Sen. Daniel Biss
Filed: 3/6/2014
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| 1 | AMENDMENT TO SENATE BILL 3517
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| 2 | AMENDMENT NO. ______. Amend Senate Bill 3517 as follows: | ||||||
| 3 | on page 1, line 5, by replacing "Section 16-132" with "Sections | ||||||
| 4 | 7-141 and 16-132"; and | ||||||
| 5 | on page 1, immediately below line 5, by inserting the | ||||||
| 6 | following:
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| 7 | "(40 ILCS 5/7-141) (from Ch. 108 1/2, par. 7-141)
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| 8 | Sec. 7-141. Retirement annuities - Conditions. Retirement | ||||||
| 9 | annuities shall be payable as hereinafter set forth:
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| 10 | (a) A participating employee who, regardless of cause, is | ||||||
| 11 | separated
from the service of all participating municipalities | ||||||
| 12 | and
instrumentalities thereof and participating | ||||||
| 13 | instrumentalities shall be
entitled to a retirement annuity | ||||||
| 14 | provided:
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| 15 | 1. He is at least age 55, or in the case of a person who | ||||||
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| 1 | is eligible
to have his annuity calculated under Section | ||||||
| 2 | 7-142.1, he is at least age 50;
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| 3 | 2. He is not entitled to receive earnings for | ||||||
| 4 | employment in a position requiring him, or entitling him to | ||||||
| 5 | elect, to be a participating employee;
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| 6 | 3. The amount of his annuity, before the application of | ||||||
| 7 | paragraph (b) of
Section 7-142 is at least $10 per month;
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| 8 | 4. If he first became a participating employee after | ||||||
| 9 | December 31,
1961, he has at least 8 years of service. This | ||||||
| 10 | service requirement shall not
apply to any participating | ||||||
| 11 | employee, regardless of participation date, if the
General | ||||||
| 12 | Assembly terminates the Fund.
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| 13 | (b) Retirement annuities shall be payable:
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| 14 | 1. As provided in Section 7-119;
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| 15 | 2. Except as provided in item 3, upon receipt by the | ||||||
| 16 | fund of a written
application. The effective date may be | ||||||
| 17 | not more than 2 years one
year prior to the date of the | ||||||
| 18 | receipt by the fund of the application;
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| 19 | 3. Upon attainment of age 70 1/2 if the member (i) is | ||||||
| 20 | no longer in
service,
and (ii) is otherwise entitled to an | ||||||
| 21 | annuity under this Article;
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| 22 | 4. To the beneficiary of the deceased annuitant for the | ||||||
| 23 | unpaid amount
accrued to date of death, if any.
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| 24 | (Source: P.A. 97-328, eff. 8-12-11; 97-609, eff. 1-1-12.)"; and
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| 25 | on page 6, in line 11, after "(ii)", by inserting "in the case | ||||||
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| 1 | of a member who is not eligible to retire on the effective date | ||||||
| 2 | of this amendatory Act of the 98th General Assembly,"; and | ||||||
| 3 | on page 6, in line 16, by changing "applies" to "is limited".
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