SB2972 EngrossedLRB099 18190 EFG 42558 b


  
1    AN ACT concerning public employee benefits.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Illinois Pension Code is amended  by changing 
5Section 7-166 as follows:
 



6    (40 ILCS 5/7-166)  (from Ch. 108 1/2, par. 7-166)



7    Sec. 7-166. Separation benefits - Eligibility. Separation 
8benefits
shall be payable as hereinafter set forth:


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,

13    is not entitled to a retirement annuity shall be entitled 
14    to a separation
benefit.


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.


22        3. Upon separation from the service of all 
23    participating municipalities
and instrumentalities thereof 
 
 
SB2972 Engrossed- 2 -LRB099 18190 EFG 42558 b

1    and participating instrumentalities, any
participating 
2    employee who, on the date of application for such benefit, 
3    is
entitled to a retirement annuity, but wishes instead to 
4    use the amounts to his
or her credit in the Fund to 
5    purchase credit in another retirement plan, may
elect to 
6    take a separation benefit in lieu of the retirement 
7    annuity.

8(Source: P.A. 91-887, eff. 7-6-00; 92-424, eff. 8-17-01.)

 
 
9    Section 99. Effective date. This Act takes effect January 
101, 2017.