Full Text of SB3954 102nd General Assembly
SB3954enr 102ND 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 | 5 | | changing Sections 16-132 and 16-203 as follows:
| 6 | | (40 ILCS 5/16-132) (from Ch. 108 1/2, par. 16-132)
| 7 | | (Text of Section WITHOUT the changes made by P.A. 98-599, | 8 | | which has been held unconstitutional)
| 9 | | Sec. 16-132. Retirement annuity eligibility. A member who | 10 | | has at least 20 years of creditable service is entitled to a
| 11 | | retirement annuity upon or after attainment of age 55.
A | 12 | | member who has at least 10 but less than 20 years of creditable | 13 | | service is
entitled to a retirement annuity upon or after | 14 | | attainment of age 60.
A member who has at least 5 but less than | 15 | | 10 years of creditable service is
entitled to a retirement | 16 | | annuity upon or after attainment of age 62.
A member who (i) | 17 | | has earned during the period immediately preceding the last
| 18 | | day of service at least one year of contributing creditable | 19 | | service as an
employee of a department as defined in Section | 20 | | 14-103.04, (ii) has earned at
least 5 years of contributing | 21 | | creditable service as an employee of a department
as defined | 22 | | in Section 14-103.04, and (iii) retires on or after January 1, | 23 | | 2001
is entitled to a retirement annuity upon or after |
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| 1 | | attainment of an age which,
when added to the number of years | 2 | | of his or her total creditable service,
equals at least 85. | 3 | | Portions of years shall be counted as decimal equivalents.
| 4 | | A member who is eligible to receive a retirement annuity | 5 | | of at least 74.6% of
final average salary and will attain age | 6 | | 55 on or before December 31 during the
year which commences on | 7 | | July 1 shall be deemed to attain age 55 on the
preceding June | 8 | | 1.
| 9 | | A member meeting the above eligibility conditions is | 10 | | entitled to a retirement
annuity upon written application to | 11 | | the board setting forth the date the member
wishes the | 12 | | retirement annuity to commence. However, the effective date of | 13 | | the
retirement annuity shall be no earlier than the day | 14 | | following the last day of
creditable service, regardless of | 15 | | the date of official termination of
employment ; except that | 16 | | the effective date of a retirement annuity may be after the | 17 | | date of official termination of employment as long as such | 18 | | employment is for (1) less than 10 days in length and (2) less | 19 | | than $2,000 in compensation .
| 20 | | To be eligible for a retirement annuity, a member shall | 21 | | not be employed
as a teacher in the schools included under this | 22 | | System or under Article 17,
except (i) as provided in Section | 23 | | 16-118 or 16-150.1, (ii) if
the member is disabled (in which | 24 | | event, eligibility for salary must cease),
or (iii) if the | 25 | | System is required by federal law to commence
payment due to | 26 | | the member's age; the changes to this sentence made by this
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| 1 | | amendatory Act of the 93rd General Assembly apply without
| 2 | | regard to whether the member terminated employment before or | 3 | | after its
effective date.
| 4 | | (Source: P.A. 93-320, eff. 7-23-03.)
| 5 | | (40 ILCS 5/16-203)
| 6 | | Sec. 16-203. Application and expiration of new benefit | 7 | | increases. | 8 | | (a) As used in this Section, "new benefit increase" means | 9 | | an increase in the amount of any benefit provided under this | 10 | | Article, or an expansion of the conditions of eligibility for | 11 | | any benefit under this Article, that results from an amendment | 12 | | to this Code that takes effect after June 1, 2005 (the | 13 | | effective date of Public Act 94-4). "New benefit increase", | 14 | | however, does not include any benefit increase resulting from | 15 | | the changes made to Article 1 or this Article by Public Act | 16 | | 95-910, Public Act 100-23, Public Act 100-587, Public Act | 17 | | 100-743, Public Act 100-769, Public Act 101-10, or Public Act | 18 | | 101-49, Public Act 102-16, or this amendatory Act of the 102nd | 19 | | General Assembly this amendatory Act of the 102nd General | 20 | | Assembly . | 21 | | (b) Notwithstanding any other provision of this Code or | 22 | | any subsequent amendment to this Code, every new benefit | 23 | | increase is subject to this Section and shall be deemed to be | 24 | | granted only in conformance with and contingent upon | 25 | | compliance with the provisions of this Section.
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| 1 | | (c) The Public Act enacting a new benefit increase must | 2 | | identify and provide for payment to the System of additional | 3 | | funding at least sufficient to fund the resulting annual | 4 | | increase in cost to the System as it accrues. | 5 | | Every new benefit increase is contingent upon the General | 6 | | Assembly providing the additional funding required under this | 7 | | subsection. The Commission on Government Forecasting and | 8 | | Accountability shall analyze whether adequate additional | 9 | | funding has been provided for the new benefit increase and | 10 | | shall report its analysis to the Public Pension Division of | 11 | | the Department of Insurance. A new benefit increase created by | 12 | | a Public Act that does not include the additional funding | 13 | | required under this subsection is null and void. If the Public | 14 | | Pension Division determines that the additional funding | 15 | | provided for a new benefit increase under this subsection is | 16 | | or has become inadequate, it may so certify to the Governor and | 17 | | the State Comptroller and, in the absence of corrective action | 18 | | by the General Assembly, the new benefit increase shall expire | 19 | | at the end of the fiscal year in which the certification is | 20 | | made.
| 21 | | (d) Every new benefit increase shall expire 5 years after | 22 | | its effective date or on such earlier date as may be specified | 23 | | in the language enacting the new benefit increase or provided | 24 | | under subsection (c). This does not prevent the General | 25 | | Assembly from extending or re-creating a new benefit increase | 26 | | by law. |
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| 1 | | (e) Except as otherwise provided in the language creating | 2 | | the new benefit increase, a new benefit increase that expires | 3 | | under this Section continues to apply to persons who applied | 4 | | and qualified for the affected benefit while the new benefit | 5 | | increase was in effect and to the affected beneficiaries and | 6 | | alternate payees of such persons, but does not apply to any | 7 | | other person, including, without limitation, a person who | 8 | | continues in service after the expiration date and did not | 9 | | apply and qualify for the affected benefit while the new | 10 | | benefit increase was in effect.
| 11 | | (Source: P.A. 101-10, eff. 6-5-19; 101-49, eff. 7-12-19; | 12 | | 101-81, eff. 7-12-19; 102-16, eff. 6-17-21; 102-558, eff. | 13 | | 8-20-21; revised 10-15-21.)
| 14 | | Section 99. Effective date. This Act takes effect upon | 15 | | becoming law.
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