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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 16-132 as follows:
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6 | (40 ILCS 5/16-132) (from Ch. 108 1/2, par. 16-132)
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7 | (Text of Section before amendment by P.A. 98-599 )
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8 | Sec. 16-132. Retirement annuity eligibility. A member who | ||||||||||||||||||||||||
9 | has at least 20 years of creditable service is entitled to a
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10 | retirement annuity upon or after attainment of age 55.
A member | ||||||||||||||||||||||||
11 | who has at least 10 but less than 20 years of creditable | ||||||||||||||||||||||||
12 | service is
entitled to a retirement annuity upon or after | ||||||||||||||||||||||||
13 | attainment of age 60.
A member who has at least 5 but less than | ||||||||||||||||||||||||
14 | 10 years of creditable service is
entitled to a retirement | ||||||||||||||||||||||||
15 | annuity upon or after attainment of age 62.
A member who (i) | ||||||||||||||||||||||||
16 | has earned during the period immediately preceding the last
day | ||||||||||||||||||||||||
17 | of service at least one year of contributing creditable service | ||||||||||||||||||||||||
18 | as an
employee of a department as defined in Section 14-103.04, | ||||||||||||||||||||||||
19 | (ii) has earned at
least 5 years of contributing creditable | ||||||||||||||||||||||||
20 | service as an employee of a department
as defined in Section | ||||||||||||||||||||||||
21 | 14-103.04, and (iii) retires on or after January 1, 2001
is | ||||||||||||||||||||||||
22 | entitled to a retirement annuity upon or after attainment of an | ||||||||||||||||||||||||
23 | age which,
when added to the number of years of his or her |
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1 | total creditable service,
equals at least 85. Portions of years | ||||||
2 | shall be counted as decimal equivalents.
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3 | A member who is eligible to receive a retirement annuity of | ||||||
4 | at least 74.6% of
final average salary and will attain age 55 | ||||||
5 | on or before December 31 during the
year which commences on | ||||||
6 | July 1 shall be deemed to attain age 55 on the
preceding June | ||||||
7 | 1.
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8 | A member meeting the above eligibility conditions is | ||||||
9 | entitled to a retirement
annuity upon written application to | ||||||
10 | the board setting forth the date the member
wishes the | ||||||
11 | retirement annuity to commence. However, the effective date of | ||||||
12 | the
retirement annuity shall be no earlier than the day | ||||||
13 | following the last day of
creditable service, regardless of the | ||||||
14 | date of official termination of
employment.
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15 | To be eligible for a retirement annuity, a member shall not | ||||||
16 | be employed
as a teacher in the schools included under this | ||||||
17 | System or under Article 17,
except (i) as provided in Section | ||||||
18 | 16-118 or 16-150.1, (ii) if
the member is disabled (in which | ||||||
19 | event, eligibility for salary must cease),
or (iii) if the | ||||||
20 | System is required by federal law to commence
payment due to | ||||||
21 | the member's age; the changes to this sentence made by this
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22 | amendatory Act of the 93rd General Assembly apply without
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23 | regard to whether the member terminated employment before or | ||||||
24 | after its
effective date.
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25 | (Source: P.A. 93-320, eff. 7-23-03.)
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1 | (Text of Section after amendment by P.A. 98-599 )
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2 | Sec. 16-132. Retirement annuity eligibility. | ||||||
3 | (a) A member who has at least 20 years of creditable | ||||||
4 | service is entitled to a
retirement annuity upon or after | ||||||
5 | attainment of age 55.
A member who has at least 10 but less | ||||||
6 | than 20 years of creditable service is
entitled to a retirement | ||||||
7 | annuity upon or after attainment of age 60.
A member who has at | ||||||
8 | least 5 but less than 10 years of creditable service is
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9 | entitled to a retirement annuity upon or after attainment of | ||||||
10 | age 62.
A member who (i) has earned during the period | ||||||
11 | immediately preceding the last
day of service at least one year | ||||||
12 | of contributing creditable service as an
employee of a | ||||||
13 | department as defined in Section 14-103.04, (ii) has earned at
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14 | least 5 years of contributing creditable service as an employee | ||||||
15 | of a department
as defined in Section 14-103.04, and (iii) | ||||||
16 | retires on or after January 1, 2001
is entitled to a retirement | ||||||
17 | annuity upon or after attainment of an age which,
when added to | ||||||
18 | the number of years of his or her total creditable service,
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19 | equals at least 85. Portions of years shall be counted as | ||||||
20 | decimal equivalents.
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21 | A member who is eligible to receive a retirement annuity of | ||||||
22 | at least 74.6% of
final average salary and will attain age 55 | ||||||
23 | on or before December 31 during the
year which commences on | ||||||
24 | July 1 shall be deemed to attain age 55 on the
preceding June | ||||||
25 | 1.
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26 | (b) Notwithstanding subsection (a) of this Section, for a |
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1 | Tier 1 member who begins receiving a retirement annuity under | ||||||
2 | this Section on or after July 1, 2014, the required retirement | ||||||
3 | age under subsection (a) is increased as follows, based on the | ||||||
4 | Tier 1 member's age on June 1, 2014: | ||||||
5 | (1) If he or she is at least age 46 on June 1, 2014, | ||||||
6 | then the required retirement ages under subsection (a) | ||||||
7 | remain unchanged. | ||||||
8 | (2) If he or she is at least age 45 but less than age 46 | ||||||
9 | on June 1, 2014, then the required retirement ages under | ||||||
10 | subsection (a) are increased by 4 months. | ||||||
11 | (3) If he or she is at least age 44 but less than age 45 | ||||||
12 | on June 1, 2014, then the required retirement ages under | ||||||
13 | subsection (a) are increased by 8 months. | ||||||
14 | (4) If he or she is at least age 43 but less than age 44 | ||||||
15 | on June 1, 2014, then the required retirement ages under | ||||||
16 | subsection (a) are increased by 12 months. | ||||||
17 | (5) If he or she is at least age 42 but less than age 43 | ||||||
18 | on June 1, 2014, then the required retirement ages under | ||||||
19 | subsection (a) are increased by 16 months. | ||||||
20 | (6) If he or she is at least age 41 but less than age 42 | ||||||
21 | on June 1, 2014, then the required retirement ages under | ||||||
22 | subsection (a) are increased by 20 months. | ||||||
23 | (7) If he or she is at least age 40 but less than age 41 | ||||||
24 | on June 1, 2014, then the required retirement ages under | ||||||
25 | subsection (a) are increased by 24 months. | ||||||
26 | (8) If he or she is at least age 39 but less than age 40 |
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1 | on June 1, 2014, then the required retirement ages under | ||||||
2 | subsection (a) are increased by 28 months. | ||||||
3 | (9) If he or she is at least age 38 but less than age 39 | ||||||
4 | on June 1, 2014, then the required retirement ages under | ||||||
5 | subsection (a) are increased by 32 months. | ||||||
6 | (10) If he or she is at least age 37 but less than age | ||||||
7 | 38 on June 1, 2014, then the required retirement ages under | ||||||
8 | subsection (a) are increased by 36 months. | ||||||
9 | (11) If he or she is at least age 36 but less than age | ||||||
10 | 37 on June 1, 2014, then the required retirement ages under | ||||||
11 | subsection (a) are increased by 40 months. | ||||||
12 | (12) If he or she is at least age 35 but less than age | ||||||
13 | 36 on June 1, 2014, then the required retirement ages under | ||||||
14 | subsection (a) are increased by 44 months. | ||||||
15 | (13) If he or she is at least age 34 but less than age | ||||||
16 | 35 on June 1, 2014, then the required retirement ages under | ||||||
17 | subsection (a) are increased by 48 months. | ||||||
18 | (14) If he or she is at least age 33 but less than age | ||||||
19 | 34 on June 1, 2014, then the required retirement ages under | ||||||
20 | subsection (a) are increased by 52 months. | ||||||
21 | (15) If he or she is at least age 32 but less than age | ||||||
22 | 33 on June 1, 2014, then the required retirement ages under | ||||||
23 | subsection (a) are increased by 56 months. | ||||||
24 | (16) If he or she is less than age 32 on June 1, 2014, | ||||||
25 | then the required retirement ages under subsection (a) are | ||||||
26 | increased by 60 months. |
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1 | Notwithstanding Section 1-103.1, this subsection (b) | ||||||
2 | applies without regard to whether or not the Tier 1 member is | ||||||
3 | in active service under this Article on or after the effective | ||||||
4 | date of this amendatory Act of the 98th General Assembly. | ||||||
5 | (c) A member meeting the above eligibility conditions is | ||||||
6 | entitled to a retirement
annuity upon written application to | ||||||
7 | the board setting forth the date the member
wishes the | ||||||
8 | retirement annuity to commence. However, the effective date of | ||||||
9 | the
retirement annuity shall be (i) no earlier than the day | ||||||
10 | following the last day of
creditable service, regardless of the | ||||||
11 | date of official termination of
employment , and (ii) no more | ||||||
12 | than 2 years before the date of receipt by the System of the | ||||||
13 | application for retirement .
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14 | For the purpose of Section 1-103.1, the change to this | ||||||
15 | subsection made by this amendatory Act of the 98th General | ||||||
16 | Assembly applies to annuities granted on or after the effective | ||||||
17 | date of this amendatory Act, without regard to whether the | ||||||
18 | member is in service on or after that effective date. | ||||||
19 | (d) To be eligible for a retirement annuity, a member shall | ||||||
20 | not be employed
as a teacher in the schools included under this | ||||||
21 | System or under Article 17,
except (i) as provided in Section | ||||||
22 | 16-118 or 16-150.1, (ii) if
the member is disabled (in which | ||||||
23 | event, eligibility for salary must cease),
or (iii) if the | ||||||
24 | System is required by federal law to commence
payment due to | ||||||
25 | the member's age; the changes to this sentence made by Public | ||||||
26 | Act 93-320 apply without
regard to whether the member |
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1 | terminated employment before or after its
effective date.
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2 | (Source: P.A. 98-599, eff. 6-1-14.)
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3 | Section 95. No acceleration or delay. Where this Act makes | ||||||
4 | changes in a statute that is represented in this Act by text | ||||||
5 | that is not yet or no longer in effect (for example, a Section | ||||||
6 | represented by multiple versions), the use of that text does | ||||||
7 | not accelerate or delay the taking effect of (i) the changes | ||||||
8 | made by this Act or (ii) provisions derived from any other | ||||||
9 | Public Act.
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