(40 ILCS 5/9-134) (from Ch. 108 1/2, par. 9-134)
Sec. 9-134.
Minimum annuity - Additional provisions.
(a) An employee who withdraws after July 1, 1957 at age 60 or more with
20 or more years of service, for whom the amount of age and service and
prior service annuity combined is less than the amount stated in this
Section from the date of withdrawal, instead of all annuities otherwise
provided in this Article, is entitled to receive an annuity for life of an
amount equal to 1 2/3% for each year of service, of his highest average
annual salary for any 5 consecutive years within the last 10 years of
service immediately preceding the date of withdrawal; provided that in the
case of any employee who withdraws on or after July 1, 1971, such employee
age 60 or over with 20 or more years of service, or who withdraws on or
after January 1, 1982 and on or after attainment of age 65 with 10 or more
years of service, shall instead receive an annuity for life equal to 1.67%
for each of the first 10 years of service; 1.90% for each of the next 10
years of service; 2.10% for each year of service in excess of 20 but not
exceeding 30; and 2.30% for each year of service in excess of 30, based on
the highest average annual salary for any 4 consecutive years within the
last 10 years of service immediately preceding the date of withdrawal.
An employee who withdraws after July 1, 1957, but prior to January 1,
1988, with 20 or more years of service, before age 60 is entitled to
annuity, to begin not earlier than age 55, if under such age at withdrawal,
as computed in the last preceding paragraph, reduced 1/2 of 1% for each
full month or fractional part thereof that his attained age when annuity is
to begin is less than 60 to the end that the total reduction at age 55
shall be 30%, except that an employee retiring at age 55 or over but less
than age 60, having at least 35 years of service, shall not be subject to
the reduction in his retirement annuity because of retirement below age 60.
An employee who withdraws on or after January 1, 1988, with 20 or more
years of service and before age 60, is entitled to annuity as computed
above, to begin not earlier than age 50 if under such age at withdrawal,
reduced 1/2 of 1% for each full month or fractional part thereof that his
attained age when annuity is to begin is less than 60, to the end that the
total reduction at age 50 shall be 60%, except that an employee retiring at
age 50 or over but less than age 60, having at least 30 years of service,
shall not be subject to the reduction in retirement annuity because of
retirement below age 60.
An employee who withdraws on or after January 1, 1992 but before
January 1, 1993, at age 60 or over with 5 or more years of service, may
elect, in lieu of any other employee annuity provided in this Section, to
receive an annuity for life equal to 2.20% for each of the first 20 years
of service, and 2.40% for each year of service in excess of 20, based on the
highest average annual salary for any 4 consecutive years within the last
10 years of service immediately preceding the date of withdrawal. An
employee who withdraws on or after January 1, 1992, but before January 1,
1993, on or after attainment of age 55 but before attainment of age 60 with
5 or more years of service, is entitled to elect such annuity, but the
annuity shall be reduced 0.25% for each full month or fractional part
thereof that his attained age when the annuity is to begin is less than age
60, to the end that the total reduction at age 55 shall be 15%, except that
an employee retiring at age 55 or over but less than age 60, having at
least 30 years of service, shall not be subject to the reduction in
retirement annuity because of retirement below age 60. This annuity benefit
formula shall only apply to those employees who are age 55 or over prior to
January 1, 1993, and who elect to withdraw at age 55 or over on or after
January 1, 1992 but before January 1, 1993.
An employee who withdraws on or after July 1, 1996 but before
August 1, 1996, at age 55 or over with 8 or more years of service, may
elect, in lieu of any other employee annuity provided in this Section, to
receive an annuity for life equal to 2.20% for each of the first 20 years
of service, and 2.40% for each year of service in excess of 20, based on the
highest average annual salary for any 4 consecutive years within the last
10 years of service immediately preceding the date of withdrawal, but the
annuity shall be reduced by 0.25% for each full month or fractional part
thereof that the annuitant's attained age when the annuity is to begin is
less than age 60, unless the annuitant has at least 30 years of service.
The maximum annuity under this paragraph (a) shall not exceed 70% of
highest average annual salary for any 5 consecutive years within the last
10 years of service in the case of an employee who withdraws prior to July
1, 1971, and 75% of the highest average annual salary for any 4 consecutive
years within the last 10 years of service immediately preceding the date of
withdrawal if withdrawal takes place on or after July 1, 1971 and prior
to January 1, 1988, and 80% of the highest average annual salary for any 4
consecutive years within the last 10 years of service immediately preceding
the date of withdrawal if withdrawal takes place on or after January 1,
1988. Fifteen hundred dollars shall be considered the minimum amount of
annual salary for any year, and the maximum shall be his salary as defined
in this Article, except that for the years before 1957 and subsequent to
1952 the maximum annual salary to be considered shall be $6,000, and for
any year before the year 1953, $4,800.
(b) Any employee who withdraws on or after July 1, 1985 but prior to
January 1, 1988, at age 60 or over with 10 or more years of service, may
elect in lieu of the benefit in paragraph (a) to receive an annuity for
life equal to 2.00% for each year of service, based on the highest average
annual salary for any 4 consecutive years within the last 10 years of
service immediately preceding the date of withdrawal. An employee who
withdraws on or after July 1, 1985, but prior to January 1, 1988, with 10
or more years of service, but before age 60, is entitled to elect such
annuity, to begin not earlier than age 55, but the annuity shall be reduced
0.5% for each full month or fractional part thereof that his attained age
when the annuity is to begin is less than 60, to the end that the total
reduction at age 55 shall be 30%; except that an employee retiring at age
55 or over but less than age 60, having at least 30 years of service, shall
not be subject to the reduction in retirement annuity because of retirement
below age 60.
An employee who withdraws on or after January 1, 1988, at age 60 or
over with 10 or more years of service, may elect, in lieu of the benefit in
paragraph (a), to receive an annuity for life equal to 2.20% for each of the
first 20 years of service, and 2.4% for each year of service in excess of 20,
based on the highest average annual salary for any 4 consecutive years within
the last 10 years of service immediately preceding the date of withdrawal.
An employee who withdraws on or after January 1, 1988, with 10 or more
years of service, but before age 60, is entitled to elect such annuity, to
begin not earlier than age 50, but the annuity shall be reduced 0.5% for
each full month or fractional part thereof that his attained age when the
annuity is to begin is less than 60, to the end that the total reduction at
age 50 shall be 60%, except that an employee retiring at age 50 or over
but less than age 60, having at least 30 years of service, shall not be
subject to the reduction in retirement annuity because of retirement below
age 60.
An employee who withdraws on or after June 30, 2002 with 10 or more
years of service may elect, in lieu of any other retirement annuity provided
under this Article, to receive an annuity for life, beginning no earlier than
upon attainment of age 50, equal to 2.40% of his or her highest average annual
salary for any 4 consecutive years within the last 10 years of service
immediately preceding withdrawal, for each year of service. If the employee
has less than 30 years of service, the annuity shall be reduced by 0.5% for
each full month or remaining fraction thereof that the employee's attained age
when the annuity is to begin is less than 60.
The maximum annuity under this paragraph (b) shall not exceed 75% of the
highest average annual salary for any 4 consecutive years within the last
10 years of service immediately preceding the date of withdrawal if
withdrawal occurs prior to January 1, 1988, or 80% of the highest average
annual salary for any 4 consecutive years within the last 10 years of
service immediately preceding the date of withdrawal if withdrawal takes
place on or after January 1, 1988.
The provisions of this paragraph (b) do not apply to any former County
employee receiving an annuity from the fund, who re-enters service as a
County employee, unless he renders at least 3 years of additional service
after the date of re-entry.
(c) For an employee receiving disability benefit, the salary for annuity
purposes under paragraph (a) or (b) of this Section shall, for all periods of
disability benefit subsequent to the year 1956, be the amount on which his
disability benefit was based.
(d) A county employee with 20 or more years of service, whose entire
disability benefit credit period expires before attainment of age 50
(age 55 if expiration occurs before January 1, 1988), while
still disabled for service is entitled upon withdrawal to the larger of:
(1) The minimum annuity provided above, assuming that |
(e) The minimum annuity provisions above do not apply to any former
county employee receiving an annuity from the fund, who re-enters service
as a county employee, unless he renders at least 3 years of additional
service after the date of re-entry.
(f) Any employee in service on July 1, 1947, or who enters service
thereafter before attaining age 65 and withdraws after age 65 with less
than 10 years of service for whom the annuity has been fixed under the
foregoing Sections of this Article, shall, instead of the annuity so fixed,
receive an annuity as follows:
Such amount as he could have received had the accumulated amounts for
annuity been improved with interest at the effective rate to the date of
withdrawal, or to attainment of age 70, whichever is earlier, and had the
county contributed to such earlier date for age and service annuity the
amount that it would have contributed had he been under age 65, after the
date his annuity was fixed in accordance with this Article, and assuming
his annuity were computed from such accumulations as of his age on such
earlier date. However those employees who before July 1, 1953, made
additional contributions in accordance with this Article, the annuity so
computed under this paragraph shall not exceed the annuity which would be
payable under the other provisions of this Section if the employee
concerned was credited with 20 years of service and would qualify for
annuity thereunder.
(g) Instead of the annuity provided in this or any other Section of this
Article, an employee having attained age 65 with at least 15 years of
service may elect to receive a minimum annual annuity for life equal to 1%
of the highest average annual salary for any 4 consecutive years within the
last 10 years of service immediately preceding retirement for each year of
service, plus the sum of $25 for each year of service provided that no such
minimum annual annuity may be greater than 60% of such highest average
annual salary.
(h) The annuity is payable in equal monthly installments.
(i) If, by operation of law, a function of a governmental unit, as
defined by Section 20-107 of this Code, is transferred in whole or in part
to the county in which this Article 9 is created as set forth in Section
9-101, and employees of the governmental unit are transferred as a class to
such county, the earnings credits in the retirement system covering the
governmental unit which have been validated under Section 20-109 of this
Code shall be considered in determining the highest average annual salary
for purposes of this Section 9-134.
(j) The annuity being paid to an employee annuitant on July 1, 1988,
shall be increased on that date by 1% for each full year that has elapsed
from the date the annuity began.
(k) Notwithstanding anything to the contrary in this Article 9, Section
20-131 shall not apply to an employee who withdraws on or after January 1,
1988, but prior to attaining age 55. Therefore, no employee shall be
entitled to elect to have the alternative formula previously set forth in
Section 20-122 prior to the amendatory Act of 1975 apply to any annuity,
the payment of which commenced after January 1, 1988, but prior to such
employee's attainment of age 55.
(Source: P.A. 92-599, eff. 6-28-02.)
|