Full Text of HB5786 95th General Assembly
HB5786 95TH GENERAL ASSEMBLY
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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB5786
Introduced , by Rep. Michael P. McAuliffe SYNOPSIS AS INTRODUCED:
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40 ILCS 5/6-128 | from Ch. 108 1/2, par. 6-128 |
30 ILCS 805/8.32 new |
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Amends the Chicago Firefighter Article of the Illinois Pension Code to
base retirement benefits on the highest consecutive 36 months, rather
than 4 years, of salary within the last 10 years of service.
Amends the State Mandates Act to require implementation without reimbursement.
Effective immediately.
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| FISCAL NOTE ACT MAY APPLY |
PENSION IMPACT NOTE ACT MAY APPLY |
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT |
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A BILL FOR
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HB5786 |
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LRB095 18216 AMC 44300 b |
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| AN ACT in relation to public employee benefits.
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| Be it enacted by the People of the State of Illinois, | | 3 |
| represented in the General Assembly:
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| Section 5. The Illinois Pension Code is amended by changing | | 5 |
| Section 6-128 as follows:
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| (40 ILCS 5/6-128)
(from Ch. 108 1/2, par. 6-128)
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| Sec. 6-128. Alternative annuity for future entrants.
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| (a) A future entrant who withdraws on or after July 21, | | 9 |
| 1959,
after completing at least 23 years of service, and for | | 10 |
| whom the annuity
otherwise provided in this Article is less | | 11 |
| than that stated in this
Section, has a right to receive | | 12 |
| annuity as follows:
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| If he is age 53 or more on withdrawal, his annuity after | | 14 |
| withdrawal,
shall be equal to 50% of his average salary.
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| An employee who reaches compulsory retirement age and who | | 16 |
| has less
than 23 years of service shall be entitled to a | | 17 |
| minimum annuity equal to
an amount determined by the product of | | 18 |
| (1) his years of service and (2)
2% of his average salary.
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| An employee who remains in service after qualifying for | | 20 |
| annuity under this
Section shall have added to this annuity an | | 21 |
| additional 1% of average salary
for each completed year of | | 22 |
| service or fraction thereof rendered until July 21,
1959, and | | 23 |
| an additional 1% for a total of 2% of average salary from July
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HB5786 |
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LRB095 18216 AMC 44300 b |
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| 21, 1959. Each future entrant who has completed 23 years of | | 2 |
| service before
reaching age 53 shall have added to this annuity | | 3 |
| 1% of average salary for
each completed year of service or | | 4 |
| fraction thereof in excess of 23 years up to
age 53.
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| (b) In lieu of the annuity provided in the foregoing | | 6 |
| provisions of this
Section any future entrant who withdraws | | 7 |
| from the service either (i) after
December 31, 1983 with at | | 8 |
| least 22 years of service credit and having
attained age 52 in | | 9 |
| the service, or (ii) after December 31, 1984 with at
least 21 | | 10 |
| years of service credit and having attained age 51 in the | | 11 |
| service,
or (iii) after December 31, 1985 with at least 20 | | 12 |
| years of service credit
and having attained age 50 in the | | 13 |
| service, or (iv) after December 31,
1990 with at least 20 years | | 14 |
| of service regardless of age, may elect to
receive an annuity, | | 15 |
| to begin not earlier than upon attainment of age 50
if under | | 16 |
| that age at withdrawal, computed as follows: an annuity equal
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| to 50% of average salary, plus additional annuity equal to 2% | | 18 |
| of
average salary for each completed year of service or | | 19 |
| fraction thereof
rendered after his completion of the minimum | | 20 |
| number of years of service
required for him to be eligible | | 21 |
| under this subsection (b). However, the
annuity provided under | | 22 |
| this subsection (b) may not exceed 75% of
average salary.
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| (c) In lieu of the annuity provided in any other provision | | 24 |
| of this
Section, a future entrant who withdraws from service | | 25 |
| after
the effective date of this amendatory Act of the 93rd | | 26 |
| General Assembly
with at least 20 years of service may elect to |
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HB5786 |
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LRB095 18216 AMC 44300 b |
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| receive an annuity, to begin no
earlier than upon attainment of | | 2 |
| age 50 if under that age at withdrawal, equal
to 50% of average | | 3 |
| salary plus 2.5% of average salary for each completed year of
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| service or fraction thereof over 20, but not to exceed 75% of | | 5 |
| average salary.
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| (d) For the purpose of this Section, "average salary" | | 7 |
| means:
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| (1) for persons who terminate service before the | | 9 |
| effective date of this amendatory Act of the 95th General | | 10 |
| Assembly, the average
of the highest 4 consecutive years of | | 11 |
| salary within the last 10 years of
service; or .
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| (2) for persons in service on or after the effective | | 13 |
| date of this amendatory Act of the 95th General Assembly, | | 14 |
| the average
of the highest 36 consecutive months of salary | | 15 |
| within the last 10 years of
service.
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| (Source: P.A. 93-654, eff. 1-16-04.)
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| Section 90. The State Mandates Act is amended by adding | | 18 |
| Section 8.32 as follows:
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| (30 ILCS 805/8.32 new) | | 20 |
| Sec. 8.32. Exempt mandate. Notwithstanding Sections 6 and 8 | | 21 |
| of this Act, no reimbursement by the State is required for the | | 22 |
| implementation of any mandate created by this amendatory Act of | | 23 |
| the 95th General Assembly.
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| Section 99. Effective date. This Act takes effect upon |
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HB5786 |
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LRB095 18216 AMC 44300 b |
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| becoming law. |
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