SB2972 EnrolledLRB099 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 Enrolled- 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.