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TITLE 80: PUBLIC OFFICIALS AND EMPLOYEES
SUBTITLE D: RETIREMENT SYSTEMS CHAPTER II: STATE UNIVERSITIES RETIREMENT SYSTEM PART 1600 UNIVERSITIES RETIREMENT SECTION 1600.650 AUTOMATIC ANNUAL INCREASES
Section 1600.650 Automatic Annual Increases
a) The alternate payee will or will not receive a proportionate share of any automatic annual increase in the member's retirement benefit under Section 15-136 of the Act [40 ILCS 5/15-136], according to the designation in the QILDRO.
b) Except as provided in subsection (c) of this Section, the initial increase in the amount due the alternate payee under the QILDRO is payable with the next succeeding increase due the member after the date the QILDRO first took effect.
c) If the QILDRO first takes effect in the same month the member's benefit is increased, the alternate payee's initial increase is not payable until the next increase in the member's benefit.
d) SURS will calculate the amount of any increase payable to the alternate payee under the QILDRO.
e) The amount of any increase payable to the alternate payee (other than any increase resulting from the member's initial automatic annual increase) is the percentage of increase due the member under Section 15-136 of the Act [40 ILCS 5/15-136], multiplied by the alternate payee's monthly benefit as of the date of the increase.
f) The amount of any increase payable to the alternate payee resulting from the member's initial automatic increase is the percentage of increase due the member under Section 15-136 of the Act [40 ILCS 5/15-136], multiplied by the alternate payee's monthly benefit as of the date of the increase, multiplied by a fraction, the numerator of which is the number of months elapsed between the effective date of the QILDRO and the date the initial increase becomes payable, and the denominator of which is the number of months elapsed between the date of retirement and the date the initial increase becomes payable.
(Source: Added at 25 Ill. Reg. 10206, effective July 30, 2001; recodified from Section 1600.160 to Section 1600.650 at 31 Ill. Reg. 10194) |