093_HB0387

 
                                     LRB093 03966 EFG 04005 b

 1        AN ACT in relation to public employee benefits.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.  The  Illinois  Pension  Code  is  amended by
 5    adding Section 6-124.1 as follows:

 6        (40 ILCS 5/6-124.1 new)
 7        Sec. 6-124.1. Withdrawal at mandatory  retirement  age  -
 8    amount of annuity.
 9        (a)  In  lieu  of  any  annuity  provided  in  the  other
10    provisions  of  this  Article,  a  fireman who is required to
11    withdraw  from  service  due  to  attainment   of   mandatory
12    retirement  age and has at least 10 but less than 20 years of
13    service credit may elect to receive an annuity equal  to  30%
14    of  average  salary for the first 10 years of service plus 2%
15    of average salary for  each  completed  year  of  service  or
16    remaining fraction thereof in excess of 10, but not to exceed
17    a maximum of 50% of average salary.
18        (b)  For  the  purpose  of this Section, "average salary"
19    means the average of  the  fireman's  highest  4  consecutive
20    years of salary within the last 10 years of service.
21        (c)  For   the  purpose  of  qualifying  for  the  annual
22    increases  provided  in  Section  6-164,  a   fireman   whose
23    retirement  annuity is calculated under this Section shall be
24    deemed to qualify for a minimum annuity.

25        Section 90.  The State Mandates Act is amended by  adding
26    Section 8.27 as follows:

27        (30 ILCS 805/8.27 new)
28        Sec.  8.27.  Exempt  mandate.  Notwithstanding Sections 6
29    and 8 of this Act, no reimbursement by the State is  required
 
                            -2-      LRB093 03966 EFG 04005 b
 1    for  the  implementation  of  any  mandate  created  by  this
 2    amendatory Act of the 93rd General Assembly.

 3        Section  99.  Effective date.  This Act takes effect upon
 4    becoming law.