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| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB2972 Introduced 2/18/2016, by Sen. Don Harmon SYNOPSIS AS INTRODUCED:
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40 ILCS 5/7-166 | from Ch. 108 1/2, par. 7-166 |
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Amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code, allows a participant who is terminating service to elect a separation benefit rather than a retirement annuity if his or her annuity would be less than $100 (now $30) per month. Effective January 1, 2017.
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| | | FISCAL NOTE ACT MAY APPLY | | PENSION IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | SB2972 | | LRB099 18190 EFG 42558 b |
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| 1 | | AN ACT concerning public employee benefits.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Pension Code is amended by changing |
| 5 | | Section 7-166 as follows:
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| 6 | | (40 ILCS 5/7-166) (from Ch. 108 1/2, par. 7-166)
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| 7 | | Sec. 7-166. Separation benefits - Eligibility. Separation |
| 8 | | benefits
shall be payable as hereinafter set forth:
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| 9 | | 1. Upon separation from the service of all |
| 10 | | participating municipalities
and instrumentalities thereof |
| 11 | | and participating instrumentalities, any
participating |
| 12 | | employee who, on the date of application for such benefit,
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| 13 | | is not entitled to a retirement annuity shall be entitled |
| 14 | | to a separation
benefit.
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| 15 | | 2. Upon separation from the service of all |
| 16 | | participating municipalities
and instrumentalities thereof |
| 17 | | and participating instrumentalities, any
participating |
| 18 | | employee who, on the date of application for such benefit, |
| 19 | | is
entitled to a retirement annuity of less than $100 $30 |
| 20 | | per month for life may elect
to take a separation benefit |
| 21 | | in lieu of the retirement annuity.
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| 22 | | 3. Upon separation from the service of all |
| 23 | | participating municipalities
and instrumentalities thereof |