(40 ILCS 5/6-124.1)
Sec. 6-124.1. Withdrawal from service; amount of annuity.
(a) In lieu of any annuity provided in the other provisions of this
Article, a fireman who (1) is required to withdraw from service due to attainment
of compulsory retirement age, or is not subject to compulsory retirement age, withdraws from service, and is at least age 63, and (2) has at least 10 but less than 20 years of
service credit may elect to receive an annuity equal to 30% of average salary
for the first 10 years of service plus 2% of average salary for each completed
year of service or remaining fraction thereof in excess of 10, but not to
exceed a maximum of 50% of average salary.
(b) For the purpose of this Section, "average salary" means the average of
the fireman's highest 4 consecutive years of salary within the last 10 years
of service.
(c) For the purpose of qualifying for the annual increases provided in
Section 6-164, a fireman whose retirement annuity is calculated under this
Section shall be deemed to qualify for a minimum annuity.
(Source: P.A. 102-293, eff. 8-6-21.) |