(40 ILCS 5/6-128)
(from Ch. 108 1/2, par. 6-128)
Sec. 6-128. (a) A future entrant who withdraws on or after July 21, 1959,
after completing at least 23 years of service, and for whom the annuity
otherwise provided in this Article is less than that stated in this
Section, has a right to receive annuity as follows:
If he is age 53 or more on withdrawal, his annuity after withdrawal,
shall be equal to 50% of his average salary.
An employee who reaches compulsory retirement age and who has less
than 23 years of service shall be entitled to a minimum annuity equal to
an amount determined by the product of (1) his years of service and (2)
2% of his average salary.
An employee who remains in service after qualifying for annuity under this
Section shall have added to this annuity an additional 1% of average salary
for each completed year of service or fraction thereof rendered until July 21,
1959, and an additional 1% for a total of 2% of average salary from July
21, 1959. Each future entrant who has completed 23 years of service before
reaching age 53 shall have added to this annuity 1% of average salary for
each completed year of service or fraction thereof in excess of 23 years up to
age 53.
(b) In lieu of the annuity provided in the foregoing provisions of this
Section any future entrant who withdraws from the service either (i) after
December 31, 1983 with at least 22 years of service credit and having
attained age 52 in the service, or (ii) after December 31, 1984 with at
least 21 years of service credit and having attained age 51 in the service,
or (iii) after December 31, 1985 with at least 20 years of service credit
and having attained age 50 in the service, or (iv) after December 31,
1990 with at least 20 years of service regardless of age, may elect to
receive an annuity, to begin not earlier than upon attainment of age 50
if under that age at withdrawal, computed as follows: an annuity equal
to 50% of average salary, plus additional annuity equal to 2% of
average salary for each completed year of service or fraction thereof
rendered after his completion of the minimum number of years of service
required for him to be eligible under this subsection (b). However, the
annuity provided under this subsection (b) may not exceed 75% of
average salary.
(c) In lieu of the annuity provided in any other provision of this
Section, a future entrant who withdraws from service after
the effective date of this amendatory Act of the 93rd General Assembly
with at least 20 years of service may elect to receive an annuity, to begin no
earlier than upon attainment of age 50 if under that age at withdrawal, equal
to 50% of average salary plus 2.5% of average salary for each completed year of
service or fraction thereof over 20, but not to exceed 75% of average salary.
(d) For the purpose of this Section, "average salary" means the average
of the highest 4 consecutive years of salary within the last 10 years of
service.
(Source: P.A. 93-654, eff. 1-16-04.)
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