State of Illinois
92nd General Assembly
Legislation

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92_SB1591

 
                                               LRB9213986EGfg

 1        AN ACT in relation to public employee benefits.

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

 4        Section  5.  The  Illinois  Pension  Code  is  amended by
 5    adding Section 5-129.1 as follows:

 6        (40 ILCS 5/5-129.1 new)
 7        Sec. 5-129.1. Withdrawal at mandatory  retirement  age  -
 8    amount of annuity.
 9        (a)  In  lieu  of  any  annuity  provided  in  the  other
10    provisions  of  this  Article, a policeman who is required to
11    withdraw  from  service  due  to  attainment   of   mandatory
12    retirement  age  and has less than 20 years of service credit
13    may elect to receive an  annuity  equal  to  30%  of  average
14    salary  for  the first 10 years of service plus 2% of average
15    salary for each completed year of service or fraction thereof
16    in excess of 10, but not  to  exceed  a  maximum  of  48%  of
17    average salary.
18        (b)  For  the  purpose  of this Section, "average salary"
19    means the average of  the  highest  4  consecutive  years  of
20    salary  within  the last 10 years of service, or such shorter
21    period as may be  used  to  calculate  a  minimum  retirement
22    annuity under Section 5-132.
23        (c)  For   the  purpose  of  qualifying  for  the  annual
24    increases provided in  Section  5-167.1,  a  policeman  whose
25    retirement  annuity is calculated under this Section shall be
26    deemed to qualify for a minimum annuity.

27        Section 90.  The State Mandates Act is amended by  adding
28    Section 8.26 as follows:

29        (30 ILCS 805/8.26 new)
 
                            -2-                LRB9213986EGfg
 1        Sec.  8.26.  Exempt  mandate.  Notwithstanding Sections 6
 2    and 8 of this Act, no reimbursement by the State is  required
 3    for  the  implementation  of  any  mandate  created  by  this
 4    amendatory Act of the 92nd General Assembly.

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

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