Illinois General Assembly - Illinois Compiled Statutes

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40 ILCS 5/13-301

(40 ILCS 5/13-301) (from Ch. 108 1/2, par. 13-301)

Sec. 13-301. Retirement annuity; eligibility.

Any employee who
withdraws from service and meets the age and service requirements and other
conditions set forth in subsections (a), (b), (c) or (d) hereof is entitled
to receive a retirement annuity.

(a) Withdrawal on or after age 60.  Any employee, upon withdrawal from
service on or after attainment of age 60 and having at least 5 years of
service, is entitled to a retirement annuity.

(b) Withdrawal on or after attainment of minimum retirement
qualifications and prior to
age 60.

(1) Any employee, upon withdrawal from service on or

after attainment of age 55 (age 50 if the employee first entered service before June 13, 1997) but prior to age 60 and having at least 10 years of service, is entitled to a retirement annuity as of the date of withdrawal or, at the option of the employee, at any time thereafter.

(2) Any employee who withdraws on or after attainment

of age 55 (age 50 if the employee first entered service before June 13, 1997) and prior to age 60 having at least 5 years but less than 10 years of service is entitled to a retirement annuity upon attainment of age 62, subject to the other requirements of this Article.

(3) Any employee who withdraws from service on or

after attainment of age 50 but prior to age 60 and is eligible for early retirement without discount under the Rule of 80 as provided in subsection (c) of Section 13-302 is entitled to a retirement annuity at the time of withdrawal.

(c) Withdrawal prior to minimum retirement age.  Any employee,
upon withdrawal from service prior to age 55 (age 50 if the employee
first entered service before June 13,
1997) and having at least 10 years of service, shall become entitled to a
retirement annuity upon attainment of age 55 (age 50 if the employee
first entered service before June 13,
1997) or, at the option of the employee, at any time thereafter, subject to
the other requirements of this Article.

(d) Withdrawal while disabled.  Any employee having at least 5 years of
service who has received ordinary disability benefits on or after January
1, 1986 for the maximum period of time hereinafter prescribed, and who
continues to be disabled and withdraws from service, shall be entitled to a
retirement annuity.  In the case of an employee who enters service after
the effective date of this amendatory Act of the 94th General Assembly, the
required 5 years of service is exclusive of service credit described in
Section 13-313.  The age and service conditions as to eligibility for
such annuity shall be waived as to the employee, but the early retirement
discount under Section 13-302(b) shall apply.  If the employee is under age
55 on the date of withdrawal, the retirement annuity shall be computed by
assuming that the employee is then age 55 and then reduced to its actuarial
equivalent at his attained age on that date according to applicable
mortality tables and interest rates.  The retirement annuity shall not be
payable for any period prior to the employee's attainment of age 55 during
which the employee is able to return to gainful employment.
Upon the employee's death while in
receipt of a retirement annuity, a surviving spouse or minor children shall
be entitled to receive a surviving spouse's annuity or child's annuity
subject to the conditions hereinafter prescribed in Sections 13-305 through
13-308.

(Source: P.A. 94-621, eff. 8-18-05.)