Full Text of HB6368 96th General Assembly
HB6368eng 96TH GENERAL ASSEMBLY
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| AN ACT concerning 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 |
| Sections 2-108.1, 2-119, 2-119.01, 2-119.1, 2-121.1, 18-124, | 6 |
| 18-125, 18-125.1, and 18-128.01 as follows:
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| (40 ILCS 5/2-108.1) (from Ch. 108 1/2, par. 2-108.1)
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| Sec. 2-108.1. Highest salary for annuity purposes.
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| (a) "Highest salary for annuity purposes" means whichever | 10 |
| of
the following is applicable to the participant:
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| For a participant who first becomes a participant of this | 12 |
| System before August 10, 2009 ( the effective date of Public Act | 13 |
| 96-207) this amendatory Act of the 96th General Assembly :
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| (1) For a participant who is a member of the General | 15 |
| Assembly on his
or her last day of service: the highest | 16 |
| salary that is prescribed by law,
on the participant's last | 17 |
| day of service, for a member of the General
Assembly who is | 18 |
| not an officer; plus, if the participant was elected or
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| appointed to serve as an officer of the General Assembly | 20 |
| for 2 or more
years and has made contributions as required | 21 |
| under subsection (d) of
Section 2-126, the highest | 22 |
| additional amount of compensation prescribed by
law, at the | 23 |
| time of the participant's service as an officer, for |
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| members of
the General Assembly who serve in that office.
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| (2) For a participant who holds one of the State | 3 |
| executive offices
specified in Section 2-105 on his or her | 4 |
| last day of service: the highest
salary prescribed by law | 5 |
| for service in that office on the participant's
last day of | 6 |
| service.
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| (3) For a participant who is Clerk or Assistant Clerk | 8 |
| of the House of Representatives or Secretary or Assistant | 9 |
| Secretary of the Senate
on his or her last day of service: | 10 |
| the salary received for service in that
capacity on the | 11 |
| last day of service, but not to exceed the highest salary
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| (including additional compensation for service as an | 13 |
| officer) that is
prescribed by law on the participant's | 14 |
| last day of service for the highest
paid officer of the | 15 |
| General Assembly.
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| (4) For a participant who is a continuing participant | 17 |
| under Section
2-117.1 on his or her last day of service: | 18 |
| the salary received for service
in that capacity on the | 19 |
| last day of service, but not to exceed the highest
salary | 20 |
| (including additional compensation for service as an | 21 |
| officer) that
is prescribed by law on the participant's | 22 |
| last day of service for the
highest paid officer of the | 23 |
| General Assembly.
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| For a participant who first becomes a participant of this | 25 |
| System on or after August 10, 2009 ( the effective date of | 26 |
| Public Act 96-207) and before July 1, 2010 this amendatory Act |
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| of the 96th General Assembly , the average monthly salary | 2 |
| obtained by dividing the total salary of the participant during | 3 |
| the period of: (1) the 48 consecutive months of service within | 4 |
| the last 120 months of service in which the total compensation | 5 |
| was the highest, or (2) the total period of service, if less | 6 |
| than 48 months, by the number of months of service in that | 7 |
| period. | 8 |
| For a participant who first becomes a participant of this | 9 |
| System on or after July 1, 2010, the average monthly salary | 10 |
| obtained by dividing the total salary of the participant during | 11 |
| the 96 consecutive months of service within the last 120 months | 12 |
| of service in which the total compensation was the highest by | 13 |
| the number of months of service in that period; however, the | 14 |
| highest salary for annuity purposes may not exceed the Social | 15 |
| Security Covered Wage Base for 2010, and shall automatically be | 16 |
| increased or decreased, as applicable,
by a percentage equal to | 17 |
| the percentage change in the consumer price index-u
during the | 18 |
| preceding 12-month calendar year. "Consumer price index-u" | 19 |
| means
the index published by the Bureau of Labor Statistics of | 20 |
| the United States
Department of Labor that measures the average | 21 |
| change in prices of goods and
services purchased by all urban | 22 |
| consumers, United States city average, all
items, 1982-84 = | 23 |
| 100. The new amount resulting from each annual adjustment
shall | 24 |
| be determined by the Public Pension Division of the Department | 25 |
| of Insurance and made available to the Board. | 26 |
| (b) The earnings limitations of subsection (a) apply to |
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| earnings
under any other participating system under the | 2 |
| Retirement Systems Reciprocal
Act that are considered in | 3 |
| calculating a proportional annuity under this
Article, except | 4 |
| in the case of a person who first became a member of this
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| System before August 22,
1994.
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| (c) In calculating the subsection (a) earnings limitation | 7 |
| to be applied to
earnings under any other participating system | 8 |
| under the Retirement Systems
Reciprocal Act for the purpose of | 9 |
| calculating a proportional annuity under this
Article, the | 10 |
| participant's last day of service shall be deemed to mean the | 11 |
| last
day of service in any participating system from which the | 12 |
| person has applied
for a proportional annuity under the | 13 |
| Retirement Systems Reciprocal Act.
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| (Source: P.A. 96-207, eff. 8-10-09.)
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| (40 ILCS 5/2-119) (from Ch. 108 1/2, par. 2-119)
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| Sec. 2-119. Retirement annuity - conditions for | 17 |
| eligibility. | 18 |
| (a)
A participant whose service as a
member is terminated, | 19 |
| regardless of age or cause, is entitled to a retirement
annuity | 20 |
| beginning on the date specified by the participant in
a written | 21 |
| application subject to the following conditions:
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| 1. The date the annuity begins does not precede
the | 23 |
| date of final
termination of service, or is not more than | 24 |
| 30 days before the receipt
of the application
by the board | 25 |
| in the case of annuities based on disability or one year |
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| before
the receipt of the application in the case of | 2 |
| annuities
based on attained age;
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| 2. The participant meets one of the following | 4 |
| eligibility requirements: | 5 |
| For a participant who first becomes a participant of | 6 |
| this System before July 1, 2010:
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| (A) He or she has attained age 55 and has at least | 8 |
| 8 years of service credit;
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| (B) He or she has attained age 62 and terminated | 10 |
| service after July 1,
1971 with at least 4 years of | 11 |
| service credit; or
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| (C) He or she has completed 8 years of service and | 13 |
| has become
permanently disabled and as a consequence, | 14 |
| is unable to perform the duties
of his or her office.
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| For a participant who first becomes a participant of | 16 |
| this System on or after July 1, 2010, he or she has | 17 |
| attained age 67 and has at least 8 years of service credit. | 18 |
| (a-5) A participant who first becomes a participant of this | 19 |
| System on or after July 1, 2010 who has attained age 62 and has | 20 |
| at least 8 years of service credit may elect to receive the | 21 |
| lower retirement annuity provided
in paragraph (c) of Section | 22 |
| 2-119.01 of this Code. | 23 |
| (b) A participant shall be considered permanently disabled | 24 |
| only if:
(1) disability occurs while in service and is
of such | 25 |
| a nature
as to prevent him or her from reasonably performing | 26 |
| the duties of his
or her office at
the time; and (2) the board |
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| has received a written certificate by at
least 2 licensed | 2 |
| physicians appointed by the board stating that the member is
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| disabled and that the disability is likely to be permanent.
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| (Source: P.A. 83-1440.)
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| (40 ILCS 5/2-119.01) (from Ch. 108 1/2, par. 2-119.01)
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| Sec. 2-119.01. Retirement annuities - Amount.
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| (a) For a participant
in service after June 30, 1977 who | 8 |
| has not made contributions to this System
after January 1, | 9 |
| 1982, the annual retirement annuity is 3% for each of the
first | 10 |
| 8 years of service, plus 4% for each of the next 4 years of | 11 |
| service,
plus 5% for each year of service in excess of 12 | 12 |
| years, based on the
participant's highest salary for annuity | 13 |
| purposes. The maximum
retirement annuity payable
shall be 80% | 14 |
| of the participant's highest salary for
annuity purposes.
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| (b) For a participant in service after June 30, 1977 who | 16 |
| has made
contributions to this System on or after January 1, | 17 |
| 1982, the annual
retirement annuity is 3% for each of the first | 18 |
| 4 years of service, plus 3
1/2% for each of the next 2 years of | 19 |
| service, plus 4% for each of the next
2 years of service, plus | 20 |
| 4 1/2% for each of the next 4 years of service,
plus 5% for each | 21 |
| year of service in excess of 12 years, of the
participant's | 22 |
| highest salary for annuity purposes. The maximum retirement
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| annuity payable shall be 85% of the participant's highest
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| salary for annuity purposes.
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| (c) Notwithstanding any other provision of this Article, |
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| for a participant who first becomes a participant on or after | 2 |
| July 1, 2010, the annual
retirement annuity is 3% of the
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| participant's highest salary for annuity purposes for each year | 4 |
| of service. The maximum retirement
annuity payable shall be 60% | 5 |
| of the participant's highest
salary for annuity purposes. | 6 |
| (d) Notwithstanding any other provision of this Article, | 7 |
| for a participant who first becomes a participant on or after | 8 |
| July 1, 2010 and who is retiring after attaining age 62 with at | 9 |
| least 8 years of service credit, the retirement annuity shall | 10 |
| be reduced by one-half
of 1% for each month that the member's | 11 |
| age is under age 67. | 12 |
| (Source: P.A. 86-1488.)
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| (40 ILCS 5/2-119.1) (from Ch. 108 1/2, par. 2-119.1)
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| Sec. 2-119.1. Automatic increase in retirement annuity.
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| (a) A participant who retires after June 30, 1967, and who | 16 |
| has not
received an initial increase under this Section before | 17 |
| the effective date
of this amendatory Act of 1991, shall, in | 18 |
| January or July next following
the first anniversary of | 19 |
| retirement, whichever occurs first, and in the same
month of | 20 |
| each year thereafter, but in no event prior to age 60, have the | 21 |
| amount
of the originally granted retirement annuity increased | 22 |
| as follows: for each
year through 1971, 1 1/2%; for each year | 23 |
| from 1972 through 1979, 2%; and for
1980 and each year | 24 |
| thereafter, 3%. Annuitants who have received an initial
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| increase under this subsection prior to the effective date of |
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| this amendatory
Act of 1991 shall continue to receive their | 2 |
| annual increases in the same month
as the initial increase.
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| (b) Beginning January 1, 1990, for eligible participants | 4 |
| who remain
in service after attaining 20 years of creditable | 5 |
| service, the 3% increases
provided under subsection (a) shall | 6 |
| begin to accrue on the January 1 next
following the date upon | 7 |
| which the participant (1) attains age 55, or (2)
attains 20 | 8 |
| years of creditable service, whichever occurs later, and shall
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| continue to accrue while the participant remains in service; | 10 |
| such increases
shall become payable on January 1 or July 1, | 11 |
| whichever occurs first, next
following the first anniversary of | 12 |
| retirement. For any person who has service
credit in the System | 13 |
| for the entire period from January 15, 1969 through
December | 14 |
| 31, 1992, regardless of the date of termination of service, the
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| reference to age 55 in clause (1) of this subsection (b) shall | 16 |
| be deemed to
mean age 50.
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| This subsection (b) does not apply to any person who first | 18 |
| becomes a
member of the System after the effective date of this | 19 |
| amendatory Act of
the 93rd General Assembly.
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| (b-5) Notwithstanding any other provision of this Article, | 21 |
| a participant who first becomes a participant on or after July | 22 |
| 1, 2010 shall, in January or July next following the first | 23 |
| anniversary of retirement, whichever occurs first, and in the | 24 |
| same month of each year thereafter, but in no event prior to | 25 |
| age 67, have the amount of the retirement annuity then being | 26 |
| paid increased by 3% or the annual change in the Consumer Price |
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| Index for All Urban Consumers, whichever is less. | 2 |
| (c) The foregoing provisions relating to automatic | 3 |
| increases are not
applicable to a participant who retires | 4 |
| before having made contributions
(at the rate prescribed in | 5 |
| Section 2-126) for automatic increases for less
than the | 6 |
| equivalent of one full year. However, in order to be eligible | 7 |
| for
the automatic increases, such a participant may make | 8 |
| arrangements to pay
to the system the amount required to bring | 9 |
| the total contributions for the
automatic increase to the | 10 |
| equivalent of one year's contributions based upon
his or her | 11 |
| last salary.
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| (d) A participant who terminated service prior to July 1, | 13 |
| 1967, with at
least 14 years of service is entitled to an | 14 |
| increase in retirement annuity
beginning January, 1976, and to | 15 |
| additional increases in January of each
year thereafter.
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| The initial increase shall be 1 1/2% of the originally | 17 |
| granted retirement
annuity multiplied by the number of full | 18 |
| years that the annuitant was in
receipt of such annuity prior | 19 |
| to January 1, 1972, plus 2% of the originally
granted | 20 |
| retirement annuity for each year after that date. The | 21 |
| subsequent
annual increases shall be at the rate of 2% of the | 22 |
| originally granted
retirement annuity for each year through | 23 |
| 1979 and at the rate of 3% for
1980 and thereafter.
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| (e) Beginning January 1, 1990, all automatic annual | 25 |
| increases payable
under this Section shall be calculated as a | 26 |
| percentage of the total annuity
payable at the time of the |
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| increase, including previous increases granted
under this | 2 |
| Article.
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| (Source: P.A. 93-494, eff. 8-8-03.)
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| (40 ILCS 5/2-121.1) (from Ch. 108 1/2, par. 2-121.1)
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| Sec. 2-121.1. Survivor's annuity - amount.
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| (a) A surviving spouse shall be entitled to 66 2/3% of the | 7 |
| amount of
retirement annuity to which the participant or | 8 |
| annuitant was entitled on
the date of death, without regard to | 9 |
| whether the participant had attained
age 55 prior to his or her | 10 |
| death, subject to a minimum payment of 10% of
salary. If a | 11 |
| surviving spouse, regardless of age, has in his or her care
at | 12 |
| the date of death any eligible child or children of the | 13 |
| participant, the
survivor's annuity shall be the greater of the | 14 |
| following: (1) 66 2/3% of
the amount of retirement annuity to | 15 |
| which the participant or annuitant was
entitled on the date of | 16 |
| death, or (2) 30% of the participant's salary
increased by 10% | 17 |
| of salary on account of each such child, subject to a
total | 18 |
| payment for the surviving spouse and children of 50% of salary. | 19 |
| If
eligible children survive but there is no surviving spouse, | 20 |
| or if the
surviving spouse dies or becomes disqualified by
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| remarriage while eligible children survive, each
eligible | 22 |
| child shall be entitled to an annuity of 20% of salary, subject
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| to a maximum total payment for all such children of 50% of | 24 |
| salary.
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| However, the survivor's annuity payable under this Section |
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| shall not be
less than 100% of the amount of retirement annuity | 2 |
| to which the participant
or annuitant was entitled on the date | 3 |
| of death, if he or she is survived by
a dependent disabled | 4 |
| child.
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| The salary to be used for determining these benefits shall | 6 |
| be the
salary used for determining the amount of retirement | 7 |
| annuity as provided
in Section 2-119.01.
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| (b) Upon the death of a participant after the termination | 9 |
| of service or
upon death of an annuitant, the maximum total | 10 |
| payment to a surviving spouse
and eligible children, or to | 11 |
| eligible children alone if there is no surviving
spouse, shall | 12 |
| be 75% of the retirement annuity to which the participant
or | 13 |
| annuitant was entitled, unless there is a dependent disabled | 14 |
| child
among the survivors.
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| (c) When a child ceases to be an eligible child, the | 16 |
| annuity to that
child, or to the surviving spouse on account of | 17 |
| that child, shall thereupon
cease, and the annuity payable to | 18 |
| the surviving spouse or other eligible
children shall be | 19 |
| recalculated if necessary.
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| Upon the ineligibility of the last eligible child, the | 21 |
| annuity shall
immediately revert to the amount payable upon | 22 |
| death of a participant or
annuitant who leaves no eligible | 23 |
| children. If the surviving spouse is then
under age 50, the | 24 |
| annuity as revised shall be deferred until the attainment
of | 25 |
| age 50.
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| (d) Beginning January 1, 1990, every survivor's annuity |
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| shall be increased
(1) on each January 1 occurring on or after | 2 |
| the commencement of the annuity if
the deceased member died | 3 |
| while receiving a retirement annuity, or (2) in
other cases, on | 4 |
| each January 1 occurring on or after the first anniversary
of | 5 |
| the commencement of the annuity, by an amount equal to 3% of | 6 |
| the current
amount of the annuity, including any previous | 7 |
| increases under this Article.
Such increases shall apply | 8 |
| without regard to whether the deceased member
was in service on | 9 |
| or after the effective date of this amendatory Act of
1991, but | 10 |
| shall not accrue for any period prior to January 1, 1990.
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| (d-5) Notwithstanding any other provision of this Article, | 12 |
| the initial survivor's annuity of a survivor of a participant | 13 |
| who first becomes a participant on or after July 1, 2010 shall | 14 |
| be in the amount of 66 2/3% of the amount of the retirement | 15 |
| annuity to which the participant or annuitant was entitled on | 16 |
| the date of death and shall be increased (1) on each January 1 | 17 |
| occurring on or after the commencement of the annuity if
the | 18 |
| deceased member died while receiving a retirement annuity or | 19 |
| (2) in
other cases, on each January 1 occurring on or after the | 20 |
| first anniversary
of the commencement of the annuity, by an | 21 |
| amount equal to 3% or the annual change in the Consumer Price | 22 |
| Index for All Urban Consumers, whichever is less, of the | 23 |
| survivor's annuity then being paid. | 24 |
| (e) Notwithstanding any other provision of this Article, | 25 |
| beginning
January 1, 1990, the minimum survivor's annuity | 26 |
| payable to any person who
is entitled to receive a survivor's |
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| annuity under this Article shall be
$300 per month, without | 2 |
| regard to whether or not the deceased participant
was in | 3 |
| service on the effective date of this amendatory Act of 1989.
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| (f) In the case of a proportional survivor's annuity | 5 |
| arising under
the Retirement Systems Reciprocal Act where the | 6 |
| amount payable by the
System on January 1, 1993 is less than | 7 |
| $300 per month, the amount payable
by the System shall be | 8 |
| increased beginning on that date by a monthly amount
equal to | 9 |
| $2 for each full year that has expired since the annuity began.
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| (Source: P.A. 91-887, eff. 7-6-00.)
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| (40 ILCS 5/18-124) (from Ch. 108 1/2, par. 18-124)
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| Sec. 18-124. Retirement annuities - conditions for | 13 |
| eligibility. | 14 |
| (a) This subsection (a) applies to a participant who first | 15 |
| serves as a judge before July 1, 2010. | 16 |
| A
participant whose employment as a judge is terminated, | 17 |
| regardless of age
or cause is entitled to a retirement annuity | 18 |
| beginning on
the date specified in a written application | 19 |
| subject to the
following:
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| (1) the date the annuity begins is subsequent
to the | 21 |
| date of final
termination of employment, or the date 30 | 22 |
| days prior to the receipt of
the application by the board | 23 |
| for annuities based on
disability, or one year before the | 24 |
| receipt of the application by the
board for annuities based | 25 |
| on attained age;
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| (2) the participant is at least age 55, or has
become | 2 |
| permanently disabled and as
a consequence is unable to | 3 |
| perform the duties of his or her office;
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| (3) the participant has at least 10 years of service
| 5 |
| credit except that a participant terminating service after | 6 |
| June
30 1975, with at least 6 years of service credit, | 7 |
| shall be entitled to
a retirement annuity at age 62 or | 8 |
| over;
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| (4) the participant is not receiving or entitled
to | 10 |
| receive, at the date of
retirement, any salary from an | 11 |
| employer for service currently performed.
| 12 |
| (b) This subsection (b) applies to a participant who first | 13 |
| serves as a judge on or after July 1, 2010. | 14 |
| A participant who has at least 8 years of creditable | 15 |
| service is
entitled to a retirement annuity when he or she has | 16 |
| attained age 67. | 17 |
| A member who has attained age 62 and has at least 8 years | 18 |
| of service credit may elect to receive the lower retirement | 19 |
| annuity provided
in subsection (d) of Section 18-125 of this | 20 |
| Code. | 21 |
| (Source: P.A. 83-1440.)
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| (40 ILCS 5/18-125) (from Ch. 108 1/2, par. 18-125)
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| Sec. 18-125. Retirement annuity amount.
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| (a) The annual retirement annuity for a participant who | 25 |
| terminated
service as a judge prior to July 1, 1971 shall be |
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| based on the law in
effect at the time of termination of | 2 |
| service.
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| (b) Except as provided in subsection (b-5), effective | 4 |
| Effective July 1, 1971, the retirement annuity for any | 5 |
| participant
in service on or after such date shall be 3 1/2% of | 6 |
| final average salary,
as defined in this Section, for each of | 7 |
| the first 10 years of service, and
5% of such final average | 8 |
| salary for each year of service on excess of 10.
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| For purposes of this Section, final average salary for a | 10 |
| participant who first serves as a judge before August 10, 2009 | 11 |
| ( the effective date of Public Act 96-207) this amendatory Act | 12 |
| of the 96th General Assembly shall be:
| 13 |
| (1) the average salary for the last 4 years of credited | 14 |
| service as a
judge for a participant who terminates service | 15 |
| before July 1, 1975.
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| (2) for a participant who terminates service after June | 17 |
| 30, 1975
and before July 1, 1982, the salary on the last | 18 |
| day of employment as a judge.
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| (3) for any participant who terminates service after | 20 |
| June 30, 1982 and
before January 1, 1990, the average | 21 |
| salary for the final year of service as
a judge.
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| (4) for a participant who terminates service on or | 23 |
| after January 1,
1990 but before the effective date of this | 24 |
| amendatory Act of 1995, the
salary on the last day of | 25 |
| employment as a judge.
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| (5) for a participant who terminates service on or |
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| after the effective
date of this amendatory Act of 1995, | 2 |
| the salary on the last day of employment
as a judge, or the | 3 |
| highest salary received by the participant for employment | 4 |
| as
a judge in a position held by the participant for at | 5 |
| least 4 consecutive years,
whichever is greater.
| 6 |
| However, in the case of a participant who elects to | 7 |
| discontinue contributions
as provided in subdivision (a)(2) of | 8 |
| Section 18-133, the time of such
election shall be considered | 9 |
| the last day of employment in the determination
of final | 10 |
| average salary under this subsection.
| 11 |
| For a participant who first serves as a judge on or after | 12 |
| August 10, 2009 ( the effective date of Public Act 96-207) and | 13 |
| before July 1, 2010 this amendatory Act of the 96th General | 14 |
| Assembly , final average salary shall be the average monthly | 15 |
| salary obtained by dividing the total salary of the participant | 16 |
| during the period of: (1) the 48 consecutive months of service | 17 |
| within the last 120 months of service in which the total | 18 |
| compensation was the highest, or (2) the total period of | 19 |
| service, if less than 48 months, by the number of months of | 20 |
| service in that period. | 21 |
| The maximum retirement annuity for any participant shall be | 22 |
| 85% of final
average salary.
| 23 |
| (b-5) Notwithstanding any other provision of this Article, | 24 |
| for a participant who first serves as a judge on or after July | 25 |
| 1, 2010, the annual
retirement annuity is 3% of the
| 26 |
| participant's final average salary for each year of service. |
|
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| The maximum retirement
annuity payable shall be 60% of the | 2 |
| participant's final average salary. | 3 |
| For a participant who first serves as a judge on or after | 4 |
| July 1, 2010, final average salary shall be the average monthly | 5 |
| salary obtained by dividing the total salary of the judge | 6 |
| during the 96 consecutive months of service within the last 120 | 7 |
| months of service in which the total salary was the highest by | 8 |
| the number of months of service in that period; however, the | 9 |
| final average salary may not exceed the Social Security Covered | 10 |
| Wage Base for 2010, and shall automatically be increased or | 11 |
| decreased, as applicable,
by a percentage equal to the | 12 |
| percentage change in the consumer price index-u
during the | 13 |
| preceding 12-month calendar year. "Consumer price index-u" | 14 |
| means
the index published by the Bureau of Labor Statistics of | 15 |
| the United States
Department of Labor that measures the average | 16 |
| change in prices of goods and
services purchased by all urban | 17 |
| consumers, United States city average, all
items, 1982-84 = | 18 |
| 100. The new amount resulting from each annual adjustment
shall | 19 |
| be determined by the Public Pension Division of the Department | 20 |
| of Insurance and made available to the Board. | 21 |
| (c) The retirement annuity for a participant who retires | 22 |
| prior to age 60
with less than 28 years of service in the | 23 |
| System shall be reduced 1/2 of 1%
for each month that the | 24 |
| participant's age is under 60 years at the time the
annuity | 25 |
| commences. However, for a participant who retires on or after | 26 |
| the
effective date of this amendatory Act of the 91st General |
|
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| Assembly, the
percentage reduction in retirement annuity | 2 |
| imposed under this subsection shall
be reduced by 5/12 of 1% | 3 |
| for every month of service in this System in excess of
20 | 4 |
| years, and therefore a participant with at least 26 years of | 5 |
| service in this
System may retire at age 55 without any | 6 |
| reduction in annuity.
| 7 |
| The reduction in retirement annuity imposed by this | 8 |
| subsection shall not
apply in the case of retirement on account | 9 |
| of disability.
| 10 |
| (d) Notwithstanding any other provision of this Article, | 11 |
| for a participant who first serves as a judge on or after July | 12 |
| 1, 2010 and who is retiring after attaining age 62, the | 13 |
| retirement annuity shall be reduced by 1/2
of 1% for each month | 14 |
| that the participant's age is under age 67 at the time
the | 15 |
| annuity commences. | 16 |
| (Source: P.A. 96-207, eff. 8-10-09; revised 10-30-09.)
| 17 |
| (40 ILCS 5/18-125.1) (from Ch. 108 1/2, par. 18-125.1)
| 18 |
| Sec. 18-125.1. Automatic increase in retirement annuity. A | 19 |
| participant who
retires from service after June 30, 1969, | 20 |
| shall, in January of the year next
following the year in which | 21 |
| the first anniversary of retirement occurs, and in
January of | 22 |
| each year thereafter, have the amount of his or her originally
| 23 |
| granted retirement annuity increased as follows: for each year | 24 |
| up to and
including 1971, 1 1/2%; for each year from 1972 | 25 |
| through 1979 inclusive, 2%; and
for 1980 and each year |
|
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| thereafter, 3%.
| 2 |
| Notwithstanding any other provision of this Article, a | 3 |
| retirement annuity for a participant who first serves as a | 4 |
| judge on or after July 1, 2010 shall be increased in January of | 5 |
| the year next
following the year in which the first anniversary | 6 |
| of retirement occurs, and in
January of each year thereafter, | 7 |
| by an amount equal to 3% or the annual change in the Consumer | 8 |
| Price Index for All Urban Consumers, whichever is less, of the | 9 |
| retirement annuity then being paid. | 10 |
| This Section is not applicable to a participant who retires | 11 |
| before he
or she has made contributions at the rate prescribed | 12 |
| in Section 18-133 for
automatic increases for not less than the | 13 |
| equivalent of one full year, unless
such a participant arranges | 14 |
| to pay the system the amount required to bring
the total | 15 |
| contributions for the automatic increase to the equivalent of
| 16 |
| one year's contribution based upon his or her last year's | 17 |
| salary.
| 18 |
| This Section is applicable to all participants in service | 19 |
| after June 30,
1969 unless a participant has elected, prior to | 20 |
| September 1,
1969, in a written direction filed with the board | 21 |
| not to be subject to
the provisions of this Section. Any | 22 |
| participant in service on or after
July 1, 1992 shall have the | 23 |
| option of electing prior to April 1, 1993,
in a written | 24 |
| direction filed with the board, to be covered by the provisions | 25 |
| of
the 1969 amendatory Act. Such participant shall be required | 26 |
| to make the
aforesaid additional contributions with compound |
|
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| interest at 4% per annum.
| 2 |
| Any participant who has become eligible to receive the | 3 |
| maximum rate of
annuity and who resumes service as a judge | 4 |
| after receiving a retirement
annuity under this Article shall | 5 |
| have the amount of his or her
retirement annuity increased by | 6 |
| 3% of the originally granted annuity amount
for each year of | 7 |
| such resumed service, beginning in January of the year
next | 8 |
| following the date of such resumed service, upon subsequent
| 9 |
| termination of such resumed service.
| 10 |
| Beginning January 1, 1990, all automatic annual increases | 11 |
| payable
under this Section shall be calculated as a percentage | 12 |
| of the total annuity
payable at the time of the increase, | 13 |
| including previous increases granted
under this Article.
| 14 |
| (Source: P.A. 86-273; 87-1265.)
| 15 |
| (40 ILCS 5/18-128.01) (from Ch. 108 1/2, par. 18-128.01)
| 16 |
| Sec. 18-128.01. Amount of survivor's annuity.
| 17 |
| (a) Upon the death of
an annuitant, his or her surviving | 18 |
| spouse shall be entitled to a survivor's
annuity of 66 2/3% of | 19 |
| the annuity the annuitant was receiving immediately
prior to | 20 |
| his or her death, inclusive of annual increases in the | 21 |
| retirement
annuity to the date of death.
| 22 |
| (b) Upon the death of an active participant, his or her | 23 |
| surviving spouse
shall receive a survivor's annuity of 66 2/3% | 24 |
| of the annuity earned by the
participant as of the date of his | 25 |
| or her death, determined without regard
to whether the |
|
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| participant had attained age 60 as of that time, or 7 1/2%
of | 2 |
| the last salary of the decedent, whichever is greater.
| 3 |
| (c) Upon the death of a participant who had terminated | 4 |
| service with at
least 10 years of service, his or her surviving | 5 |
| spouse shall be entitled
to a survivor's annuity of 66 2/3% of | 6 |
| the annuity earned by the deceased
participant at the date of | 7 |
| death.
| 8 |
| (d) Upon the death of an annuitant, active participant, or | 9 |
| participant
who had terminated service with at least 10 years | 10 |
| of service, each surviving
child under the age of 18 or | 11 |
| disabled as defined in Section 18-128 shall
be entitled to a | 12 |
| child's annuity in an amount equal to 5% of the decedent's
| 13 |
| final salary, not to exceed in total for all such children the | 14 |
| greater of
20% of the decedent's last salary or 66 2/3% of the | 15 |
| annuity received or
earned by the decedent as provided under | 16 |
| subsections (a) and (b) of this
Section. This child's annuity | 17 |
| shall be paid whether or not a survivor's
annuity was elected | 18 |
| under Section 18-123.
| 19 |
| (e) The changes made in the survivor's annuity provisions | 20 |
| by Public Act
82-306 shall apply to the survivors of a deceased | 21 |
| participant or annuitant
whose death occurs on or after August | 22 |
| 21, 1981.
| 23 |
| (f) Beginning January 1, 1990, every survivor's annuity | 24 |
| shall be
increased
(1) on each January 1 occurring on or after | 25 |
| the commencement of the annuity if
the deceased member died | 26 |
| while receiving a retirement annuity, or (2) in other cases,
on |
|
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| 1 |
| each January 1 occurring on or after the first anniversary of
| 2 |
| the commencement of the annuity, by an amount equal to 3% of | 3 |
| the current
amount of the annuity, including any previous | 4 |
| increases under this Article.
Such increases shall apply | 5 |
| without regard to whether the deceased member
was in service on | 6 |
| or after the effective date of this amendatory Act of
1991, but | 7 |
| shall not accrue for any period prior to January 1, 1990.
| 8 |
| (g) Notwithstanding any other provision of this Article, | 9 |
| the initial survivor's annuity for a survivor of a participant | 10 |
| who first serves as a judge after July 1, 2010 shall be in the | 11 |
| amount of 66 2/3% of the annuity received or earned by the | 12 |
| decedent as provided under subsections (a) or (b) of this | 13 |
| Section, and shall be increased (1) on each January 1 occurring | 14 |
| on or after the commencement of the annuity if
the deceased | 15 |
| participant died while receiving a retirement annuity, or (2) | 16 |
| in other cases,
on each January 1 occurring on or after the | 17 |
| first anniversary of
the commencement of the annuity, by an | 18 |
| amount equal to 3% or the annual change in the Consumer Price | 19 |
| Index for All Urban Consumers, whichever is less, of the | 20 |
| survivor's annuity then being paid. | 21 |
| (Source: P.A. 86-273; 86-1488.)
| 22 |
| Section 99. Effective date. This Act takes effect upon | 23 |
| becoming law. |
|