(40 ILCS 5/12-133.5)
Sec. 12-133.5.
Early retirement incentives.
(a) To be eligible for the benefits provided in this Section, a person
must:
(1) have been, on July 1, 1998, an employee (i) |
| contributing to the Fund in active payroll status in a position of employment under this Article, or (ii) receiving duty or ordinary disability benefits under Section 12-140, 12-142, or 12-143;
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(2) not have begun to receive a retirement annuity
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| under this Article before August 31, 1998;
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(3) file with the Board, within 90 days after the
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| effective date of this Section, a written election requesting the benefits provided in this Section;
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(4) withdraw from service on or after August 31, 1998
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| and no later than December 31, 1998;
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(5) have attained age 50 on or before the date of
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(6) have, by the date of withdrawal, a total of at
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| least 20 years of creditable service with participating systems under the Retirement Systems Reciprocal Act, of which at least 15 years must be under this Fund (not including any creditable service established under this Section).
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(b) An eligible person may establish up to 5 years of creditable service
under this Article, in increments of one month, by making the contributions
specified in subsection (c).
The creditable service established under this Section may be used for all
purposes under this Article and the Retirement Systems Reciprocal Act, except
for the computation of the highest average annual salary under Section 12-133
or the determination of salary under this or any other Article of this Code.
(c) For each month of creditable service established under this Section, the
person must pay to the Fund an employee contribution to be determined by the
Fund, equal to 4.50% of the person's monthly salary rate in effect on the date
of withdrawal. Subject to the requirements of subsection (d), the person may
elect to pay the required employee contribution before the retirement annuity
begins or through deduction from the retirement annuity over a period of up to
24 months.
If a person who retires under this Section dies before all payments of
employee contribution have been made, the remaining payments shall be deducted
from any survivor or death benefits payable to the person's surviving spouse or
beneficiary.
All employee contributions paid under this Section shall be
deemed employee contributions for the purposes of determining the tax levy
under Section 12-149. Employee contributions made under this Section may be
refunded under the same terms and conditions as other employee contributions
under this Article.
(d) A person who retires under the provisions of this Section shall have
his or her retirement annuity calculated under the provisions of Section
12-133, except that the retirement annuity shall not be subject to the
reduction for retirement under age 60 that is specified in Section 12-133.
(e) Notwithstanding Section 12-146 of this Article, an annuitant who
re-enters service under this Article after receiving a retirement annuity based
on the additional benefits provided under this Section thereby forfeits the
right to continue to receive those additional benefits and upon again retiring
shall have his or her retirement annuity recalculated without the additional
benefits provided in this Section.
(Source: P.A. 90-766, eff. 8-14-98.)
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