Full Text of SB3517 98th General Assembly
SB3517eng 98TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning 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 changing | 5 | | Sections 7-141 and 16-132 as follows:
| 6 | | (40 ILCS 5/7-141) (from Ch. 108 1/2, par. 7-141)
| 7 | | Sec. 7-141. Retirement annuities - Conditions. Retirement | 8 | | annuities shall be payable as hereinafter set forth:
| 9 | | (a) A participating employee who, regardless of cause, is | 10 | | separated
from the service of all participating municipalities | 11 | | and
instrumentalities thereof and participating | 12 | | instrumentalities shall be
entitled to a retirement annuity | 13 | | provided:
| 14 | | 1. He is at least age 55, or in the case of a person who | 15 | | is eligible
to have his annuity calculated under Section | 16 | | 7-142.1, he is at least age 50;
| 17 | | 2. He is not entitled to receive earnings for | 18 | | employment in a position requiring him, or entitling him to | 19 | | elect, to be a participating employee;
| 20 | | 3. The amount of his annuity, before the application of | 21 | | paragraph (b) of
Section 7-142 is at least $10 per month;
| 22 | | 4. If he first became a participating employee after | 23 | | December 31,
1961, he has at least 8 years of service. This |
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| 1 | | service requirement shall not
apply to any participating | 2 | | employee, regardless of participation date, if the
General | 3 | | Assembly terminates the Fund.
| 4 | | (b) Retirement annuities shall be payable:
| 5 | | 1. As provided in Section 7-119;
| 6 | | 2. Except as provided in item 3, upon receipt by the | 7 | | fund of a written
application. The effective date may be | 8 | | not more than 2 years one
year prior to the date of the | 9 | | receipt by the fund of the application;
| 10 | | 3. Upon attainment of age 70 1/2 if the member (i) is | 11 | | no longer in
service,
and (ii) is otherwise entitled to an | 12 | | annuity under this Article;
| 13 | | 4. To the beneficiary of the deceased annuitant for the | 14 | | unpaid amount
accrued to date of death, if any.
| 15 | | (Source: P.A. 97-328, eff. 8-12-11; 97-609, eff. 1-1-12.)
| 16 | | (40 ILCS 5/16-132) (from Ch. 108 1/2, par. 16-132)
| 17 | | (Text of Section before amendment by P.A. 98-599 )
| 18 | | Sec. 16-132. Retirement annuity eligibility. A member who | 19 | | has at least 20 years of creditable service is entitled to a
| 20 | | retirement annuity upon or after attainment of age 55.
A member | 21 | | who has at least 10 but less than 20 years of creditable | 22 | | service is
entitled to a retirement annuity upon or after | 23 | | attainment of age 60.
A member who has at least 5 but less than | 24 | | 10 years of creditable service is
entitled to a retirement | 25 | | annuity upon or after attainment of age 62.
A member who (i) |
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| 1 | | has earned during the period immediately preceding the last
day | 2 | | of service at least one year of contributing creditable service | 3 | | as an
employee of a department as defined in Section 14-103.04, | 4 | | (ii) has earned at
least 5 years of contributing creditable | 5 | | service as an employee of a department
as defined in Section | 6 | | 14-103.04, and (iii) retires on or after January 1, 2001
is | 7 | | entitled to a retirement annuity upon or after attainment of an | 8 | | age which,
when added to the number of years of his or her | 9 | | total creditable service,
equals at least 85. Portions of years | 10 | | shall be counted as decimal equivalents.
| 11 | | A member who is eligible to receive a retirement annuity of | 12 | | at least 74.6% of
final average salary and will attain age 55 | 13 | | on or before December 31 during the
year which commences on | 14 | | July 1 shall be deemed to attain age 55 on the
preceding June | 15 | | 1.
| 16 | | A member meeting the above eligibility conditions is | 17 | | entitled to a retirement
annuity upon written application to | 18 | | the board setting forth the date the member
wishes the | 19 | | retirement annuity to commence. However, the effective date of | 20 | | the
retirement annuity shall be no earlier than the day | 21 | | following the last day of
creditable service, regardless of the | 22 | | date of official termination of
employment.
| 23 | | To be eligible for a retirement annuity, a member shall not | 24 | | be employed
as a teacher in the schools included under this | 25 | | System or under Article 17,
except (i) as provided in Section | 26 | | 16-118 or 16-150.1, (ii) if
the member is disabled (in which |
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| 1 | | event, eligibility for salary must cease),
or (iii) if the | 2 | | System is required by federal law to commence
payment due to | 3 | | the member's age; the changes to this sentence made by this
| 4 | | amendatory Act of the 93rd General Assembly apply without
| 5 | | regard to whether the member terminated employment before or | 6 | | after its
effective date.
| 7 | | (Source: P.A. 93-320, eff. 7-23-03.)
| 8 | | (Text of Section after amendment by P.A. 98-599 )
| 9 | | Sec. 16-132. Retirement annuity eligibility. | 10 | | (a) A member who has at least 20 years of creditable | 11 | | service is entitled to a
retirement annuity upon or after | 12 | | attainment of age 55.
A member who has at least 10 but less | 13 | | than 20 years of creditable service is
entitled to a retirement | 14 | | annuity upon or after attainment of age 60.
A member who has at | 15 | | least 5 but less than 10 years of creditable service is
| 16 | | entitled to a retirement annuity upon or after attainment of | 17 | | age 62.
A member who (i) has earned during the period | 18 | | immediately preceding the last
day of service at least one year | 19 | | of contributing creditable service as an
employee of a | 20 | | department as defined in Section 14-103.04, (ii) has earned at
| 21 | | least 5 years of contributing creditable service as an employee | 22 | | of a department
as defined in Section 14-103.04, and (iii) | 23 | | retires on or after January 1, 2001
is entitled to a retirement | 24 | | annuity upon or after attainment of an age which,
when added to | 25 | | the number of years of his or her total creditable service,
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| 1 | | equals at least 85. Portions of years shall be counted as | 2 | | decimal equivalents.
| 3 | | A member who is eligible to receive a retirement annuity of | 4 | | at least 74.6% of
final average salary and will attain age 55 | 5 | | on or before December 31 during the
year which commences on | 6 | | July 1 shall be deemed to attain age 55 on the
preceding June | 7 | | 1.
| 8 | | (b) Notwithstanding subsection (a) of this Section, for a | 9 | | Tier 1 member who begins receiving a retirement annuity under | 10 | | this Section on or after July 1, 2014, the required retirement | 11 | | age under subsection (a) is increased as follows, based on the | 12 | | Tier 1 member's age on June 1, 2014: | 13 | | (1) If he or she is at least age 46 on June 1, 2014, | 14 | | then the required retirement ages under subsection (a) | 15 | | remain unchanged. | 16 | | (2) If he or she is at least age 45 but less than age 46 | 17 | | on June 1, 2014, then the required retirement ages under | 18 | | subsection (a) are increased by 4 months. | 19 | | (3) If he or she is at least age 44 but less than age 45 | 20 | | on June 1, 2014, then the required retirement ages under | 21 | | subsection (a) are increased by 8 months. | 22 | | (4) If he or she is at least age 43 but less than age 44 | 23 | | on June 1, 2014, then the required retirement ages under | 24 | | subsection (a) are increased by 12 months. | 25 | | (5) If he or she is at least age 42 but less than age 43 | 26 | | on June 1, 2014, then the required retirement ages under |
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| 1 | | subsection (a) are increased by 16 months. | 2 | | (6) If he or she is at least age 41 but less than age 42 | 3 | | on June 1, 2014, then the required retirement ages under | 4 | | subsection (a) are increased by 20 months. | 5 | | (7) If he or she is at least age 40 but less than age 41 | 6 | | on June 1, 2014, then the required retirement ages under | 7 | | subsection (a) are increased by 24 months. | 8 | | (8) If he or she is at least age 39 but less than age 40 | 9 | | on June 1, 2014, then the required retirement ages under | 10 | | subsection (a) are increased by 28 months. | 11 | | (9) If he or she is at least age 38 but less than age 39 | 12 | | on June 1, 2014, then the required retirement ages under | 13 | | subsection (a) are increased by 32 months. | 14 | | (10) If he or she is at least age 37 but less than age | 15 | | 38 on June 1, 2014, then the required retirement ages under | 16 | | subsection (a) are increased by 36 months. | 17 | | (11) If he or she is at least age 36 but less than age | 18 | | 37 on June 1, 2014, then the required retirement ages under | 19 | | subsection (a) are increased by 40 months. | 20 | | (12) If he or she is at least age 35 but less than age | 21 | | 36 on June 1, 2014, then the required retirement ages under | 22 | | subsection (a) are increased by 44 months. | 23 | | (13) If he or she is at least age 34 but less than age | 24 | | 35 on June 1, 2014, then the required retirement ages under | 25 | | subsection (a) are increased by 48 months. | 26 | | (14) If he or she is at least age 33 but less than age |
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| 1 | | 34 on June 1, 2014, then the required retirement ages under | 2 | | subsection (a) are increased by 52 months. | 3 | | (15) If he or she is at least age 32 but less than age | 4 | | 33 on June 1, 2014, then the required retirement ages under | 5 | | subsection (a) are increased by 56 months. | 6 | | (16) If he or she is less than age 32 on June 1, 2014, | 7 | | then the required retirement ages under subsection (a) are | 8 | | increased by 60 months. | 9 | | Notwithstanding Section 1-103.1, this subsection (b) | 10 | | applies without regard to whether or not the Tier 1 member is | 11 | | in active service under this Article on or after the effective | 12 | | date of this amendatory Act of the 98th General Assembly. | 13 | | (c) A member meeting the above eligibility conditions is | 14 | | entitled to a retirement
annuity upon written application to | 15 | | the board setting forth the date the member
wishes the | 16 | | retirement annuity to commence. However, the effective date of | 17 | | the
retirement annuity shall be (i) no earlier than the day | 18 | | following the last day of
creditable service, regardless of the | 19 | | date of official termination of
employment , and (ii) in the | 20 | | case of a member who is not eligible to retire on the effective | 21 | | date of this amendatory Act of the 98th General Assembly, no | 22 | | more than 2 years before the date of receipt by the System of | 23 | | the application for retirement .
| 24 | | For the purpose of Section 1-103.1, the change to this | 25 | | subsection made by this amendatory Act of the 98th General | 26 | | Assembly is limited to annuities granted on or after the |
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| 1 | | effective date of this amendatory Act, without regard to | 2 | | whether the member is in service on or after that effective | 3 | | date. | 4 | | (d) To be eligible for a retirement annuity, a member shall | 5 | | not be employed
as a teacher in the schools included under this | 6 | | System or under Article 17,
except (i) as provided in Section | 7 | | 16-118 or 16-150.1, (ii) if
the member is disabled (in which | 8 | | event, eligibility for salary must cease),
or (iii) if the | 9 | | System is required by federal law to commence
payment due to | 10 | | the member's age; the changes to this sentence made by Public | 11 | | Act 93-320 apply without
regard to whether the member | 12 | | terminated employment before or after its
effective date.
| 13 | | (Source: P.A. 98-599, eff. 6-1-14.)
| 14 | | Section 95. No acceleration or delay. Where this Act makes | 15 | | changes in a statute that is represented in this Act by text | 16 | | that is not yet or no longer in effect (for example, a Section | 17 | | represented by multiple versions), the use of that text does | 18 | | not accelerate or delay the taking effect of (i) the changes | 19 | | made by this Act or (ii) provisions derived from any other | 20 | | Public Act.
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