Full Text of HB4508 103rd General Assembly
HB4508eng 103RD GENERAL ASSEMBLY | | | HB4508 Engrossed | | LRB103 36501 RPS 66607 b |
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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 15-135 and 15-198 as follows: | 6 | | (40 ILCS 5/15-135) (from Ch. 108 1/2, par. 15-135) | 7 | | Sec. 15-135. Retirement annuities; conditions. | 8 | | (a) This subsection (a) applies only to a Tier 1 member. A | 9 | | participant who retires in one of the following specified | 10 | | years with the specified amount of service is entitled to a | 11 | | retirement annuity at any age under the retirement program | 12 | | applicable to the participant: | 13 | | 35 years if retirement is in 1997 or before; | 14 | | 34 years if retirement is in 1998; | 15 | | 33 years if retirement is in 1999; | 16 | | 32 years if retirement is in 2000; | 17 | | 31 years if retirement is in 2001; | 18 | | 30 years if retirement is in 2002 or later. | 19 | | A participant with 8 or more years of service after | 20 | | September 1, 1941, is entitled to a retirement annuity on or | 21 | | after attainment of age 55. | 22 | | A participant with at least 5 but less than 8 years of | 23 | | service after September 1, 1941, is entitled to a retirement |
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| 1 | | annuity on or after attainment of age 62. | 2 | | A participant who has at least 25 years of service in this | 3 | | system as a police officer or firefighter is entitled to a | 4 | | retirement annuity on or after the attainment of age 50, if | 5 | | Rule 4 of Section 15-136 is applicable to the participant. | 6 | | (a-5) A Tier 2 member is entitled to a retirement annuity | 7 | | upon written application if he or she has attained age 67 and | 8 | | has at least 10 years of service credit and is otherwise | 9 | | eligible under the requirements of this Article. A Tier 2 | 10 | | member who has attained age 62 and has at least 10 years of | 11 | | service credit and is otherwise eligible under the | 12 | | requirements of this Article may elect to receive the lower | 13 | | retirement annuity provided in subsection (b-5) of Section | 14 | | 15-136 of this Article. | 15 | | (a-10) A Tier 2 member who has at least 20 years of service | 16 | | in this system as a police officer or firefighter is entitled | 17 | | to a retirement annuity upon written application on or after | 18 | | the attainment of age 60 if Rule 4 of Section 15-136 is | 19 | | applicable to the participant. A Tier 2 member who has at least | 20 | | 20 years of service in this system as a police officer is | 21 | | entitled to a retirement annuity upon written application on | 22 | | or after the attainment of age 55 if Rule 4 of Section 15-136 | 23 | | is applicable to the participant. The changes made to this | 24 | | subsection by this amendatory Act of the 101st General | 25 | | Assembly apply retroactively to January 1, 2011. | 26 | | (b) The annuity payment period shall begin on the date |
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| 1 | | specified by the participant or the recipient of a disability | 2 | | retirement annuity submitting a written application. For a | 3 | | participant, the date on which the annuity payment period | 4 | | begins shall not be prior to termination of employment or more | 5 | | than one year before the application is received by the board; | 6 | | however, if the participant is not an employee of an employer | 7 | | participating in this System or in a participating system as | 8 | | defined in Article 20 of this Code on April 1 of the calendar | 9 | | year next following the calendar year in which the participant | 10 | | attains the age specified under Section 401(a)(9) of the | 11 | | Internal Revenue Code of 1986, as amended, the annuity payment | 12 | | period shall begin on that date regardless of whether an | 13 | | application has been filed. For a recipient of a disability | 14 | | retirement annuity, the date on which the annuity payment | 15 | | period begins shall not be prior to the discontinuation of the | 16 | | disability retirement annuity under Section 15-153.2. | 17 | | (c) An annuity is not payable if the amount provided under | 18 | | Section 15-136 is less than $10 per month. | 19 | | (Source: P.A. 101-610, eff. 1-1-20; 102-210, eff. 7-30-21.) | 20 | | (40 ILCS 5/15-198) | 21 | | Sec. 15-198. Application and expiration of new benefit | 22 | | increases. | 23 | | (a) As used in this Section, "new benefit increase" means | 24 | | an increase in the amount of any benefit provided under this | 25 | | Article, or an expansion of the conditions of eligibility for |
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| 1 | | any benefit under this Article, that results from an amendment | 2 | | to this Code that takes effect after June 1, 2005 (the | 3 | | effective date of Public Act 94-4). "New benefit increase", | 4 | | however, does not include any benefit increase resulting from | 5 | | the changes made to Article 1 or this Article by Public Act | 6 | | 100-23, Public Act 100-587, Public Act 100-769, Public Act | 7 | | 101-10, Public Act 101-610, Public Act 102-16, Public Act | 8 | | 103-80, Public Act 103-548, or this amendatory Act of the | 9 | | 103rd General Assembly or this amendatory Act of the 103rd | 10 | | General Assembly . | 11 | | (b) Notwithstanding any other provision of this Code or | 12 | | any subsequent amendment to this Code, every new benefit | 13 | | increase is subject to this Section and shall be deemed to be | 14 | | granted only in conformance with and contingent upon | 15 | | compliance with the provisions of this Section. | 16 | | (c) The Public Act enacting a new benefit increase must | 17 | | identify and provide for payment to the System of additional | 18 | | funding at least sufficient to fund the resulting annual | 19 | | increase in cost to the System as it accrues. | 20 | | Every new benefit increase is contingent upon the General | 21 | | Assembly providing the additional funding required under this | 22 | | subsection. The Commission on Government Forecasting and | 23 | | Accountability shall analyze whether adequate additional | 24 | | funding has been provided for the new benefit increase and | 25 | | shall report its analysis to the Public Pension Division of | 26 | | the Department of Insurance. A new benefit increase created by |
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| 1 | | a Public Act that does not include the additional funding | 2 | | required under this subsection is null and void. If the Public | 3 | | Pension Division determines that the additional funding | 4 | | provided for a new benefit increase under this subsection is | 5 | | or has become inadequate, it may so certify to the Governor and | 6 | | the State Comptroller and, in the absence of corrective action | 7 | | by the General Assembly, the new benefit increase shall expire | 8 | | at the end of the fiscal year in which the certification is | 9 | | made. | 10 | | (d) Every new benefit increase shall expire 5 years after | 11 | | its effective date or on such earlier date as may be specified | 12 | | in the language enacting the new benefit increase or provided | 13 | | under subsection (c). This does not prevent the General | 14 | | Assembly from extending or re-creating a new benefit increase | 15 | | by law. | 16 | | (e) Except as otherwise provided in the language creating | 17 | | the new benefit increase, a new benefit increase that expires | 18 | | under this Section continues to apply to persons who applied | 19 | | and qualified for the affected benefit while the new benefit | 20 | | increase was in effect and to the affected beneficiaries and | 21 | | alternate payees of such persons, but does not apply to any | 22 | | other person, including, without limitation, a person who | 23 | | continues in service after the expiration date and did not | 24 | | apply and qualify for the affected benefit while the new | 25 | | benefit increase was in effect. | 26 | | (Source: P.A. 102-16, eff. 6-17-21; 103-80, eff. 6-9-23; |
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| 1 | | 103-548, eff. 8-11-23; revised 8-31-23.) | 2 | | Section 90. The State Mandates Act is amended by adding | 3 | | Section 8.48 as follows: | 4 | | (30 ILCS 805/8.48 new) | 5 | | Sec. 8.48. Exempt mandate. Notwithstanding Sections 6 and | 6 | | 8 of this Act, no reimbursement by the State is required for | 7 | | the implementation of any mandate created by this amendatory | 8 | | Act of the 103rd General Assembly. |
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