State of Illinois
91st General Assembly
Legislation

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91_HB0428

 
                                               LRB9100753EGfg

 1        AN ACT to amend the Illinois  Pension  Code  by  changing
 2    Section 14-107.

 3        Be  it  enacted  by  the People of the State of Illinois,
 4    represented in the General Assembly:

 5        Section 5.  The  Illinois  Pension  Code  is  amended  by
 6    changing Section 14-107 as follows:

 7        (40 ILCS 5/14-107) (from Ch. 108 1/2, par. 14-107)
 8        Sec.  14-107.   Retirement  annuity  -  service and age -
 9    conditions.
10        (a)  A member is entitled to a retirement  annuity  after
11    having  at least 8 years of creditable service.  A member who
12    has at least 35 years of creditable service may claim his  or
13    her  retirement annuity at any age.  A member having at least
14    8 years of creditable service but less than 35 may claim his
15    or her retirement annuity upon or after attainment of age 60.
16    A member upon or after attainment of age 55 having  at  least
17    30 years of creditable service may elect to receive the lower
18    retirement  annuity  provided  in  paragraph  (c)  of Section
19    14-108 of this Code.
20        (b)  A member with at least 34 but less than 35 years  of
21    creditable  service  who  has reached the 75% maximum imposed
22    under subsection (d) of Section 14-108  shall  be  deemed  to
23    have  35  years  of creditable service for the purpose of (1)
24    qualifying for retirement at any age under subsection (a)  of
25    this  Section,  (2)  avoiding  the early retirement reduction
26    under subsection (c) of Section 14-108,  and  (3)  qualifying
27    for  the  automatic  annual  increase under subsection (a) of
28    Section 14-114.
29        (c)  The retirement annuity allowance  shall  begin  with
30    the  first  full  calendar  month  specified  in the member's
31    application therefor, the first day of  which  shall  not  be
 
                            -2-                LRB9100753EGfg
 1    before  the  date  of  withdrawal  as  approved by the board.
 2    Regardless of the date of withdrawal, the retirement  annuity
 3    allowance  need  not  begin  within  one  year of application
 4    therefor.
 5    (Source: P.A. 82-342.)

 6        Section 99. Effective date.  This Act takes  effect  upon
 7    becoming law.

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