Sen. Kwame Raoul
Filed: 11/9/2011
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1 | AMENDMENT TO HOUSE BILL 3813
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2 | AMENDMENT NO. ______. Amend House Bill 3813, AS AMENDED, | ||||||
3 | with reference to page and line numbers of Senate Amendment No. | ||||||
4 | 1, on page 1, line 5, immediately after "6-209,", by inserting | ||||||
5 | "8-138,"; and | ||||||
6 | on page 1, line 6, immediately after "9-219,", by inserting | ||||||
7 | "11-134"; and | ||||||
8 | on page 18, line 25, by deleting " to "; and
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9 | on page 18, line 26, by deleting " special duty assignments "; | ||||||
10 | and | ||||||
11 | on page 23, immediately below line 10, by inserting the | ||||||
12 | following:
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13 | "(40 ILCS 5/8-138) (from Ch. 108 1/2, par. 8-138)
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1 | Sec. 8-138. Minimum annuities - Additional provisions.
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2 | (a) An employee who withdraws after age 65 or more with at | ||||||
3 | least 20
years of service, for whom the amount of age and | ||||||
4 | service and prior service
annuity combined is less than the | ||||||
5 | amount stated in this Section, shall
from the date of | ||||||
6 | withdrawal, instead of all annuities
otherwise provided, be | ||||||
7 | entitled to receive an annuity for life of $150 a
year, plus 1 | ||||||
8 | 1/2% for each year of service, to and including 20 years, and
1 | ||||||
9 | 2/3% for each year of service over 20 years, of his highest | ||||||
10 | average
annual salary for any 4 consecutive years within the | ||||||
11 | last 10 years of
service immediately preceding the date of | ||||||
12 | withdrawal.
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13 | An employee who withdraws after 20 or more years of | ||||||
14 | service, before age
65, shall be entitled to such annuity, to | ||||||
15 | begin not earlier than upon
attained age of 55 years if under | ||||||
16 | such age at withdrawal, reduced by 2% for
each full year or | ||||||
17 | fractional part thereof that his attained age is less
than 65, | ||||||
18 | plus an additional 2% reduction for each full year or | ||||||
19 | fractional
part thereof that his attained age when annuity is | ||||||
20 | to begin is less than 60
so that the total reduction at age 55 | ||||||
21 | shall be 30%.
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22 | (b) An employee who withdraws after July 1, 1957, at age 60 | ||||||
23 | or over,
with 20 or more years of service, for whom the age and | ||||||
24 | service and prior
service annuity combined, is less than the | ||||||
25 | amount stated in this paragraph,
shall, from the date of | ||||||
26 | withdrawal, instead of such annuities, be entitled
to receive |
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1 | an annuity for life equal to 1 2/3% for each year of service, | ||||||
2 | of
the highest average annual salary for any 5 consecutive | ||||||
3 | years within the
last 10 years of service immediately preceding | ||||||
4 | the date of withdrawal;
provided, that in the case of any | ||||||
5 | employee who withdraws on or after July
1, 1971, such employee | ||||||
6 | age 60 or over with 20 or more years of service,
shall receive | ||||||
7 | an annuity for life equal to 1.67% for each of the
first 10 | ||||||
8 | years of service; 1.90% for each of the next 10 years of | ||||||
9 | service;
2.10% for each year of service in excess of 20 but not | ||||||
10 | exceeding 30; and
2.30% for each year of service in excess of | ||||||
11 | 30, based on the highest
average annual salary for any 4 | ||||||
12 | consecutive years within the last 10 years
of service | ||||||
13 | immediately preceding the date of withdrawal.
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14 | An employee who withdraws after July 1, 1957 and before | ||||||
15 | January 1,
1988, with 20 or more years of service, before age | ||||||
16 | 60 years is entitled to
annuity, to begin not earlier than upon | ||||||
17 | attained age of 55 years, if under
such age at withdrawal, as | ||||||
18 | computed in the last preceding paragraph,
reduced 0.25% for | ||||||
19 | each full month or fractional part thereof that his
attained | ||||||
20 | age when annuity is to begin is less than 60 if the employee | ||||||
21 | was
born before January 1, 1936, or 0.5% for each such month if | ||||||
22 | the employee
was born on or after January 1, 1936.
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23 | Any employee born before January 1, 1936, who withdraws | ||||||
24 | with 20 or more
years of service, and any employee with 20 or | ||||||
25 | more years of service who
withdraws on or after January 1, | ||||||
26 | 1988, may elect to receive, in lieu of any
other employee |
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1 | annuity provided in this Section, an annuity for life equal
to | ||||||
2 | 1.80% for each of the first 10 years of service, 2.00% for each | ||||||
3 | of the
next 10 years of service, 2.20% for each year of service | ||||||
4 | in excess of 20
but not exceeding 30, and 2.40% for each year | ||||||
5 | of service in excess of 30,
of the highest average annual | ||||||
6 | salary for any 4 consecutive
years within the last 10 years of | ||||||
7 | service immediately preceding the date of
withdrawal, to begin | ||||||
8 | not earlier than upon attained age of 55 years, if
under such | ||||||
9 | age at withdrawal, reduced 0.25% for each full month or | ||||||
10 | fractional
part thereof that his attained age when annuity is | ||||||
11 | to begin is less than
60; except that an employee retiring on | ||||||
12 | or after January 1, 1988, at age
55 or over but less than age | ||||||
13 | 60, having at least 35 years of service,
or an employee | ||||||
14 | retiring on or after July 1, 1990, at age 55 or over but
less | ||||||
15 | than age 60, having at least 30 years of service,
or an | ||||||
16 | employee retiring on or after the effective date of this | ||||||
17 | amendatory
Act of 1997, at age 55 or over but less than age 60, | ||||||
18 | having at least 25 years
of service, shall not be subject to | ||||||
19 | the reduction in retirement annuity
because of retirement below | ||||||
20 | age 60.
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21 | However, in the case of an employee who retired on or after | ||||||
22 | January 1,
1985 but before January 1, 1988, at age 55 or older | ||||||
23 | and with at least 35
years of service, and who was subject | ||||||
24 | under this subsection (b) to the
reduction in retirement | ||||||
25 | annuity because of retirement below age 60, that
reduction | ||||||
26 | shall cease to be effective January 1, 1991, and the retirement
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1 | annuity shall be recalculated accordingly.
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2 | Any employee who withdraws on or after July 1, 1990, with | ||||||
3 | 20 or more years of
service, may elect to receive, in lieu of | ||||||
4 | any other employee annuity provided
in this Section, an annuity | ||||||
5 | for life equal to 2.20% for each year of service
if withdrawal | ||||||
6 | is before January 1, 2002, or 2.40% for each year of
service if | ||||||
7 | withdrawal is on or after January 1, 2002,
of the highest | ||||||
8 | average annual salary for any 4 consecutive years within the
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9 | last 10 years of service immediately preceding the date of | ||||||
10 | withdrawal, to begin
not earlier than upon attained
age of 55 | ||||||
11 | years, if under such age at withdrawal, reduced 0.25% for each
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12 | full month or fractional part thereof that his attained age | ||||||
13 | when annuity is
to begin is less than 60; except that an | ||||||
14 | employee retiring at age 55 or
over but less than age 60, | ||||||
15 | having at least 30 years of service, shall not
be subject to | ||||||
16 | the reduction in retirement annuity because of retirement below
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17 | age 60.
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18 | Any employee who withdraws on or after the effective date | ||||||
19 | of this
amendatory Act of 1997 with 20 or more years of service | ||||||
20 | may elect to receive,
in lieu of any other employee annuity | ||||||
21 | provided in this Section, an annuity for
life equal to 2.20% | ||||||
22 | for each year of service, if withdrawal is before
January 1, | ||||||
23 | 2002, or 2.40% for each year of service if withdrawal is
on or
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24 | after January 1, 2002, of the highest average annual
salary for | ||||||
25 | any 4 consecutive years within the last 10 years of service
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26 | immediately preceding the date of withdrawal, to begin not |
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1 | earlier than upon
attainment of age 55 (age 50 if the employee | ||||||
2 | has at least 30 years of service),
reduced 0.25% for each full | ||||||
3 | month or remaining fractional part thereof that the
employee's | ||||||
4 | attained age when annuity is to begin is less than 60; except | ||||||
5 | that
an employee retiring at age 50 or over with at least 30 | ||||||
6 | years of service or at
age 55 or over with at least 25 years of | ||||||
7 | service shall not be subject to the
reduction in retirement | ||||||
8 | annuity because of retirement below age 60.
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9 | The maximum annuity payable under part (a) and (b) of this | ||||||
10 | Section shall
not exceed 70% of highest average annual salary | ||||||
11 | in the case of an employee
who withdraws prior to July 1, 1971, | ||||||
12 | 75% if withdrawal takes place on
or after July 1, 1971 and | ||||||
13 | prior to January 1, 2002, or 80% if
withdrawal
takes place on | ||||||
14 | or after January 1, 2002. For the
purpose of the minimum
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15 | annuity provided in this Section $1,500 is considered the | ||||||
16 | minimum annual
salary for any year; and the maximum annual | ||||||
17 | salary for the computation of such
annuity is $4,800 for any | ||||||
18 | year before 1953, $6000 for the years 1953 to 1956,
inclusive, | ||||||
19 | and the actual annual salary, as salary is defined in this | ||||||
20 | Article,
for any year thereafter.
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21 | To preserve rights existing on December 31, 1959, for | ||||||
22 | participants and
contributors on that date to the fund created | ||||||
23 | by the Court and Law
Department Employees' Annuity Act, who | ||||||
24 | became participants in the fund
provided for on January 1, | ||||||
25 | 1960, the maximum annual salary to be considered
for such | ||||||
26 | persons for the years 1955 and 1956 is $7,500.
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1 | (c) For an employee receiving disability benefit, his | ||||||
2 | salary for annuity
purposes under paragraphs (a) and (b) of | ||||||
3 | this Section, for all periods of
disability benefit subsequent | ||||||
4 | to the year 1956, is the amount on which his
disability benefit | ||||||
5 | was based.
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6 | (d) An employee with 20 or more years of service, whose | ||||||
7 | entire disability
benefit credit period expires before
| ||||||
8 | attainment of age 55 while still disabled for service, is | ||||||
9 | entitled upon
withdrawal to the larger of (1) the minimum | ||||||
10 | annuity provided above, assuming he
is then age 55, and | ||||||
11 | reducing such annuity to its actuarial equivalent as of his
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12 | attained age on such date or (2) the annuity provided from his | ||||||
13 | age and service
and prior service annuity credits.
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14 | (e) The minimum annuity provisions do not apply to any | ||||||
15 | former municipal
employee receiving an annuity from the fund | ||||||
16 | who re-enters service as a
municipal employee, unless he | ||||||
17 | renders at least 3 years of additional
service after the date | ||||||
18 | of re-entry.
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19 | (f) An employee in service on July 1, 1947, or who became a | ||||||
20 | contributor
after July 1, 1947 and before attainment of age 70, | ||||||
21 | who withdraws after age
65, with less than 20 years of service | ||||||
22 | for whom the annuity has been fixed
under this Article shall, | ||||||
23 | instead of the annuity so fixed, receive an
annuity as follows:
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24 | Such amount as he could have received had the accumulated | ||||||
25 | amounts for
annuity been improved with interest at the | ||||||
26 | effective rate to the date of
his withdrawal, or to attainment |
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1 | of age 70, whichever is earlier, and had
the city contributed | ||||||
2 | to such earlier date for age and service annuity the
amount | ||||||
3 | that it would have contributed had he been under age 65, after | ||||||
4 | the
date his annuity was fixed in accordance with this Article, | ||||||
5 | and assuming
his annuity were computed from such accumulations | ||||||
6 | as of his age on such
earlier date. The annuity so computed | ||||||
7 | shall not exceed the annuity which
would be payable under the | ||||||
8 | other provisions of this Section if the employee
was credited | ||||||
9 | with 20 years of service and would qualify for annuity | ||||||
10 | thereunder.
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11 | (g) Instead of the annuity provided in this Article, an | ||||||
12 | employee having
attained age 65 with at least 15 years of | ||||||
13 | service who withdraws from
service on or after July 1, 1971 and | ||||||
14 | whose annuity computed under other
provisions of this Article | ||||||
15 | is less than the amount provided under this
paragraph, is | ||||||
16 | entitled to a minimum annuity for life equal to 1% of the
| ||||||
17 | highest average annual salary, as salary is defined and limited | ||||||
18 | in this
Section for any 4 consecutive years within the last 10 | ||||||
19 | years of service for
each year of service, plus the sum of $25 | ||||||
20 | for each year of service. The
annuity shall not exceed 60% of | ||||||
21 | such highest average annual salary.
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22 | (g-1) Instead of any other retirement annuity provided in | ||||||
23 | this Article,
an employee who has at least 10 years of service | ||||||
24 | and withdraws from service
on or after January 1, 1999 may | ||||||
25 | elect to receive a retirement annuity for
life, beginning no | ||||||
26 | earlier than upon attainment of age 60, equal to 2.2%
if |
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1 | withdrawal is before January 1, 2002, or 2.4% if withdrawal is | ||||||
2 | on
or after January 1, 2002, of final average salary for each
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3 | year of service,
subject to a maximum of 75% of final average | ||||||
4 | salary if withdrawal is before
January 1, 2002, or 80% if | ||||||
5 | withdrawal is on or after January 1, 2002. For
the purpose of | ||||||
6 | calculating this annuity, "final average salary" means the
| ||||||
7 | highest average annual salary for any 4 consecutive years in | ||||||
8 | the last 10 years
of service. Nothwithstanding any provision of | ||||||
9 | this subsection to the contrary, the "final average salary" for | ||||||
10 | a participant that received credit under subsection (c) of | ||||||
11 | Section 8-226 means the highest average salary for any 4 | ||||||
12 | consecutive years (or any 8 consecutive years if the employee | ||||||
13 | first became a participant on or after January 1, 2011) in the | ||||||
14 | 10 years immediately prior to the leave of absence, and adding | ||||||
15 | to that highest average salary, the product of (i) that highest | ||||||
16 | average salary, (ii) the average percentage increase in the | ||||||
17 | Consumer Price Index during each 12-month calendar year for the | ||||||
18 | calendar years during the participant's leave of absence, and | ||||||
19 | (iii) the length of the leave of absence in years, provided | ||||||
20 | that this shall not exceed the participant's salary at the | ||||||
21 | local labor organization. For purposes of this Section, the | ||||||
22 | Consumer Price Index is the Consumer Price Index for All Urban | ||||||
23 | Consumers for all items published by the United States | ||||||
24 | Department of Labor.
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25 | (h) The minimum annuities provided under this Section shall | ||||||
26 | be paid in
equal monthly installments.
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1 | (i) The amendatory provisions of part (b) and (g) of this | ||||||
2 | Section shall
be effective July 1, 1971 and apply in the case | ||||||
3 | of every qualifying
employee withdrawing on or after July 1, | ||||||
4 | 1971.
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5 | (j) The amendatory provisions of this amendatory Act of | ||||||
6 | 1985 (P.A.
84-23) relating to the discount of annuity because | ||||||
7 | of retirement prior to
attainment of age 60, and to the | ||||||
8 | retirement formula, for those born before
January 1, 1936, | ||||||
9 | shall apply only to qualifying employees withdrawing on or
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10 | after July 18, 1985.
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11 | (j-1) The changes made to this Section by Public Act 92-609 | ||||||
12 | (increasing the retirement
formula to 2.4% per year of service | ||||||
13 | and increasing the maximum to 80%) apply
to persons who | ||||||
14 | withdraw from service on or after January 1, 2002, regardless
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15 | of whether that withdrawal takes place before the effective | ||||||
16 | date of that Act. In the case of a person who withdraws from | ||||||
17 | service
on or after January 1, 2002 but begins to receive a | ||||||
18 | retirement annuity before
July 1, 2002, the annuity
shall be | ||||||
19 | recalculated, with the increase resulting from Public Act | ||||||
20 | 92-609
accruing from the date the retirement annuity
began. The | ||||||
21 | changes made by Public Act 92-609 control over the changes made
| ||||||
22 | by Public Act 92-599, as provided in Section 95 of P.A. 92-609.
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23 | (k) Beginning on January 1, 1999, the minimum amount of | ||||||
24 | employee's annuity
shall be $850 per month for life for the | ||||||
25 | following classes of employees,
without regard to the fact that | ||||||
26 | withdrawal occurred prior to the effective date
of this |
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1 | amendatory Act of 1998:
| ||||||
2 | (1) any employee annuitant alive and receiving a life | ||||||
3 | annuity on
the effective date of this amendatory Act of | ||||||
4 | 1998,
except a reciprocal annuity;
| ||||||
5 | (2) any employee annuitant alive and receiving a term | ||||||
6 | annuity on
the effective date of this amendatory Act of | ||||||
7 | 1998,
except a reciprocal annuity;
| ||||||
8 | (3) any employee annuitant alive and receiving a | ||||||
9 | reciprocal annuity on
the effective date of this amendatory | ||||||
10 | Act of 1998,
whose service in this fund is at least 5 | ||||||
11 | years;
| ||||||
12 | (4) any employee annuitant withdrawing after age 60 on | ||||||
13 | or after
the effective date of this amendatory Act of 1998,
| ||||||
14 | with at least 10 years of service in this fund.
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15 | The increases granted under items (1), (2) and (3) of this | ||||||
16 | subsection (k)
shall not be limited by any other Section of | ||||||
17 | this Act.
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18 | (Source: P.A. 95-331, eff. 8-21-07.)"; and
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19 | on page 35, immediately below line 16, by inserting the | ||||||
20 | following:
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21 | "(40 ILCS 5/11-134) (from Ch. 108 1/2, par. 11-134)
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22 | Sec. 11-134. Minimum annuities.
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23 | (a) An employee whose withdrawal occurs after July 1, 1957 | ||||||
24 | at age 60 or
over, with 20 or more years of service, (as |
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1 | service is defined or computed
in Section 11-216), for whom the | ||||||
2 | age and service and prior service annuity
combined is less than | ||||||
3 | the amount stated in this Section, shall, from and
after the | ||||||
4 | date of withdrawal, in lieu of all annuities otherwise provided
| ||||||
5 | in this Article, be entitled to receive an annuity for life of | ||||||
6 | an amount
equal to 1 2/3% for each year of service, of the | ||||||
7 | highest average annual
salary for any 5 consecutive years | ||||||
8 | within the last 10 years of service
immediately preceding the | ||||||
9 | date of withdrawal; provided, that in the case of
any employee | ||||||
10 | who withdraws on or after July 1, 1971, such employee age 60
or | ||||||
11 | over with 20 or more years of service, shall be entitled to | ||||||
12 | instead
receive an annuity for life equal to 1.67% for each of | ||||||
13 | the first 10 years
of service; 1.90% for each of the next 10 | ||||||
14 | years of service; 2.10% for each
year of service in excess of | ||||||
15 | 20 but not exceeding 30; and 2.30% for each
year of service in | ||||||
16 | excess of 30, based on the highest average annual salary
for | ||||||
17 | any 4 consecutive years within the last 10 years of service | ||||||
18 | immediately
preceding the date of withdrawal.
| ||||||
19 | An employee who withdraws after July 1, 1957 and before | ||||||
20 | January 1,
1988, with 20 or more years of service, before age | ||||||
21 | 60, shall be entitled to
an annuity, to begin not earlier than | ||||||
22 | age 55, if under such age at
withdrawal, as computed in the | ||||||
23 | last preceding paragraph, reduced 0.25% if
the employee was | ||||||
24 | born before January 1, 1936, or 0.5% if the employee was
born | ||||||
25 | on or after January 1, 1936, for each full month or fractional | ||||||
26 | part
thereof that his attained age when such annuity is to |
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| |||||||
1 | begin is less than 60.
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2 | Any employee born before January 1, 1936 who withdraws
with | ||||||
3 | 20 or more years of service, and any employee with 20 or more | ||||||
4 | years of
service who withdraws on or after January 1, 1988, may | ||||||
5 | elect to receive, in
lieu of any other employee
annuity | ||||||
6 | provided in this Section, an annuity for life equal to 1.80% | ||||||
7 | for
each of the first 10 years of service, 2.00% for each of | ||||||
8 | the next 10 years
of service, 2.20% for each year of service in | ||||||
9 | excess of 20, but not
exceeding 30, and 2.40% for each year of | ||||||
10 | service in excess of 30,
of the highest average annual salary | ||||||
11 | for any 4
consecutive years within the last 10 years of service | ||||||
12 | immediately preceding
the date of withdrawal, to begin not | ||||||
13 | earlier than upon attained age of 55
years, if under such age | ||||||
14 | at withdrawal, reduced 0.25% for each full month
or fractional | ||||||
15 | part thereof that his attained age when annuity is to begin
is | ||||||
16 | less than 60; except that an employee retiring on or after | ||||||
17 | January 1,
1988, at age 55 or over but less than age 60, having | ||||||
18 | at least 35 years of
service, or an employee retiring on or | ||||||
19 | after July 1, 1990, at age 55
or over but less than age 60, | ||||||
20 | having at least 30 years of service,
or an employee retiring on | ||||||
21 | or after the effective date of this amendatory Act
of 1997, at | ||||||
22 | age 55 or over but less than age 60, having at least 25 years of
| ||||||
23 | service, shall not be subject to the reduction in retirement | ||||||
24 | annuity because
of retirement below age 60.
| ||||||
25 | However, in the case of an employee who retired on or after | ||||||
26 | January 1,
1985 but before January 1, 1988, at age 55 or older |
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| |||||||
1 | and with at least 35
years of service, and who was subject | ||||||
2 | under this subsection (a) to the
reduction in retirement | ||||||
3 | annuity because of retirement below age 60, that
reduction | ||||||
4 | shall cease to be effective January 1, 1991, and the retirement
| ||||||
5 | annuity shall be recalculated accordingly.
| ||||||
6 | Any employee who withdraws on or after July 1, 1990, with | ||||||
7 | 20 or more
years of service, may elect to receive, in lieu of | ||||||
8 | any other employee
annuity provided in this Section, an annuity | ||||||
9 | for life equal to 2.20% for
each year of service if withdrawal | ||||||
10 | is before January 1, 2002, or
2.40% for each year of service if | ||||||
11 | withdrawal is on or after January 1,
2002, of the highest | ||||||
12 | average annual salary for any 4
consecutive years within the | ||||||
13 | last 10 years of service immediately preceding
the date of | ||||||
14 | withdrawal, to begin not earlier than upon attained age of 55
| ||||||
15 | years, if under such age at withdrawal, reduced 0.25% for each | ||||||
16 | full month
or fractional part thereof that his attained age | ||||||
17 | when annuity is to begin
is less than 60; except that an | ||||||
18 | employee retiring at age 55 or over but
less than age 60, | ||||||
19 | having at least 30 years of service, shall not be subject
to | ||||||
20 | the reduction in retirement annuity because of retirement below | ||||||
21 | age 60.
| ||||||
22 | Any employee who withdraws on or after the effective date | ||||||
23 | of this
amendatory Act of 1997 with 20 or more years of service | ||||||
24 | may elect to receive,
in lieu of any other employee annuity | ||||||
25 | provided in this Section, an annuity for
life equal to 2.20% | ||||||
26 | for each year of service if withdrawal is before
January 1, |
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| |||||||
1 | 2002, or 2.40% for each year of service if withdrawal is
on or
| ||||||
2 | after January 1, 2002, of the
highest average annual
salary for | ||||||
3 | any 4 consecutive years within the last 10 years of service
| ||||||
4 | immediately preceding the date of withdrawal, to begin not | ||||||
5 | earlier than upon
attainment of age 55 (age 50 if the employee | ||||||
6 | has at least 30 years of service),
reduced 0.25% for each full | ||||||
7 | month or remaining fractional part thereof that the
employee's | ||||||
8 | attained age when annuity is to begin is less than 60; except | ||||||
9 | that
an employee retiring at age 50 or over with at least 30 | ||||||
10 | years of service or at
age 55 or over with at least 25 years of | ||||||
11 | service shall not be subject to the
reduction in retirement | ||||||
12 | annuity because of retirement below age 60.
| ||||||
13 | The maximum annuity payable under this paragraph (a) of | ||||||
14 | this Section
shall not exceed 70% of highest average annual | ||||||
15 | salary in the case of an
employee who withdraws prior to July | ||||||
16 | 1, 1971, 75% if withdrawal takes place on
or after July 1, 1971 | ||||||
17 | and prior to January 1, 2002, or 80% if
withdrawal
is on or | ||||||
18 | after January 1, 2002. For the purpose of the
minimum annuity
| ||||||
19 | provided in said paragraphs $1,500 shall be considered the | ||||||
20 | minimum annual
salary for any year; and the maximum annual | ||||||
21 | salary to be considered for the
computation of such annuity | ||||||
22 | shall be $4,800 for any year prior to 1953,
$6,000 for the | ||||||
23 | years 1953 to 1956, inclusive, and the actual annual salary,
as | ||||||
24 | salary is defined in this Article, for any year thereafter.
| ||||||
25 | (b) For an employee receiving disability benefit, his | ||||||
26 | salary for annuity
purposes under this Section shall, for all |
| |||||||
| |||||||
1 | periods of disability benefit
subsequent to the year 1956, be | ||||||
2 | the amount on which his disability benefit
was based.
| ||||||
3 | (c) An employee with 20 or more years of service, whose | ||||||
4 | entire
disability benefit credit period expires prior to | ||||||
5 | attainment of age 55
while still disabled for service, shall be | ||||||
6 | entitled upon withdrawal to the
larger of (1) the minimum | ||||||
7 | annuity provided above assuming that he is then
age 55, and | ||||||
8 | reducing such annuity to its actuarial equivalent at his
| ||||||
9 | attained age on such date, or (2) the annuity provided from his | ||||||
10 | age and
service and prior service annuity credits.
| ||||||
11 | (d) The minimum annuity provisions as aforesaid shall not | ||||||
12 | apply to any
former employee receiving an annuity from the | ||||||
13 | fund, and who re-enters
service as an employee, unless he | ||||||
14 | renders at least 3 years of additional
service after the date | ||||||
15 | of re-entry.
| ||||||
16 | (e) An employee in service on July 1, 1947, or who became a | ||||||
17 | contributor
after July 1, 1947 and prior to July 1, 1950, or | ||||||
18 | who shall become a
contributor to the fund after July 1, 1950 | ||||||
19 | prior to attainment of age 70,
who withdraws after age 65 with | ||||||
20 | less than 20 years of service, for whom the
annuity has been | ||||||
21 | fixed under the foregoing Sections of this Article shall,
in | ||||||
22 | lieu of the annuity so fixed, receive an annuity as follows:
| ||||||
23 | Such amount as he could have received had the accumulated | ||||||
24 | amounts for
annuity been improved with interest at the | ||||||
25 | effective rate to the date of
his withdrawal, or to attainment | ||||||
26 | of age 70, whichever is earlier, and had
the city contributed |
| |||||||
| |||||||
1 | to such earlier date for age and service annuity the
amount | ||||||
2 | that would have been contributed had he been under age 65, | ||||||
3 | after the
date his annuity was fixed in accordance with this | ||||||
4 | Article, and assuming
his annuity were computed from such | ||||||
5 | accumulations as of his age on such
earlier date. The annuity | ||||||
6 | so computed shall not exceed the annuity which
would be payable | ||||||
7 | under the other provisions of this Section if the employee
was | ||||||
8 | credited with 20 years of service and would qualify for annuity
| ||||||
9 | thereunder.
| ||||||
10 | (f) In lieu of the annuity provided in this or in any other | ||||||
11 | Section of
this Article, an employee having attained age 65 | ||||||
12 | with at least 15 years of
service who withdraws from service on | ||||||
13 | or after July 1, 1971 and whose
annuity computed under other | ||||||
14 | provisions of this Article is less than the
amount provided | ||||||
15 | under this paragraph shall be entitled to receive a minimum
| ||||||
16 | annual annuity for life equal to 1% of the highest average | ||||||
17 | annual salary
for any 4 consecutive years within the last 10 | ||||||
18 | years of service immediately
preceding retirement for each year | ||||||
19 | of his service plus the sum of $25 for
each year of service. | ||||||
20 | Such annual annuity shall not exceed the maximum
percentages | ||||||
21 | stated under paragraph (a) of this Section of such highest
| ||||||
22 | average annual salary.
| ||||||
23 | (f-1) Instead of any other retirement annuity provided in | ||||||
24 | this Article,
an employee who has at least 10 years of service | ||||||
25 | and withdraws from service
on or after January 1, 1999 may | ||||||
26 | elect to receive a retirement annuity for
life, beginning no |
| |||||||
| |||||||
1 | earlier than upon attainment of age 60, equal to 2.2%
if | ||||||
2 | withdrawal is before January 1, 2002, or 2.4% for each year of
| ||||||
3 | service if
withdrawal is on or after January 1, 2002, of final
| ||||||
4 | average salary for
each
year of service, subject to a maximum | ||||||
5 | of 75% of final average salary
if withdrawal is before January | ||||||
6 | 1, 2002, or 80% if withdrawal is on
or after
January 1, 2002. | ||||||
7 | For the purpose of calculating this
annuity, "final average
| ||||||
8 | salary" means the highest average annual salary for any 4 | ||||||
9 | consecutive years
in the last 10 years of service. | ||||||
10 | Nothwithstanding any provision of this subsection to the | ||||||
11 | contrary, the "final average salary" for a participant that | ||||||
12 | received credit under item (3) of subsection (c) of Section | ||||||
13 | 11-215 means the highest average salary for any 4 consecutive | ||||||
14 | years (or any 8 consecutive years if the employee first became | ||||||
15 | a participant on or after January 1, 2011) in the 10 years | ||||||
16 | immediately prior to the leave of absence, and adding to that | ||||||
17 | highest average salary, the product of (i) that highest average | ||||||
18 | salary, (ii) the average percentage increase in the Consumer | ||||||
19 | Price Index during each 12-month calendar year for the calendar | ||||||
20 | years during the participant's leave of absence, and (iii) the | ||||||
21 | length of the leave of absence in years, provided that this | ||||||
22 | shall not exceed the participant's salary at the local labor | ||||||
23 | organization. For purposes of this Section, the Consumer Price | ||||||
24 | Index is the Consumer Price Index for All Urban Consumers for | ||||||
25 | all items published by the United States Department of Labor.
| ||||||
26 | (g) Any annuity payable under the preceding subsections of |
| |||||||
| |||||||
1 | this Section
11-134 shall be paid in equal monthly | ||||||
2 | installments.
| ||||||
3 | (h) The amendatory provisions of part (a) and (f) of this | ||||||
4 | Section shall
be effective July 1, 1971 and apply in the case | ||||||
5 | of every qualifying
employee withdrawing on or after July 1, | ||||||
6 | 1971.
| ||||||
7 | (h-1) The changes made to this Section by Public Act 92-609 | ||||||
8 | (increasing the retirement
formula to 2.4% per year of service | ||||||
9 | and increasing the maximum to 80%) apply
to persons who | ||||||
10 | withdraw from service on or after January 1, 2002, regardless
| ||||||
11 | of whether that withdrawal takes place before the effective | ||||||
12 | date of that Act. In the case of a person who withdraws from | ||||||
13 | service
on or after January 1, 2002 but begins to receive a | ||||||
14 | retirement annuity before
July 1, 2002, the annuity
shall be | ||||||
15 | recalculated, with the increase resulting from Public Act | ||||||
16 | 92-609
accruing from the date the retirement annuity
began. The | ||||||
17 | changes made by Public Act 92-609 control over the changes made
| ||||||
18 | by Public Act 92-599, as provided in Section 95 of P.A. 92-609.
| ||||||
19 | (i) The amendatory provisions of this amendatory Act of | ||||||
20 | 1985 relating to
the discount of annuity because of retirement | ||||||
21 | prior to attainment of age 60
and increasing the retirement | ||||||
22 | formula for those born before January 1, 1936,
shall apply only | ||||||
23 | to qualifying employees withdrawing on or after
August 16, | ||||||
24 | 1985.
| ||||||
25 | (j) Beginning on January 1, 1999, the minimum amount of | ||||||
26 | employee's annuity
shall be $850 per month for life for the |
| |||||||
| |||||||
1 | following classes of employees,
without regard to the fact that | ||||||
2 | withdrawal occurred prior to the effective
date of this | ||||||
3 | amendatory Act of 1998:
| ||||||
4 | (1) any employee annuitant alive and receiving a life | ||||||
5 | annuity on the
effective date of this amendatory Act of | ||||||
6 | 1998, except a reciprocal
annuity;
| ||||||
7 | (2) any employee annuitant alive and receiving a term | ||||||
8 | annuity on the
effective date of this amendatory Act of | ||||||
9 | 1998, except a reciprocal
annuity;
| ||||||
10 | (3) any employee annuitant alive and receiving a | ||||||
11 | reciprocal annuity on
the effective date of this amendatory | ||||||
12 | Act of 1998, whose service
in this fund is at least 5 | ||||||
13 | years;
| ||||||
14 | (4) any employee annuitant withdrawing after age 60 on | ||||||
15 | or after the
effective date of this amendatory Act of 1998, | ||||||
16 | with at least 10
years of service in this fund.
| ||||||
17 | The increases granted under items (1), (2) and (3) of this | ||||||
18 | subsection (j)
shall not be limited by any other Section of | ||||||
19 | this Act.
| ||||||
20 | (Source: P.A. 95-331, eff. 8-21-07.)"; and
| ||||||
21 | on page 47, line 2, immediately after "participant", by | ||||||
22 | inserting " before the effective date of this amendatory Act of | ||||||
23 | the 97th General Assembly "; and | ||||||
24 | on page 50, line 22, immediately after "member", by inserting |
| |||||||
| |||||||
1 | " before the effective date of this amendatory Act of the 97th | ||||||
2 | General Assembly "; and | ||||||
3 | on page 59, immediately above line 1, by inserting the | ||||||
4 | following: | ||||||
5 | "Section 98. Severability. The provisions of this Act are | ||||||
6 | severable under Section 1.31 of the Statute on Statutes.".
|