(40 ILCS 5/5-132)
(from Ch. 108 1/2, par. 5-132)
Sec. 5-132. Minimum annuity. Any policeman who withdraws on or after
July 8, 1957, or any policeman
transferred to the police service of the city under the Exchange of
Functions Act of 1957 who withdraws on or after July 17, 1959, after
completing at least 20 years of service, for whom the
annuity otherwise provided in this Article is less than that stated in this
Section has a right to receive annuity as follows:
(a) If he is age 55 or more on withdrawal, his annuity after such
withdrawal, shall be equal to 2% of the average salary for 4 consecutive
years of highest salaries within the last 10 years of service before
withdrawal, for each year of service, together with 1/6 of 1% of such
average salary for each complete month of service of each fractional year,
but not in excess of 75% of the average annual salary.
(b) If he is age 50 or more but less than age 55 on withdrawal, his
annuity shall be equal to 2% of the average salary for the 4 highest
consecutive years of the last 10 years of service for each year of service,
together with 1/16 of 1% of such average salary for each month of each
fractional year of service, reduced by 1/2 of 1% for each month that he is
less than age 55.
(c) If he is less than age 50 on withdrawal, he may, upon attainment of
age 50 or over, become entitled to the annuity provided in this Section or,
he may, upon application before age 50, receive a refund of the deductions
from salary, plus interest at 1 1/2% per annum if he is entitled to refund
under Section 5-163.
(d) In lieu of the annuity provided in the foregoing provisions of this
Section 5-132 any policeman who withdraws from the service after December
31, 1973, after having attained age 53 in the service with
23 or more years of service credit shall be entitled to an
annuity computed as follows if such annuity is greater than that provided
in the foregoing paragraphs of this Section 5-132: An annuity equal to
50% of the average salary for the 4
highest consecutive years of the last 10 years of service plus
additional annuity equal to 2% of such average salary for each completed
year of service or fraction
thereof rendered after his attainment of age 53 and the completion
of 23 years of service.
Any policeman who has completed 23 years of service prior to
his attainment of age 53 in the service and continues in the
service until his attainment of age 53 shall have added to his
annuity, computed as provided in the immediately preceding paragraph, an
additional annuity equal to 1% of such average salary for each
completed year of service or fraction thereof in excess of 23
years up to age 53.
(e) In lieu of the annuity provided in the foregoing provisions of this
Section any policeman who withdraws from the service either (i) after
December 31, 1983 with at least 22 years of service credit and having
attained age 52 in the service, or (ii) after December 31, 1984 with at
least 21 years of service credit and having attained age 51 in the service,
or (iii) after December 31, 1985 with at least 20 years of service credit
and having attained age 50 in the service, or (iv) after December 31,
1990, with at least 20 years of service credit regardless of age, shall
be entitled to an annuity to begin not earlier than upon attainment of
age 50 if under such age at withdrawal, computed as follows: an annuity
equal to 50% of the average salary for the 4 highest consecutive years of the
last 10 years of service, plus additional annuity equal to 2% of such average
salary for each completed year of service or fraction thereof rendered after
his completion of the minimum number of years of service required for him to be
eligible under this subsection (e). In lieu of any annuity provided in the
foregoing provisions of this Section, any policeman who withdraws from the
service after December 31, 2003, with at least 20 years of service credit
regardless of age, shall be entitled to an annuity to begin not earlier than
upon attainment of age 50, if under that age at withdrawal, equal to 2.5% of
the average salary for the 4 highest consecutive years of the last 10 years of
service for each completed year of service or fraction thereof. However,
the annuity provided under this subsection (e) may not exceed 75% of such
average salary.
(f) A policeman withdrawing after September 1, 1969, may, in addition, be
entitled to the benefits provided by Section 5-167.1 of this Article if he
so qualifies under that Section.
If, on withdrawal, total service is less than 20 years, the policeman
shall not be entitled to an annuity under this Section but may receive an
annuity under the other provisions of this Article or, if entitled thereto
under Section 5-163, a refund of the deductions from salary, including, in
the case of policemen transferred to the police service of the city under
the Exchange of Functions Act of 1957, the additional contribution paid on
salary received from August 1, 1957, to July 17, 1959, as provided in the
Park Policemen's Annuity Act, together with interest at 1 1/2% per annum.
Moneys voluntarily contributed under the Policemen's Annuity and Benefit
Fund Act of the Illinois Municipal Code, or the Park Policemen's Annuity
Act, shall be refunded to the contributing policemen who were in service on
January 1, 1954, or in the case of policemen transferred to the police
service of the city under the Exchange of Functions Act of 1957, who were
in service on July 17, 1959.
The age and service annuity formula in this Section shall not apply to
any policeman who, having retired before July 8, 1957, or before July 17,
1959, in the case of a policeman transferred under the provisions of the
Exchange of Functions Act of 1957, re-enters the police service after such
dates, whichever are applicable.
(Source: P.A. 93-654, eff. 1-16-04.)
|