Full Text of SB3537 96th General Assembly
SB3537ham002 96TH GENERAL ASSEMBLY
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Rep. Kevin A. McCarthy
Filed: 5/25/2010
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| AMENDMENT TO SENATE BILL 3537
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| AMENDMENT NO. ______. Amend Senate Bill 3537, AS AMENDED, | 3 |
| with reference to page and line numbers of House Amendment No. | 4 |
| 1, on page 1, line 5, after "Sections", by inserting | 5 |
| "2-108.1,"; and | 6 |
| on page 1, line 5, after "18-124,", by inserting "18-125,"; and | 7 |
| on page 1, immediately below line 6, by inserting the | 8 |
| following:
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| "(40 ILCS 5/2-108.1) (from Ch. 108 1/2, par. 2-108.1) | 10 |
| (Text of Section after amendment by P.A. 96-889 ) | 11 |
| Sec. 2-108.1. Highest salary for annuity purposes. | 12 |
| (a) "Highest salary for annuity purposes" means whichever | 13 |
| of
the following is applicable to the participant: | 14 |
| For a participant who first becomes a participant of this | 15 |
| System before August 10, 2009 (the effective date of Public Act |
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| 96-207): | 2 |
| (1) For a participant who is a member of the General | 3 |
| Assembly on his
or her last day of service: the highest | 4 |
| salary that is prescribed by law,
on the participant's last | 5 |
| day of service, for a member of the General
Assembly who is | 6 |
| not an officer; plus, if the participant was elected or
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| appointed to serve as an officer of the General Assembly | 8 |
| for 2 or more
years and has made contributions as required | 9 |
| under subsection (d) of
Section 2-126, the highest | 10 |
| additional amount of compensation prescribed by
law, at the | 11 |
| time of the participant's service as an officer, for | 12 |
| members of
the General Assembly who serve in that office. | 13 |
| (2) For a participant who holds one of the State | 14 |
| executive offices
specified in Section 2-105 on his or her | 15 |
| last day of service: the highest
salary prescribed by law | 16 |
| for service in that office on the participant's
last day of | 17 |
| service. | 18 |
| (3) For a participant who is Clerk or Assistant Clerk | 19 |
| of the House of Representatives or Secretary or Assistant | 20 |
| Secretary of the Senate
on his or her last day of service: | 21 |
| the salary received for service in that
capacity on the | 22 |
| last day of service, but not to exceed the highest salary
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| (including additional compensation for service as an | 24 |
| officer) that is
prescribed by law on the participant's | 25 |
| last day of service for the highest
paid officer of the | 26 |
| General Assembly. |
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| (4) For a participant who is a continuing participant | 2 |
| under Section
2-117.1 on his or her last day of service: | 3 |
| the salary received for service
in that capacity on the | 4 |
| last day of service, but not to exceed the highest
salary | 5 |
| (including additional compensation for service as an | 6 |
| officer) that
is prescribed by law on the participant's | 7 |
| last day of service for the
highest paid officer of the | 8 |
| General Assembly. | 9 |
| For a participant who first becomes a participant of this | 10 |
| System on or after August 10, 2009 (the effective date of | 11 |
| Public Act 96-207) and before January 1, 2011 ( the effective | 12 |
| date of Public Act 96-889) this amendatory Act of the 96th | 13 |
| General Assembly , the average monthly salary obtained by | 14 |
| dividing the total salary of the participant during the period | 15 |
| of: (1) the 48 consecutive months of service within the last | 16 |
| 120 months of service in which the total compensation was the | 17 |
| highest, or (2) the total period of service, if less than 48 | 18 |
| months, by the number of months of service in that period. | 19 |
| For a participant who first becomes a participant of this | 20 |
| System on or after January 1, 2011 ( the effective date of | 21 |
| Public Act 96-889) this amendatory Act of the 96th General | 22 |
| Assembly , the average monthly salary obtained by dividing the | 23 |
| total salary of the participant during the 96 consecutive | 24 |
| months of service within the last 120 months of service in | 25 |
| which the total compensation was the highest by the number of | 26 |
| months of service in that period; however, the highest salary |
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| for annuity purposes may not exceed the Social Security Covered | 2 |
| Wage Base for 2010, as automatically increased
by the lesser of | 3 |
| 3% or one-half of the annual increase in the consumer price | 4 |
| index-u
during the preceding 12-month calendar year and shall | 5 |
| automatically be increased or decreased, as applicable,
by a | 6 |
| percentage equal to the percentage change in the consumer price | 7 |
| index-u
during the preceding 12-month calendar year . "Consumer | 8 |
| price index-u" means
the index published by the Bureau of Labor | 9 |
| Statistics of the United States
Department of Labor that | 10 |
| measures the average change in prices of goods and
services | 11 |
| purchased by all urban consumers, United States city average, | 12 |
| all
items, 1982-84 = 100. The new amount resulting from each | 13 |
| annual adjustment
shall be determined by the Public Pension | 14 |
| Division of the Department of Insurance and made available to | 15 |
| the Board. | 16 |
| (b) The earnings limitations of subsection (a) apply to | 17 |
| earnings
under any other participating system under the | 18 |
| Retirement Systems Reciprocal
Act that are considered in | 19 |
| calculating a proportional annuity under this
Article, except | 20 |
| in the case of a person who first became a member of this
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| System before August 22,
1994. | 22 |
| (c) In calculating the subsection (a) earnings limitation | 23 |
| to be applied to
earnings under any other participating system | 24 |
| under the Retirement Systems
Reciprocal Act for the purpose of | 25 |
| calculating a proportional annuity under this
Article, the | 26 |
| participant's last day of service shall be deemed to mean the |
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| last
day of service in any participating system from which the | 2 |
| person has applied
for a proportional annuity under the | 3 |
| Retirement Systems Reciprocal Act. | 4 |
| (Source: P.A. 96-207, eff. 8-10-09; 96-889, eff. 1-1-11.)"; and | 5 |
| on page 6, line 14, by replacing "then being paid" with " then | 6 |
| being paid "; and | 7 |
| on page 6, line 16, after "less", by inserting " , of the | 8 |
| originally granted retirement annuity "; and | 9 |
| on page 10, lines 14 and 15, by replacing "survivor's annuity | 10 |
| then being paid" with " originally granted survivor's annuity | 11 |
| then being paid "; and | 12 |
| on page 12, immediately below line 18, by inserting the | 13 |
| following: | 14 |
| "(40 ILCS 5/18-125) (from Ch. 108 1/2, par. 18-125) | 15 |
| (Text of Section after amendment by P.A. 96-889 ) | 16 |
| Sec. 18-125. Retirement annuity amount. | 17 |
| (a) The annual retirement annuity for a participant who | 18 |
| terminated
service as a judge prior to July 1, 1971 shall be | 19 |
| based on the law in
effect at the time of termination of | 20 |
| service. | 21 |
| (b) Except as provided in subsection (b-5), effective July |
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| 1, 1971, the retirement annuity for any participant
in service | 2 |
| on or after such date shall be 3 1/2% of final average salary,
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| as defined in this Section, for each of the first 10 years of | 4 |
| service, and
5% of such final average salary for each year of | 5 |
| service on excess of 10. | 6 |
| For purposes of this Section, final average salary for a | 7 |
| participant who first serves as a judge before August 10, 2009 | 8 |
| (the effective date of Public Act 96-207) shall be: | 9 |
| (1) the average salary for the last 4 years of credited | 10 |
| service as a
judge for a participant who terminates service | 11 |
| before July 1, 1975. | 12 |
| (2) for a participant who terminates service after June | 13 |
| 30, 1975
and before July 1, 1982, the salary on the last | 14 |
| day of employment as a judge. | 15 |
| (3) for any participant who terminates service after | 16 |
| June 30, 1982 and
before January 1, 1990, the average | 17 |
| salary for the final year of service as
a judge. | 18 |
| (4) for a participant who terminates service on or | 19 |
| after January 1,
1990 but before the effective date of this | 20 |
| amendatory Act of 1995, the
salary on the last day of | 21 |
| employment as a judge. | 22 |
| (5) for a participant who terminates service on or | 23 |
| after the effective
date of this amendatory Act of 1995, | 24 |
| the salary on the last day of employment
as a judge, or the | 25 |
| highest salary received by the participant for employment | 26 |
| as
a judge in a position held by the participant for at |
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| least 4 consecutive years,
whichever is greater. | 2 |
| However, in the case of a participant who elects to | 3 |
| discontinue contributions
as provided in subdivision (a)(2) of | 4 |
| Section 18-133, the time of such
election shall be considered | 5 |
| the last day of employment in the determination
of final | 6 |
| average salary under this subsection. | 7 |
| For a participant who first serves as a judge on or after | 8 |
| August 10, 2009 (the effective date of Public Act 96-207) and | 9 |
| before January 1, 2011 ( the effective date of Public Act | 10 |
| 96-889) this amendatory Act of the 96th General Assembly , final | 11 |
| average salary shall be the average monthly salary obtained by | 12 |
| dividing the total salary of the participant during the period | 13 |
| of: (1) the 48 consecutive months of service within the last | 14 |
| 120 months of service in which the total compensation was the | 15 |
| highest, or (2) the total period of service, if less than 48 | 16 |
| months, by the number of months of service in that period. | 17 |
| The maximum retirement annuity for any participant shall be | 18 |
| 85% of final
average salary. | 19 |
| (b-5) Notwithstanding any other provision of this Article, | 20 |
| for a participant who first serves as a judge on or after | 21 |
| January 1, 2011 ( the effective date of Public Act 96-889) this | 22 |
| amendatory Act of the 96th General Assembly , the annual
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| retirement annuity is 3% of the
participant's final average | 24 |
| salary for each year of service. The maximum retirement
annuity | 25 |
| payable shall be 60% of the participant's final average salary. | 26 |
| For a participant who first serves as a judge on or after |
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| January 1, 2011 ( the effective date of Public Act 96-889) this | 2 |
| amendatory Act of the 96th General Assembly , final average | 3 |
| salary shall be the average monthly salary obtained by dividing | 4 |
| the total salary of the judge during the 96 consecutive months | 5 |
| of service within the last 120 months of service in which the | 6 |
| total salary was the highest by the number of months of service | 7 |
| in that period; however, the final average salary may not | 8 |
| exceed the Social Security Covered Wage Base for 2010, as | 9 |
| automatically increased
by the lesser of 3% or one-half of the | 10 |
| annual increase in the consumer price index-u
during the | 11 |
| preceding 12-month calendar year and shall automatically be | 12 |
| increased or decreased, as applicable,
by a percentage equal to | 13 |
| the percentage change in the consumer price index-u
during the | 14 |
| preceding 12-month calendar year . "Consumer price index-u" | 15 |
| means
the index published by the Bureau of Labor Statistics of | 16 |
| the United States
Department of Labor that measures the average | 17 |
| change in prices of goods and
services purchased by all urban | 18 |
| consumers, United States city average, all
items, 1982-84 = | 19 |
| 100. The new amount resulting from each annual adjustment
shall | 20 |
| be determined by the Public Pension Division of the Department | 21 |
| of Insurance and made available to the Board. | 22 |
| (c) The retirement annuity for a participant who retires | 23 |
| prior to age 60
with less than 28 years of service in the | 24 |
| System shall be reduced 1/2 of 1%
for each month that the | 25 |
| participant's age is under 60 years at the time the
annuity | 26 |
| commences. However, for a participant who retires on or after |
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| the
effective date of this amendatory Act of the 91st General | 2 |
| Assembly, the
percentage reduction in retirement annuity | 3 |
| imposed under this subsection shall
be reduced by 5/12 of 1% | 4 |
| for every month of service in this System in excess of
20 | 5 |
| years, and therefore a participant with at least 26 years of | 6 |
| service in this
System may retire at age 55 without any | 7 |
| reduction in annuity. | 8 |
| The reduction in retirement annuity imposed by this | 9 |
| subsection shall not
apply in the case of retirement on account | 10 |
| of disability. | 11 |
| (d) Notwithstanding any other provision of this Article, | 12 |
| for a participant who first serves as a judge on or after the | 13 |
| effective date of this amendatory Act of the 96th General | 14 |
| Assembly and who is retiring after attaining age 62, the | 15 |
| retirement annuity shall be reduced by 1/2
of 1% for each month | 16 |
| that the participant's age is under age 67 at the time the | 17 |
| annuity commences. | 18 |
| (Source: P.A. 96-207, eff. 8-10-09; 96-889, eff. 1-1-11.)"; and
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| on page 13, lines 13 and 14, by replacing "retirement annuity | 20 |
| then being paid" with " originally granted retirement annuity | 21 |
| then being paid "; and | 22 |
| on page 16, line 26, by replacing "survivor's annuity" with | 23 |
| " originally granted survivor's annuity"; and |
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| on page 17, line 1, by replacing "then being paid" with " then | 2 |
| being paid ".
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