Full Text of HB3220 100th General Assembly
HB3220ham001 100TH GENERAL ASSEMBLY | Rep. Elaine Nekritz Filed: 4/6/2017
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| 1 | | AMENDMENT TO HOUSE BILL 3220
| 2 | | AMENDMENT NO. ______. Amend House Bill 3220 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Illinois Pension Code is amended by adding | 5 | | Sections 16-133.6 and 17-116.7 as follows: | 6 | | (40 ILCS 5/16-133.6 new) | 7 | | Sec. 16-133.6. Early retirement incentive for teachers. | 8 | | (a) This Section provides an age enhancement as an early | 9 | | retirement incentive for certain teachers. To be eligible for | 10 | | the age enhancement, a person must: | 11 | | (1) be a member of this System to whom Section 1-160 | 12 | | does not apply and who, on or after July 1, 2018, is (i) in | 13 | | active payroll status as a full-time teacher employed by an | 14 | | employer under this Article, or (ii) on layoff status from | 15 | | such a position with a right of re-employment or recall to | 16 | | service, or (iii) on disability or a leave of absence from |
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| 1 | | such a position, but only if the member has not been | 2 | | receiving benefits under Section 16-149 or 16-149.1 for a | 3 | | continuous period of 2 years or more as of the date of | 4 | | application; | 5 | | (2) have never previously received a retirement | 6 | | annuity under this Article, except that receipt of a | 7 | | disability retirement annuity does not disqualify a member | 8 | | if the annuity has been terminated and the member has | 9 | | returned to full-time employment under this Article before | 10 | | the effective date of this Section; | 11 | | (3) not have a QILDRO in effect against him or her | 12 | | under this Article; | 13 | | (4) file with the Board and the employer on or before | 14 | | June 30, 2021 a written application electing to receive the | 15 | | age enhancement under this Section and a notice of | 16 | | resignation from employment, which resignation must take
| 17 | | effect no later
than the effective date of that election | 18 | | and no later than June 30, 2021; | 19 | | (5) have accrued sufficient creditable service to be | 20 | | eligible to receive a retirement annuity under this | 21 | | Article; | 22 | | (6) have attained age 55 (without the use of any age | 23 | | enhancement to be received under this Section) at the time | 24 | | of filing an application requesting an age enhancement | 25 | | under this Section; and | 26 | | (7) not receive any other early retirement incentive |
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| 1 | | under Section 16-133.2, 16-133.3, 16-133.4, or 16-133.5 of | 2 | | this Article. | 3 | | (b) For an eligible member who elects to receive the age | 4 | | enhancement under this Section, the amount of age enhancement | 5 | | shall be equal to the applicable minimum age for an | 6 | | undiscounted retirement annuity (based on the amount of | 7 | | creditable service the member has on the effective date of the | 8 | | election) minus the member's actual age on the effective date | 9 | | of the election. | 10 | | The age enhancement established under this Section may be | 11 | | used for all purposes under this Article (including calculation | 12 | | of a proportionate annuity payable by this System under the | 13 | | Retirement Systems Reciprocal Act), except for purposes of a | 14 | | reversionary annuity under Section 16-136, the retirement | 15 | | annuity under subdivision (a)(A) of Section 16-133, the | 16 | | required distributions under Section 16-142.3, and the | 17 | | determination of eligibility for and the computation of | 18 | | benefits under Section 16-133.2 of this Article. Age | 19 | | enhancement established under this Section shall not be used in | 20 | | determining benefits payable by any other participating system | 21 | | under the Retirement Systems Reciprocal Act. | 22 | | (c) Notwithstanding Sections 16-133.1, 16-136.1, and | 23 | | 16-143.1, in exchange for the age enhancement under this | 24 | | Section, a member who elects the age enhancement under this | 25 | | Section agrees (1) to have his or her annual increases in | 26 | | retirement annuity determined in the manner provided in |
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| 1 | | subsection (e) of Section 1-160 and (2) to have the annual | 2 | | increases in any survivor's annuity payable under this Article | 3 | | on behalf of the member (but not an annuity payable to an | 4 | | eligible child) determined in the manner provided in subsection | 5 | | (f) of Section 1-160. | 6 | | (d) An employer may offer additional incentives to induce a | 7 | | member to elect the age enhancement under this Section. | 8 | | However, any such incentive shall not be included in the | 9 | | determination of salary for the purposes of this Article. | 10 | | (e) A person who returns to service under this Article | 11 | | after receiving any age enhancement under this Section thereby | 12 | | irrevocably forfeits that age enhancement and remains | 13 | | ineligible for any other early retirement benefit under this | 14 | | Article. | 15 | | (f) The Board may adopt rules to implement this Section. | 16 | | (40 ILCS 5/17-116.7 new) | 17 | | Sec. 17-116.7. Early retirement incentive for teachers. | 18 | | (a) This Section provides an age enhancement as an early | 19 | | retirement incentive for certain teachers. To be eligible for | 20 | | the age enhancement provided in this Section, a person must: | 21 | | (1) be a member of this Fund to whom Section 1-160 does | 22 | | not apply and who, on or after July 1, 2018, is (i) in | 23 | | active payroll status as a full-time teacher employed by an | 24 | | employer under this Article, or (ii) on layoff status from | 25 | | such a position with a right of re-employment or recall to |
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| 1 | | service, or (iii) on disability or a leave of absence from | 2 | | such a position, but only if the member on leave has not | 3 | | been receiving a disability benefit under this Article for | 4 | | a continuous period of 2 years or more as of the date of | 5 | | application; | 6 | | (2) have never previously received a retirement | 7 | | pension under this Article, except that receipt of a | 8 | | disability retirement pension does not disqualify a member | 9 | | if the pension has been terminated and the member has | 10 | | returned to full-time employment under this Article before | 11 | | the effective date of this Section; | 12 | | (3) not have a QILDRO in effect against him or her | 13 | | under this Article; | 14 | | (4) file with the Board and the Board of Education on | 15 | | or before June 30, 2021 a written application electing to | 16 | | receive the age enhancement under this Section and a notice | 17 | | of resignation from employment, which resignation must | 18 | | take
effect no later
than the effective date of that | 19 | | election and no later than June 30, 2021; | 20 | | (5) have accrued sufficient creditable service to be | 21 | | eligible to receive a retirement pension under this | 22 | | Article; | 23 | | (6) have attained age 55 (without the use of any age | 24 | | enhancement to be received under this Section) at the time | 25 | | of filing an application electing an age enhancement under | 26 | | this Section; and |
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| 1 | | (7) not receive any other early retirement incentive | 2 | | under Section 17-116.1, 17-116.3, 17-116.4, 17-116.5, or | 3 | | 17-116.6 of this Article. | 4 | | (b) For an eligible member who elects to receive the age | 5 | | enhancement under this Section, the amount of age enhancement | 6 | | shall be equal to the applicable minimum age for an | 7 | | undiscounted service retirement pension (based on the amount of | 8 | | creditable service the member has on the effective date of the | 9 | | election) minus the member's actual age on the effective date | 10 | | of the election. | 11 | | The age enhancement established under this Section may be | 12 | | used for all
purposes under this Article (including calculation | 13 | | of a proportionate
pension payable by this Fund under the | 14 | | Retirement Systems Reciprocal
Act), except for purposes of the | 15 | | reversionary pension under
Section 17-120, and distributions | 16 | | required by federal law on
account of age. Age enhancement | 17 | | established under this Section shall not be used in determining | 18 | | benefits payable by any other participating system under the | 19 | | Retirement Systems Reciprocal Act. | 20 | | (c) Notwithstanding Sections 17-119 and 17-122, in | 21 | | exchange for the age enhancement under this Section, a member | 22 | | who elects the age enhancement under this Section agrees (1) to | 23 | | have his or her annual increases in retirement pension | 24 | | determined in the manner provided in subsection (e) of Section | 25 | | 1-160 and (2) to have the annual increases in any survivor's | 26 | | pension (but not a children's pension) payable under this |
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| 1 | | Article on behalf of the member determined in the manner | 2 | | provided in subsection (f) of Section 1-160. | 3 | | (d) An employer may offer additional incentives to induce a | 4 | | member to elect the age enhancement under this Section. | 5 | | However, any such incentive shall not be included in the | 6 | | determination of salary for the purposes of this Article. | 7 | | (e) A person who returns to service under this Article | 8 | | after receiving any age enhancement under this Section thereby | 9 | | irrevocably forfeits that age enhancement and remains | 10 | | ineligible for any other early retirement benefit under this | 11 | | Article. | 12 | | (f) The Board may adopt rules to implement this Section.
| 13 | | Section 99. Effective date. This Act takes effect upon | 14 | | becoming law.".
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