Sen. Chapin Rose

Filed: 5/1/2014

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 2005

2    AMENDMENT NO. ______. Amend Senate Bill 2005 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Pension Code is amended by
5changing Section 15-136 as follows:
 
6    (40 ILCS 5/15-136)  (from Ch. 108 1/2, par. 15-136)
7    (Text of Section before amendment by P.A. 98-599)
8    Sec. 15-136. Retirement annuities - Amount. The provisions
9of this Section 15-136 apply only to those participants who are
10participating in the traditional benefit package or the
11portable benefit package and do not apply to participants who
12are participating in the self-managed plan.
13    (a) The amount of a participant's retirement annuity,
14expressed in the form of a single-life annuity, shall be
15determined by whichever of the following rules is applicable
16and provides the largest annuity:

 

 

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1    Rule 1: The retirement annuity shall be 1.67% of final rate
2of earnings for each of the first 10 years of service, 1.90%
3for each of the next 10 years of service, 2.10% for each year
4of service in excess of 20 but not exceeding 30, and 2.30% for
5each year in excess of 30; or for persons who retire on or
6after January 1, 1998, 2.2% of the final rate of earnings for
7each year of service.
8    Rule 2: The retirement annuity shall be the sum of the
9following, determined from amounts credited to the participant
10in accordance with the actuarial tables and the effective rate
11of interest in effect at the time the retirement annuity
12begins:
13        (i) the normal annuity which can be provided on an
14    actuarially equivalent basis, by the accumulated normal
15    contributions as of the date the annuity begins;
16        (ii) an annuity from employer contributions of an
17    amount equal to that which can be provided on an
18    actuarially equivalent basis from the accumulated normal
19    contributions made by the participant under Section
20    15-113.6 and Section 15-113.7 plus 1.4 times all other
21    accumulated normal contributions made by the participant;
22    and
23        (iii) the annuity that can be provided on an
24    actuarially equivalent basis from the entire contribution
25    made by the participant under Section 15-113.3.
26    With respect to a police officer or firefighter who retires

 

 

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1on or after August 14, 1998, the accumulated normal
2contributions taken into account under clauses (i) and (ii) of
3this Rule 2 shall include the additional normal contributions
4made by the police officer or firefighter under Section
515-157(a).
6    The amount of a retirement annuity calculated under this
7Rule 2 shall be computed solely on the basis of the
8participant's accumulated normal contributions, as specified
9in this Rule and defined in Section 15-116. Neither an employee
10or employer contribution for early retirement under Section
1115-136.2 nor any other employer contribution shall be used in
12the calculation of the amount of a retirement annuity under
13this Rule 2.
14    This amendatory Act of the 91st General Assembly is a
15clarification of existing law and applies to every participant
16and annuitant without regard to whether status as an employee
17terminates before the effective date of this amendatory Act.
18    This Rule 2 does not apply to a person who first becomes an
19employee under this Article on or after July 1, 2005.
20    Rule 3: The retirement annuity of a participant who is
21employed at least one-half time during the period on which his
22or her final rate of earnings is based, shall be equal to the
23participant's years of service not to exceed 30, multiplied by
24(1) $96 if the participant's final rate of earnings is less
25than $3,500, (2) $108 if the final rate of earnings is at least
26$3,500 but less than $4,500, (3) $120 if the final rate of

 

 

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1earnings is at least $4,500 but less than $5,500, (4) $132 if
2the final rate of earnings is at least $5,500 but less than
3$6,500, (5) $144 if the final rate of earnings is at least
4$6,500 but less than $7,500, (6) $156 if the final rate of
5earnings is at least $7,500 but less than $8,500, (7) $168 if
6the final rate of earnings is at least $8,500 but less than
7$9,500, and (8) $180 if the final rate of earnings is $9,500 or
8more, except that the annuity for those persons having made an
9election under Section 15-154(a-1) shall be calculated and
10payable under the portable retirement benefit program pursuant
11to the provisions of Section 15-136.4.
12    Rule 4: A participant who is at least age 50 and has 25 or
13more years of service as a police officer or firefighter, and a
14participant who is age 55 or over and has at least 20 but less
15than 25 years of service as a police officer or firefighter,
16shall be entitled to a retirement annuity of 2 1/4% of the
17final rate of earnings for each of the first 10 years of
18service as a police officer or firefighter, 2 1/2% for each of
19the next 10 years of service as a police officer or
20firefighter, and 2 3/4% for each year of service as a police
21officer or firefighter in excess of 20. The retirement annuity
22for all other service shall be computed under Rule 1. A Tier 2
23member is eligible for a retirement annuity calculated under
24Rule 4 only if that Tier 2 member meets the service
25requirements for that benefit calculation as prescribed under
26this Rule 4 in addition to the applicable age requirement under

 

 

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1subsection (a-5) of Section 15-135.
2    For purposes of this Rule 4, a participant's service as a
3firefighter shall also include the following:
4        (i) service that is performed while the person is an
5    employee under subsection (h) of Section 15-107; and
6        (ii) in the case of an individual who was a
7    participating employee employed in the fire department of
8    the University of Illinois's Champaign-Urbana campus
9    immediately prior to the elimination of that fire
10    department and who immediately after the elimination of
11    that fire department transferred to another job with the
12    University of Illinois, service performed as an employee of
13    the University of Illinois in a position other than police
14    officer or firefighter, from the date of that transfer
15    until the employee's next termination of service with the
16    University of Illinois.
17    (b) For a Tier 1 member, the retirement annuity provided
18under Rules 1 and 3 above shall be reduced by 1/2 of 1% for each
19month the participant is under age 60 at the time of
20retirement. However, this reduction shall not apply in the
21following cases:
22        (1) For a disabled participant whose disability
23    benefits have been discontinued because he or she has
24    exhausted eligibility for disability benefits under clause
25    (6) of Section 15-152;
26        (2) For a participant who has at least the number of

 

 

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1    years of service required to retire at any age under
2    subsection (a) of Section 15-135; or
3        (3) For that portion of a retirement annuity which has
4    been provided on account of service of the participant
5    during periods when he or she performed the duties of a
6    police officer or firefighter, if these duties were
7    performed for at least 5 years immediately preceding the
8    date the retirement annuity is to begin.
9    (b-5) The retirement annuity of a Tier 2 member who is
10retiring after attaining age 62 with at least 10 years of
11service credit shall be reduced by 1/2 of 1% for each full
12month that the member's age is under age 67.
13    (c) The maximum retirement annuity provided under Rules 1,
142, 4, and 5 shall be the lesser of (1) the annual limit of
15benefits as specified in Section 415 of the Internal Revenue
16Code of 1986, as such Section may be amended from time to time
17and as such benefit limits shall be adjusted by the
18Commissioner of Internal Revenue, and (2) 80% of final rate of
19earnings.
20    (d) A Tier 1 member whose status as an employee terminates
21after August 14, 1969 shall receive automatic increases in his
22or her retirement annuity as follows:
23    Effective January 1 immediately following the date the
24retirement annuity begins, the annuitant shall receive an
25increase in his or her monthly retirement annuity of 0.125% of
26the monthly retirement annuity provided under Rule 1, Rule 2,

 

 

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1Rule 3, or Rule 4 contained in this Section, multiplied by the
2number of full months which elapsed from the date the
3retirement annuity payments began to January 1, 1972, plus
40.1667% of such annuity, multiplied by the number of full
5months which elapsed from January 1, 1972, or the date the
6retirement annuity payments began, whichever is later, to
7January 1, 1978, plus 0.25% of such annuity multiplied by the
8number of full months which elapsed from January 1, 1978, or
9the date the retirement annuity payments began, whichever is
10later, to the effective date of the increase.
11    The annuitant shall receive an increase in his or her
12monthly retirement annuity on each January 1 thereafter during
13the annuitant's life of 3% of the monthly annuity provided
14under Rule 1, Rule 2, Rule 3, or Rule 4 contained in this
15Section. The change made under this subsection by P.A. 81-970
16is effective January 1, 1980 and applies to each annuitant
17whose status as an employee terminates before or after that
18date.
19    Beginning January 1, 1990, all automatic annual increases
20payable under this Section shall be calculated as a percentage
21of the total annuity payable at the time of the increase,
22including all increases previously granted under this Article.
23    The change made in this subsection by P.A. 85-1008 is
24effective January 26, 1988, and is applicable without regard to
25whether status as an employee terminated before that date.
26    (d-5) A retirement annuity of a Tier 2 member shall receive

 

 

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1annual increases on the January 1 occurring either on or after
2the attainment of age 67 or the first anniversary of the
3annuity start date, whichever is later. Each annual increase
4shall be calculated at 3% or one half the annual unadjusted
5percentage increase (but not less than zero) in the consumer
6price index-u for the 12 months ending with the September
7preceding each November 1, whichever is less, of the originally
8granted retirement annuity. If the annual unadjusted
9percentage change in the consumer price index-u for the 12
10months ending with the September preceding each November 1 is
11zero or there is a decrease, then the annuity shall not be
12increased.
13    (e) If, on January 1, 1987, or the date the retirement
14annuity payment period begins, whichever is later, the sum of
15the retirement annuity provided under Rule 1 or Rule 2 of this
16Section and the automatic annual increases provided under the
17preceding subsection or Section 15-136.1, amounts to less than
18the retirement annuity which would be provided by Rule 3, the
19retirement annuity shall be increased as of January 1, 1987, or
20the date the retirement annuity payment period begins,
21whichever is later, to the amount which would be provided by
22Rule 3 of this Section. Such increased amount shall be
23considered as the retirement annuity in determining benefits
24provided under other Sections of this Article. This paragraph
25applies without regard to whether status as an employee
26terminated before the effective date of this amendatory Act of

 

 

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11987, provided that the annuitant was employed at least
2one-half time during the period on which the final rate of
3earnings was based.
4    (f) A participant is entitled to such additional annuity as
5may be provided on an actuarially equivalent basis, by any
6accumulated additional contributions to his or her credit.
7However, the additional contributions made by the participant
8toward the automatic increases in annuity provided under this
9Section shall not be taken into account in determining the
10amount of such additional annuity.
11    (g) If, (1) by law, a function of a governmental unit, as
12defined by Section 20-107 of this Code, is transferred in whole
13or in part to an employer, and (2) a participant transfers
14employment from such governmental unit to such employer within
156 months after the transfer of the function, and (3) the sum of
16(A) the annuity payable to the participant under Rule 1, 2, or
173 of this Section (B) all proportional annuities payable to the
18participant by all other retirement systems covered by Article
1920, and (C) the initial primary insurance amount to which the
20participant is entitled under the Social Security Act, is less
21than the retirement annuity which would have been payable if
22all of the participant's pension credits validated under
23Section 20-109 had been validated under this system, a
24supplemental annuity equal to the difference in such amounts
25shall be payable to the participant.
26    (h) On January 1, 1981, an annuitant who was receiving a

 

 

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1retirement annuity on or before January 1, 1971 shall have his
2or her retirement annuity then being paid increased $1 per
3month for each year of creditable service. On January 1, 1982,
4an annuitant whose retirement annuity began on or before
5January 1, 1977, shall have his or her retirement annuity then
6being paid increased $1 per month for each year of creditable
7service.
8    (i) On January 1, 1987, any annuitant whose retirement
9annuity began on or before January 1, 1977, shall have the
10monthly retirement annuity increased by an amount equal to 8¢
11per year of creditable service times the number of years that
12have elapsed since the annuity began.
13(Source: P.A. 97-933, eff. 8-10-12; 97-968, eff. 8-16-12;
1498-92, eff. 7-16-13.)
 
15    (Text of Section after amendment by P.A. 98-599)
16    Sec. 15-136. Retirement annuities - Amount. The provisions
17of this Section 15-136 apply only to those participants who are
18participating in the traditional benefit package or the
19portable benefit package and do not apply to participants who
20are participating in the self-managed plan.
21    (a) The amount of a participant's retirement annuity,
22expressed in the form of a single-life annuity, shall be
23determined by whichever of the following rules is applicable
24and provides the largest annuity:
25    Rule 1: The retirement annuity shall be 1.67% of final rate

 

 

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1of earnings for each of the first 10 years of service, 1.90%
2for each of the next 10 years of service, 2.10% for each year
3of service in excess of 20 but not exceeding 30, and 2.30% for
4each year in excess of 30; or for persons who retire on or
5after January 1, 1998, 2.2% of the final rate of earnings for
6each year of service.
7    Rule 2: The retirement annuity shall be the sum of the
8following, determined from amounts credited to the participant
9in accordance with the actuarial tables and the effective rate
10of interest in effect at the time the retirement annuity
11begins:
12        (i) the normal annuity which can be provided on an
13    actuarially equivalent basis (using the effective rate of
14    interest in effect at the time of retirement for
15    retirements occurring on or after July 1, 2014), by the
16    accumulated normal contributions as of the date the annuity
17    begins;
18        (ii) an annuity from employer contributions of an
19    amount equal to that which can be provided on an
20    actuarially equivalent basis (using the effective rate of
21    interest in effect at the time of retirement for
22    retirements occurring on or after July 1, 2014) from the
23    accumulated normal contributions made by the participant
24    under Section 15-113.6 and Section 15-113.7 plus 1.4 times
25    all other accumulated normal contributions made by the
26    participant; and

 

 

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1        (iii) the annuity that can be provided on an
2    actuarially equivalent basis (using the effective rate of
3    interest in effect at the time of retirement for
4    retirements occurring on or after July 1, 2014) from the
5    entire contribution made by the participant under Section
6    15-113.3.
7    Notwithstanding any other provision of this Rule 2, a
8participant's retirement annuity calculated under this Rule 2
9shall not be less than the retirement annuity that participant
10would have received under this Rule 2 had he or she retired on
11June 30, 2014 during the fiscal year preceding the effective
12date of this amendatory Act of the 98th General Assembly.
13    With respect to a police officer or firefighter who retires
14on or after August 14, 1998, the accumulated normal
15contributions taken into account under clauses (i) and (ii) of
16this Rule 2 shall include the additional normal contributions
17made by the police officer or firefighter under Section
1815-157(a).
19    The amount of a retirement annuity calculated under this
20Rule 2 shall be computed solely on the basis of the
21participant's accumulated normal contributions, as specified
22in this Rule and defined in Section 15-116. Neither an employee
23or employer contribution for early retirement under Section
2415-136.2 nor any other employer contribution shall be used in
25the calculation of the amount of a retirement annuity under
26this Rule 2.

 

 

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1    This amendatory Act of the 91st General Assembly is a
2clarification of existing law and applies to every participant
3and annuitant without regard to whether status as an employee
4terminates before the effective date of this amendatory Act.
5    This Rule 2 does not apply to a person who first becomes an
6employee under this Article on or after July 1, 2005.
7    Rule 3: The retirement annuity of a participant who is
8employed at least one-half time during the period on which his
9or her final rate of earnings is based, shall be equal to the
10participant's years of service not to exceed 30, multiplied by
11(1) $96 if the participant's final rate of earnings is less
12than $3,500, (2) $108 if the final rate of earnings is at least
13$3,500 but less than $4,500, (3) $120 if the final rate of
14earnings is at least $4,500 but less than $5,500, (4) $132 if
15the final rate of earnings is at least $5,500 but less than
16$6,500, (5) $144 if the final rate of earnings is at least
17$6,500 but less than $7,500, (6) $156 if the final rate of
18earnings is at least $7,500 but less than $8,500, (7) $168 if
19the final rate of earnings is at least $8,500 but less than
20$9,500, and (8) $180 if the final rate of earnings is $9,500 or
21more, except that the annuity for those persons having made an
22election under Section 15-154(a-1) shall be calculated and
23payable under the portable retirement benefit program pursuant
24to the provisions of Section 15-136.4.
25    Rule 4: A participant who is at least age 50 and has 25 or
26more years of service as a police officer or firefighter, and a

 

 

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1participant who is age 55 or over and has at least 20 but less
2than 25 years of service as a police officer or firefighter,
3shall be entitled to a retirement annuity of 2 1/4% of the
4final rate of earnings for each of the first 10 years of
5service as a police officer or firefighter, 2 1/2% for each of
6the next 10 years of service as a police officer or
7firefighter, and 2 3/4% for each year of service as a police
8officer or firefighter in excess of 20. The retirement annuity
9for all other service shall be computed under Rule 1. A Tier 2
10member is eligible for a retirement annuity calculated under
11Rule 4 only if that Tier 2 member meets the service
12requirements for that benefit calculation as prescribed under
13this Rule 4 in addition to the applicable age requirement under
14subsection (a-5) of Section 15-135.
15    For purposes of this Rule 4, a participant's service as a
16firefighter shall also include the following:
17        (i) service that is performed while the person is an
18    employee under subsection (h) of Section 15-107; and
19        (ii) in the case of an individual who was a
20    participating employee employed in the fire department of
21    the University of Illinois's Champaign-Urbana campus
22    immediately prior to the elimination of that fire
23    department and who immediately after the elimination of
24    that fire department transferred to another job with the
25    University of Illinois, service performed as an employee of
26    the University of Illinois in a position other than police

 

 

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1    officer or firefighter, from the date of that transfer
2    until the employee's next termination of service with the
3    University of Illinois.
4    (b) For a Tier 1 member, the retirement annuity provided
5under Rules 1 and 3 above shall be reduced by 1/2 of 1% for each
6month the participant is under age 60 at the time of
7retirement. However, this reduction shall not apply in the
8following cases:
9        (1) For a disabled participant whose disability
10    benefits have been discontinued because he or she has
11    exhausted eligibility for disability benefits under clause
12    (6) of Section 15-152;
13        (2) For a participant who has at least the number of
14    years of service required to retire at any age under
15    subsection (a) of Section 15-135; or
16        (3) For that portion of a retirement annuity which has
17    been provided on account of service of the participant
18    during periods when he or she performed the duties of a
19    police officer or firefighter, if these duties were
20    performed for at least 5 years immediately preceding the
21    date the retirement annuity is to begin.
22    (b-5) The retirement annuity of a Tier 2 member who is
23retiring after attaining age 62 with at least 10 years of
24service credit shall be reduced by 1/2 of 1% for each full
25month that the member's age is under age 67.
26    (c) The maximum retirement annuity provided under Rules 1,

 

 

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12, 4, and 5 shall be the lesser of (1) the annual limit of
2benefits as specified in Section 415 of the Internal Revenue
3Code of 1986, as such Section may be amended from time to time
4and as such benefit limits shall be adjusted by the
5Commissioner of Internal Revenue, and (2) 80% of final rate of
6earnings.
7    (d) This subsection (d) is subject to subsections (d-1) and
8(d-2). A Tier 1 member whose status as an employee terminates
9after August 14, 1969 shall receive automatic increases in his
10or her retirement annuity as follows:
11    Effective January 1 immediately following the date the
12retirement annuity begins, the annuitant shall receive an
13increase in his or her monthly retirement annuity of 0.125% of
14the monthly retirement annuity provided under Rule 1, Rule 2,
15Rule 3, or Rule 4 contained in this Section, multiplied by the
16number of full months which elapsed from the date the
17retirement annuity payments began to January 1, 1972, plus
180.1667% of such annuity, multiplied by the number of full
19months which elapsed from January 1, 1972, or the date the
20retirement annuity payments began, whichever is later, to
21January 1, 1978, plus 0.25% of such annuity multiplied by the
22number of full months which elapsed from January 1, 1978, or
23the date the retirement annuity payments began, whichever is
24later, to the effective date of the increase.
25    The annuitant shall receive an increase in his or her
26monthly retirement annuity on each January 1 thereafter during

 

 

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1the annuitant's life of 3% of the monthly annuity provided
2under Rule 1, Rule 2, Rule 3, or Rule 4 contained in this
3Section. The change made under this subsection by P.A. 81-970
4is effective January 1, 1980 and applies to each annuitant
5whose status as an employee terminates before or after that
6date.
7    Beginning January 1, 1990, all automatic annual increases
8payable under this Section shall be calculated as a percentage
9of the total annuity payable at the time of the increase,
10including all increases previously granted under this Article.
11    The change made in this subsection by P.A. 85-1008 is
12effective January 26, 1988, and is applicable without regard to
13whether status as an employee terminated before that date.
14    (d-1) Notwithstanding subsection (d), but subject to the
15provisions of subsection (d-2), all automatic increases
16payable under subsection (d) on or after the effective date of
17this amendatory Act of the 98th General Assembly shall be
18calculated as 3% of the lesser of (1) the total annuity payable
19at the time of the increase, including previous increases
20granted, or (2) $1,000 multiplied by the number of years of
21creditable service upon which the annuity is based; however, in
22the case of an initial increase subject to this subsection, the
23amount of that increase shall be prorated if less than one year
24has elapsed since retirement.
25    Beginning January 1, 2016, the $1,000 referred to in item
26(2) of this subsection (d-1) shall be increased on each January

 

 

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11 by the annual unadjusted percentage increase (but not less
2than zero) in the consumer price index-u for the 12 months
3ending with the preceding September; these adjustments shall be
4cumulative and compounded. For the purposes of this subsection
5(d-1), "consumer price index-u" means the index published by
6the Bureau of Labor Statistics of the United States Department
7of Labor that measures the average change in prices of goods
8and services purchased by all urban consumers, United States
9city average, all items, 1982-84 = 100. The new dollar amount
10resulting from each annual adjustment shall be determined by
11the Public Pension Division of the Department of Insurance and
12made available to the System by November 1 of each year.
13    This subsection (d-1) is applicable without regard to
14whether the person is in service on or after the effective date
15of this amendatory Act of the 98th General Assembly.
16    (d-2) Notwithstanding subsections (d) and (d-1), for an
17active or inactive Tier 1 member who has not begun to receive a
18retirement annuity under this Article before July 1, 2014:
19        (1) the automatic annual increase payable under
20    subsection (d) the second January following the date the
21    retirement annuity begins shall be equal to 0% of the total
22    annuity payable at the time of the increase, if he or she
23    is at least age 50 on the effective date of this amendatory
24    Act;
25        (2) the automatic annual increase payable under
26    subsection (d) the second, fourth, and sixth January

 

 

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1    following the date the retirement annuity begins shall be
2    equal to 0% of the total annuity payable at the time of the
3    increase, if he or she is at least age 47 but less than age
4    50 on the effective date of this amendatory Act;
5        (3) the automatic annual increase payable under
6    subsection (d) the second, fourth, sixth, and eighth
7    January following the date the retirement annuity begins
8    shall be equal to 0% of the total annuity payable at the
9    time of the increase, if he or she is at least age 44 but
10    less than age 47 on the effective date of this amendatory
11    Act;
12        (4) the automatic annual increase payable under
13    subsection (d) the second, fourth, sixth, eighth, and tenth
14    January following the date the retirement annuity begins
15    shall be equal to 0% of the total annuity payable at the
16    time of the increase, if he or she is less than age 44 on
17    the effective date of this amendatory Act.
18    (d-5) A retirement annuity of a Tier 2 member shall receive
19annual increases on the January 1 occurring either on or after
20the attainment of age 67 or the first anniversary of the
21annuity start date, whichever is later. Each annual increase
22shall be calculated at 3% or one half the annual unadjusted
23percentage increase (but not less than zero) in the consumer
24price index-u for the 12 months ending with the September
25preceding each November 1, whichever is less, of the originally
26granted retirement annuity. If the annual unadjusted

 

 

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1percentage change in the consumer price index-u for the 12
2months ending with the September preceding each November 1 is
3zero or there is a decrease, then the annuity shall not be
4increased.
5    (e) If, on January 1, 1987, or the date the retirement
6annuity payment period begins, whichever is later, the sum of
7the retirement annuity provided under Rule 1 or Rule 2 of this
8Section and the automatic annual increases provided under the
9preceding subsection or Section 15-136.1, amounts to less than
10the retirement annuity which would be provided by Rule 3, the
11retirement annuity shall be increased as of January 1, 1987, or
12the date the retirement annuity payment period begins,
13whichever is later, to the amount which would be provided by
14Rule 3 of this Section. Such increased amount shall be
15considered as the retirement annuity in determining benefits
16provided under other Sections of this Article. This paragraph
17applies without regard to whether status as an employee
18terminated before the effective date of this amendatory Act of
191987, provided that the annuitant was employed at least
20one-half time during the period on which the final rate of
21earnings was based.
22    (f) A participant is entitled to such additional annuity as
23may be provided on an actuarially equivalent basis, by any
24accumulated additional contributions to his or her credit.
25However, the additional contributions made by the participant
26toward the automatic increases in annuity provided under this

 

 

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1Section shall not be taken into account in determining the
2amount of such additional annuity.
3    (g) If, (1) by law, a function of a governmental unit, as
4defined by Section 20-107 of this Code, is transferred in whole
5or in part to an employer, and (2) a participant transfers
6employment from such governmental unit to such employer within
76 months after the transfer of the function, and (3) the sum of
8(A) the annuity payable to the participant under Rule 1, 2, or
93 of this Section (B) all proportional annuities payable to the
10participant by all other retirement systems covered by Article
1120, and (C) the initial primary insurance amount to which the
12participant is entitled under the Social Security Act, is less
13than the retirement annuity which would have been payable if
14all of the participant's pension credits validated under
15Section 20-109 had been validated under this system, a
16supplemental annuity equal to the difference in such amounts
17shall be payable to the participant.
18    (h) On January 1, 1981, an annuitant who was receiving a
19retirement annuity on or before January 1, 1971 shall have his
20or her retirement annuity then being paid increased $1 per
21month for each year of creditable service. On January 1, 1982,
22an annuitant whose retirement annuity began on or before
23January 1, 1977, shall have his or her retirement annuity then
24being paid increased $1 per month for each year of creditable
25service.
26    (i) On January 1, 1987, any annuitant whose retirement

 

 

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1annuity began on or before January 1, 1977, shall have the
2monthly retirement annuity increased by an amount equal to 8¢
3per year of creditable service times the number of years that
4have elapsed since the annuity began.
5    (j) For participants to whom subsection (a-3) of Section
615-135 applies, the references to age 50, 55, and 62 in this
7Section are increased as provided in subsection (a-3) of
8Section 15-135.
9(Source: P.A. 97-933, eff. 8-10-12; 97-968, eff. 8-16-12;
1098-92, eff. 7-16-13; 98-599, eff. 6-1-14.)
 
11    Section 95. No acceleration or delay. Where this Act makes
12changes in a statute that is represented in this Act by text
13that is not yet or no longer in effect (for example, a Section
14represented by multiple versions), the use of that text does
15not accelerate or delay the taking effect of (i) the changes
16made by this Act or (ii) provisions derived from any other
17Public Act.
 
18    Section 99. Effective date. This Act takes effect upon
19becoming law.".