (3) any employee annuitant alive and receiving a | 9 | | reciprocal annuity on
the effective date of this amendatory | 10 | | Act of 1998,
whose service in this fund is at least 5 | 11 | | years;
| 12 | | (4) any employee annuitant withdrawing after age 60 on | 13 | | or after
the effective date of this amendatory Act of 1998,
| 14 | | with at least 10 years of service in this fund.
| 15 | | The increases granted under items (1), (2) and (3) of this | 16 | | subsection (k)
shall not be limited by any other Section of | 17 | | this Act.
| 18 | | (Source: P.A. 95-331, eff. 8-21-07.)"; and
| 19 | | on page 35, immediately below line 16, by inserting the | 20 | | following:
| 21 | | "(40 ILCS 5/11-134) (from Ch. 108 1/2, par. 11-134)
| 22 | | Sec. 11-134. Minimum annuities.
| 23 | | (a) An employee whose withdrawal occurs after July 1, 1957 | 24 | | at age 60 or
over, with 20 or more years of service, (as |
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| 1 | | service is defined or computed
in Section 11-216), for whom the | 2 | | age and service and prior service annuity
combined is less than | 3 | | the amount stated in this Section, shall, from and
after the | 4 | | date of withdrawal, in lieu of all annuities otherwise provided
| 5 | | in this Article, be entitled to receive an annuity for life of | 6 | | an amount
equal to 1 2/3% for each year of service, of the | 7 | | highest average annual
salary for any 5 consecutive years | 8 | | within the last 10 years of service
immediately preceding the | 9 | | date of withdrawal; provided, that in the case of
any employee | 10 | | who withdraws on or after July 1, 1971, such employee age 60
or | 11 | | over with 20 or more years of service, shall be entitled to | 12 | | instead
receive an annuity for life equal to 1.67% for each of | 13 | | the first 10 years
of service; 1.90% for each of the next 10 | 14 | | years of service; 2.10% for each
year of service in excess of | 15 | | 20 but not exceeding 30; and 2.30% for each
year of service in | 16 | | excess of 30, based on the highest average annual salary
for | 17 | | any 4 consecutive years within the last 10 years of service | 18 | | immediately
preceding the date of withdrawal.
| 19 | | An employee who withdraws after July 1, 1957 and before | 20 | | January 1,
1988, with 20 or more years of service, before age | 21 | | 60, shall be entitled to
an annuity, to begin not earlier than | 22 | | age 55, if under such age at
withdrawal, as computed in the | 23 | | last preceding paragraph, reduced 0.25% if
the employee was | 24 | | born before January 1, 1936, or 0.5% if the employee was
born | 25 | | on or after January 1, 1936, for each full month or fractional | 26 | | part
thereof that his attained age when such annuity is to |
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| 1 | | begin is less than 60.
| 2 | | Any employee born before January 1, 1936 who withdraws
with | 3 | | 20 or more years of service, and any employee with 20 or more | 4 | | years of
service who withdraws on or after January 1, 1988, may | 5 | | elect to receive, in
lieu of any other employee
annuity | 6 | | provided in this Section, an annuity for life equal to 1.80% | 7 | | for
each of the first 10 years of service, 2.00% for each of | 8 | | the next 10 years
of service, 2.20% for each year of service in | 9 | | excess of 20, but not
exceeding 30, and 2.40% for each year of | 10 | | service in excess of 30,
of the highest average annual salary | 11 | | for any 4
consecutive years within the last 10 years of service | 12 | | immediately preceding
the date of withdrawal, to begin not | 13 | | earlier than upon attained age of 55
years, if under such age | 14 | | at withdrawal, reduced 0.25% for each full month
or fractional | 15 | | part thereof that his attained age when annuity is to begin
is | 16 | | less than 60; except that an employee retiring on or after | 17 | | January 1,
1988, at age 55 or over but less than age 60, having | 18 | | at least 35 years of
service, or an employee retiring on or | 19 | | after July 1, 1990, at age 55
or over but less than age 60, | 20 | | having at least 30 years of service,
or an employee retiring on | 21 | | or after the effective date of this amendatory Act
of 1997, at | 22 | | age 55 or over but less than age 60, having at least 25 years of
| 23 | | service, shall not be subject to the reduction in retirement | 24 | | annuity because
of retirement below age 60.
| 25 | | However, in the case of an employee who retired on or after | 26 | | January 1,
1985 but before January 1, 1988, at age 55 or older |
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| 1 | | and with at least 35
years of service, and who was subject | 2 | | under this subsection (a) to the
reduction in retirement | 3 | | annuity because of retirement below age 60, that
reduction | 4 | | shall cease to be effective January 1, 1991, and the retirement
| 5 | | annuity shall be recalculated accordingly.
| 6 | | Any employee who withdraws on or after July 1, 1990, with | 7 | | 20 or more
years of service, may elect to receive, in lieu of | 8 | | any other employee
annuity provided in this Section, an annuity | 9 | | for life equal to 2.20% for
each year of service if withdrawal | 10 | | is before January 1, 2002, or
2.40% for each year of service if | 11 | | withdrawal is on or after January 1,
2002, of the highest | 12 | | average annual salary for any 4
consecutive years within the | 13 | | last 10 years of service immediately preceding
the date of | 14 | | withdrawal, to begin not earlier than upon attained age of 55
| 15 | | years, if under such age at withdrawal, reduced 0.25% for each | 16 | | full month
or fractional part thereof that his attained age | 17 | | when annuity is to begin
is less than 60; except that an | 18 | | employee retiring at age 55 or over but
less than age 60, | 19 | | having at least 30 years of service, shall not be subject
to | 20 | | the reduction in retirement annuity because of retirement below | 21 | | age 60.
| 22 | | Any employee who withdraws on or after the effective date | 23 | | of this
amendatory Act of 1997 with 20 or more years of service | 24 | | may elect to receive,
in lieu of any other employee annuity | 25 | | provided in this Section, an annuity for
life equal to 2.20% | 26 | | for each year of service if withdrawal is before
January 1, |
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| 1 | | 2002, or 2.40% for each year of service if withdrawal is
on or
| 2 | | after January 1, 2002, of the
highest average annual
salary for | 3 | | any 4 consecutive years within the last 10 years of service
| 4 | | immediately preceding the date of withdrawal, to begin not | 5 | | earlier than upon
attainment of age 55 (age 50 if the employee | 6 | | has at least 30 years of service),
reduced 0.25% for each full | 7 | | month or remaining fractional part thereof that the
employee's | 8 | | attained age when annuity is to begin is less than 60; except | 9 | | that
an employee retiring at age 50 or over with at least 30 | 10 | | years of service or at
age 55 or over with at least 25 years of | 11 | | service shall not be subject to the
reduction in retirement | 12 | | annuity because of retirement below age 60.
| 13 | | The maximum annuity payable under this paragraph (a) of | 14 | | this Section
shall not exceed 70% of highest average annual | 15 | | salary in the case of an
employee who withdraws prior to July | 16 | | 1, 1971, 75% if withdrawal takes place on
or after July 1, 1971 | 17 | | and prior to January 1, 2002, or 80% if
withdrawal
is on or | 18 | | after January 1, 2002. For the purpose of the
minimum annuity
| 19 | | provided in said paragraphs $1,500 shall be considered the | 20 | | minimum annual
salary for any year; and the maximum annual | 21 | | salary to be considered for the
computation of such annuity | 22 | | shall be $4,800 for any year prior to 1953,
$6,000 for the | 23 | | years 1953 to 1956, inclusive, and the actual annual salary,
as | 24 | | salary is defined in this Article, for any year thereafter.
| 25 | | (b) For an employee receiving disability benefit, his | 26 | | salary for annuity
purposes under this Section shall, for all |
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| 1 | | periods of disability benefit
subsequent to the year 1956, be | 2 | | the amount on which his disability benefit
was based.
| 3 | | (c) An employee with 20 or more years of service, whose | 4 | | entire
disability benefit credit period expires prior to | 5 | | attainment of age 55
while still disabled for service, shall be | 6 | | entitled upon withdrawal to the
larger of (1) the minimum | 7 | | annuity provided above assuming that he is then
age 55, and | 8 | | reducing such annuity to its actuarial equivalent at his
| 9 | | attained age on such date, or (2) the annuity provided from his | 10 | | age and
service and prior service annuity credits.
| 11 | | (d) The minimum annuity provisions as aforesaid shall not | 12 | | apply to any
former employee receiving an annuity from the | 13 | | fund, and who re-enters
service as an employee, unless he | 14 | | renders at least 3 years of additional
service after the date | 15 | | of re-entry.
| 16 | | (e) An employee in service on July 1, 1947, or who became a | 17 | | contributor
after July 1, 1947 and prior to July 1, 1950, or | 18 | | who shall become a
contributor to the fund after July 1, 1950 | 19 | | prior to attainment of age 70,
who withdraws after age 65 with | 20 | | less than 20 years of service, for whom the
annuity has been | 21 | | fixed under the foregoing Sections of this Article shall,
in | 22 | | lieu of the annuity so fixed, receive an annuity as follows:
| 23 | | Such amount as he could have received had the accumulated | 24 | | amounts for
annuity been improved with interest at the | 25 | | effective rate to the date of
his withdrawal, or to attainment | 26 | | of age 70, whichever is earlier, and had
the city contributed |
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| 1 | | to such earlier date for age and service annuity the
amount | 2 | | that would have been contributed had he been under age 65, | 3 | | after the
date his annuity was fixed in accordance with this | 4 | | Article, and assuming
his annuity were computed from such | 5 | | accumulations as of his age on such
earlier date. The annuity | 6 | | so computed shall not exceed the annuity which
would be payable | 7 | | under the other provisions of this Section if the employee
was | 8 | | credited with 20 years of service and would qualify for annuity
| 9 | | thereunder.
| 10 | | (f) In lieu of the annuity provided in this or in any other | 11 | | Section of
this Article, an employee having attained age 65 | 12 | | with at least 15 years of
service who withdraws from service on | 13 | | or after July 1, 1971 and whose
annuity computed under other | 14 | | provisions of this Article is less than the
amount provided | 15 | | under this paragraph shall be entitled to receive a minimum
| 16 | | annual annuity for life equal to 1% of the highest average | 17 | | annual salary
for any 4 consecutive years within the last 10 | 18 | | years of service immediately
preceding retirement for each year | 19 | | of his service plus the sum of $25 for
each year of service. | 20 | | Such annual annuity shall not exceed the maximum
percentages | 21 | | stated under paragraph (a) of this Section of such highest
| 22 | | average annual salary.
| 23 | | (f-1) Instead of any other retirement annuity provided in | 24 | | this Article,
an employee who has at least 10 years of service | 25 | | and withdraws from service
on or after January 1, 1999 may | 26 | | elect to receive a retirement annuity for
life, beginning no |
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| 1 | | earlier than upon attainment of age 60, equal to 2.2%
if | 2 | | withdrawal is before January 1, 2002, or 2.4% for each year of
| 3 | | service if
withdrawal is on or after January 1, 2002, of final
| 4 | | average salary for
each
year of service, subject to a maximum | 5 | | of 75% of final average salary
if withdrawal is before January | 6 | | 1, 2002, or 80% if withdrawal is on
or after
January 1, 2002. | 7 | | For the purpose of calculating this
annuity, "final average
| 8 | | salary" means the highest average annual salary for any 4 | 9 | | consecutive years
in the last 10 years of service. | 10 | | Nothwithstanding any provision of this subsection to the | 11 | | contrary, the "final average salary" for a participant that | 12 | | received credit under item (3) of subsection (c) of Section | 13 | | 11-215 means the highest average salary for any 4 consecutive | 14 | | years (or any 8 consecutive years if the employee first became | 15 | | a participant on or after January 1, 2011) in the 10 years | 16 | | immediately prior to the leave of absence, and adding to that | 17 | | highest average salary, the product of (i) that highest average | 18 | | salary, (ii) the average percentage increase in the Consumer | 19 | | Price Index during each 12-month calendar year for the calendar | 20 | | years during the participant's leave of absence, and (iii) the | 21 | | length of the leave of absence in years, provided that this | 22 | | shall not exceed the participant's salary at the local labor | 23 | | organization. For purposes of this Section, the Consumer Price | 24 | | Index is the Consumer Price Index for All Urban Consumers for | 25 | | all items published by the United States Department of Labor.
| 26 | | (g) Any annuity payable under the preceding subsections of |
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| 1 | | this Section
11-134 shall be paid in equal monthly | 2 | | installments.
| 3 | | (h) The amendatory provisions of part (a) and (f) of this | 4 | | Section shall
be effective July 1, 1971 and apply in the case | 5 | | of every qualifying
employee withdrawing on or after July 1, | 6 | | 1971.
| 7 | | (h-1) The changes made to this Section by Public Act 92-609 | 8 | | (increasing the retirement
formula to 2.4% per year of service | 9 | | and increasing the maximum to 80%) apply
to persons who | 10 | | withdraw from service on or after January 1, 2002, regardless
| 11 | | of whether that withdrawal takes place before the effective | 12 | | date of that Act. In the case of a person who withdraws from | 13 | | service
on or after January 1, 2002 but begins to receive a | 14 | | retirement annuity before
July 1, 2002, the annuity
shall be | 15 | | recalculated, with the increase resulting from Public Act | 16 | | 92-609
accruing from the date the retirement annuity
began. The | 17 | | changes made by Public Act 92-609 control over the changes made
| 18 | | by Public Act 92-599, as provided in Section 95 of P.A. 92-609.
| 19 | | (i) The amendatory provisions of this amendatory Act of | 20 | | 1985 relating to
the discount of annuity because of retirement | 21 | | prior to attainment of age 60
and increasing the retirement | 22 | | formula for those born before January 1, 1936,
shall apply only | 23 | | to qualifying employees withdrawing on or after
August 16, | 24 | | 1985.
| 25 | | (j) Beginning on January 1, 1999, the minimum amount of | 26 | | employee's annuity
shall be $850 per month for life for the |
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| 1 | | following classes of employees,
without regard to the fact that | 2 | | withdrawal occurred prior to the effective
date of this | 3 | | amendatory Act of 1998:
| 4 | | (1) any employee annuitant alive and receiving a life | 5 | | annuity on the
effective date of this amendatory Act of | 6 | | 1998, except a reciprocal
annuity;
| 7 | | (2) any employee annuitant alive and receiving a term | 8 | | annuity on the
effective date of this amendatory Act of | 9 | | 1998, except a reciprocal
annuity;
| 10 | | (3) any employee annuitant alive and receiving a | 11 | | reciprocal annuity on
the effective date of this amendatory | 12 | | Act of 1998, whose service
in this fund is at least 5 | 13 | | years;
| 14 | | (4) any employee annuitant withdrawing after age 60 on | 15 | | or after the
effective date of this amendatory Act of 1998, | 16 | | with at least 10
years of service in this fund.
| 17 | | The increases granted under items (1), (2) and (3) of this | 18 | | subsection (j)
shall not be limited by any other Section of | 19 | | this Act.
| 20 | | (Source: P.A. 95-331, eff. 8-21-07.)"; and
| 21 | | on page 47, line 2, immediately after "participant", by | 22 | | inserting " before the effective date of this amendatory Act of | 23 | | the 97th General Assembly "; and | 24 | | on page 50, line 22, immediately after "member", by inserting |
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| 1 | | " before the effective date of this amendatory Act of the 97th | 2 | | General Assembly "; and | 3 | | on page 59, immediately above line 1, by inserting the | 4 | | following: | 5 | | "Section 98. Severability. The provisions of this Act are | 6 | | severable under Section 1.31 of the Statute on Statutes.".
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