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1 | AN ACT in relation to public employee benefits.
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2 | Be it enacted by the People of the State of Illinois, | ||||||||||||||||||||||||||
3 | represented in the General Assembly:
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4 | Section 5. The Illinois Pension Code is amended by changing | ||||||||||||||||||||||||||
5 | Section 17-119
as follows:
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6 | (40 ILCS 5/17-119) (from Ch. 108 1/2, par. 17-119)
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7 | Sec. 17-119. Automatic annual increase in pension.
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8 | (a) Each teacher retiring on or after September 1, 1959, is | ||||||||||||||||||||||||||
9 | entitled to
the annual increase in pension, defined herein, | ||||||||||||||||||||||||||
10 | while he is receiving a pension
from the Fund.
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11 | 1. The term "base pension" means a service retirement | ||||||||||||||||||||||||||
12 | or disability
retirement pension in the amount fixed and | ||||||||||||||||||||||||||
13 | payable at the date of
retirement of a teacher.
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14 | 2. The annual increase in pension shall be at the rate | ||||||||||||||||||||||||||
15 | of 1 1/2% of
base pension. This increase shall first occur | ||||||||||||||||||||||||||
16 | in January of the year
next following the first anniversary | ||||||||||||||||||||||||||
17 | of retirement. At such time the
Fund shall pay the pro rata | ||||||||||||||||||||||||||
18 | part of the increase for the period from the
first | ||||||||||||||||||||||||||
19 | anniversary date to the date of the first increase in
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20 | pension. Beginning January 1, 1972, the rate of annual | ||||||||||||||||||||||||||
21 | increase in
pension shall be 2% of the base pension. | ||||||||||||||||||||||||||
22 | Beginning January 1, 1979, the
rate of annual increase in | ||||||||||||||||||||||||||
23 | pension shall be 3% of the base pension.
Beginning January |
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1 | 1, 1990, all automatic annual increases payable under
this | ||||||
2 | Section shall be calculated as a percentage of the total | ||||||
3 | pension
payable at the time of the increase, including all | ||||||
4 | increases previously
granted under this Article, | ||||||
5 | notwithstanding Section 17-157.
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6 | 3. For a retired teacher who withdraws from service | ||||||
7 | before January 1,
2011, an increase in pension shall be | ||||||
8 | granted only if the retired teacher is
age 60 or over. If | ||||||
9 | the teacher attains age 60 after retirement, the increase
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10 | in pension shall begin in January of the year following the | ||||||
11 | 61st birthday. At
such time the Fund also shall pay the pro | ||||||
12 | rata part of the increase from the
61st birthday to the | ||||||
13 | date of first increase in pension.
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14 | For a retired teacher who withdraws from service on or | ||||||
15 | after January 1,
2011, the increase in pension shall begin | ||||||
16 | in the January next following the
first anniversary of | ||||||
17 | retirement. At such time the Fund shall also pay the pro
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18 | rata part of the increase from the first anniversary of | ||||||
19 | retirement to the date
of first increase in pension.
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20 | (b) In addition to other increases which may be provided by | ||||||
21 | this
Section, on January 1, 1981 any teacher who was receiving | ||||||
22 | a retirement pension
on or before January 1, 1971 shall have | ||||||
23 | his retirement pension then being paid
increased $1 per month | ||||||
24 | for each year of creditable service. On January 1,
1982, any | ||||||
25 | teacher whose retirement pension began on or before January 1, | ||||||
26 | 1977,
shall have his retirement pension then being paid |
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1 | increased $1 per month for
each year of creditable service.
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2 | On January 1, 1987, any teacher whose retirement pension | ||||||
3 | began
on or before January 1, 1977, shall have the monthly | ||||||
4 | retirement pension
increased by an amount equal to 8ยข per year | ||||||
5 | of creditable service times the
number of years that have | ||||||
6 | elapsed since the retirement pension began.
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7 | (Source: P.A. 90-566, eff. 1-2-98.)
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8 | Section 90. The State Mandates Act is amended by adding | ||||||
9 | Section 8.34 as follows: | ||||||
10 | (30 ILCS 805/8.34 new) | ||||||
11 | Sec. 8.34. Exempt mandate. Notwithstanding Sections 6 and 8 | ||||||
12 | of this Act, no reimbursement by the State is required for the | ||||||
13 | implementation of any mandate created by this amendatory Act of | ||||||
14 | the 96th General Assembly. | ||||||
15 | Section 99. Effective date. This Act takes effect upon | ||||||
16 | becoming law. |