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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006 HB3493
Introduced 2/23/2005, by Rep. Thomas Holbrook SYNOPSIS AS INTRODUCED: |
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40 ILCS 5/16-132 |
from Ch. 108 1/2, par. 16-132 |
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Amends the Downstate Teacher Article of the Illinois Pension Code. Provides
that a member who is eligible to receive a retirement annuity of at least 74.6%
of final average salary and who will attain age 55 on or after May 15 of the
calendar year of retirement shall be deemed to attain age 55 on May 15 of that
calendar year (now who will attain age 55 on or before December 31 during the
year which commences on July 1 shall be deemed to attain age 55 on the
preceding June 1). Effective immediately.
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FISCAL NOTE ACT MAY APPLY | |
PENSION IMPACT NOTE ACT MAY APPLY |
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A BILL FOR
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HB3493 |
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LRB094 05389 AMC 35434 b |
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| AN ACT concerning public employee benefits.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Illinois Pension Code is amended by changing |
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| Section 16-132
as
follows:
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| (40 ILCS 5/16-132) (from Ch. 108 1/2, par. 16-132)
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| Sec. 16-132. Retirement annuity eligibility.
A member who |
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| has at least 20 years of creditable service is entitled to a
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| retirement annuity upon or after attainment of age 55.
A member |
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| who has at least 10 but less than 20 years of creditable |
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| service is
entitled to a retirement annuity upon or after |
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| attainment of age 60.
A member who has at least 5 but less than |
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| 10 years of creditable service is
entitled to a retirement |
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| annuity upon or after attainment of age 62.
A member who (i) |
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| has earned during the period immediately preceding the last
day |
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| of service at least one year of contributing creditable service |
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| as an
employee of a department as defined in Section 14-103.04, |
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| (ii) has earned at
least 5 years of contributing creditable |
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| service as an employee of a department
as defined in Section |
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| 14-103.04, and (iii) retires on or after January 1, 2001
is |
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| entitled to a retirement annuity upon or after attainment of an |
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| age which,
when added to the number of years of his or her |
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| total creditable service,
equals at least 85. Portions of years |
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| shall be counted as decimal equivalents.
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| A member who is eligible to receive a retirement annuity of |
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| at least 74.6% of
final average salary and will attain age 55 |
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| on or after May 15 and on or
before December 31 of the calendar |
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| year of retirement
before December
31 during the year which |
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| commences on July 1 shall be deemed to attain age 55
on May 15 |
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| of that calendar year
the preceding June 1 .
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| A member meeting the above eligibility conditions is |
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| entitled to a retirement
annuity upon written application to |