State of Illinois
91st General Assembly
Legislation

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91_SB0301

 
                                               LRB9101897EGmb

 1        AN ACT to amend  the  Illinois  Pension  Code  by  adding
 2    Section 15-140.1.

 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    adding Section 15-140.1 as follows:

 7        (40 ILCS 5/15-140.1 new)
 8        Sec.  15-140.1.   Additional payment.  Beginning with the
 9    System's 1998-1999 fiscal  year,  if  the  annual  investment
10    return  of  the System for a fiscal year is equal to at least
11    190% of the prescribed rate of interest for that fiscal year,
12    an additional payment shall be made on the December  31  next
13    following  the  end  of that fiscal year to each person still
14    living  who  was  an  annuitant  or  a  survivors   insurance
15    beneficiary on June 1 of that fiscal year.
16        The  amount  of  the additional payment shall be equal to
17    one-half of the person's monthly benefit  for  June  of  that
18    fiscal  year  multiplied  by  the  number  of months that the
19    person was an annuitant or  survivors  insurance  beneficiary
20    during  that fiscal year and divided by 12.  In the case of a
21    person who is eligible to receive the payment as a  survivors
22    insurance  beneficiary,  the  number of months in that fiscal
23    year during which the related participant  was  an  annuitant
24    shall  be  added  to  the  number  of months during which the
25    person was a survivors insurance beneficiary, but  the  total
26    shall not exceed 12.
27        The  payment  made  under  this  Section  is  a  one-time
28    payment; it is not an increase in or addition to the person's
29    annuity  or  survivors  insurance  benefit  and  shall not be
30    included in the calculation of any automatic annual  increase
31    or other increase in that annuity or benefit.
 
                            -2-                LRB9101897EGmb
 1        Section  99.  Effective date.  This Act takes effect upon
 2    becoming law.

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