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(40 ILCS 5/16-132)
(from Ch. 108 1/2, par. 16-132)
Retirement annuity eligibility.
A member who has at least 20 years of creditable service is entitled to a
retirement annuity upon or after attainment of age 55.
A member who has at least 10 but less than 20 years of creditable service is
entitled to a retirement annuity upon or after attainment of age 60.
A member who has at least 5 but less than 10 years of creditable service is
entitled to a retirement annuity upon or after attainment of age 62.
A member who (i) has earned during the period immediately preceding the last
day of service at least one year of contributing creditable service as an
employee of a department as defined in Section 14-103.04, (ii) has earned at
least 5 years of contributing creditable service as an employee of a department
as defined in Section 14-103.04, and (iii) retires on or after January 1, 2001
is entitled to a retirement annuity upon or after attainment of an age which,
when added to the number of years of his or her total creditable service,
equals at least 85. Portions of years shall be counted as decimal equivalents.
A member who is eligible to receive a retirement annuity of at least 74.6% of
final average salary and will attain age 55 on or before December 31 during the
year which commences on July 1 shall be deemed to attain age 55 on the
preceding June 1.
A member meeting the above eligibility conditions is entitled to a retirement
annuity upon written application to the board setting forth the date the member
wishes the retirement annuity to commence. However, the effective date of the
retirement annuity shall be no earlier than the day following the last day of
creditable service, regardless of the date of official termination of
employment; except that the effective date of a retirement annuity may be after the date of official termination of employment as long as such employment is for (1) less than 10 days in length and (2) less than $2,000 in compensation.
To be eligible for a retirement annuity, a member shall not be employed
as a teacher in the schools included under this System or under Article 17,
except (i) as provided in Section 16-118 or 16-150.1, (ii) if
the member is disabled (in which event, eligibility for salary must cease),
or (iii) if the System is required by federal law to commence
payment due to the member's age; the changes to this sentence made by this
amendatory Act of the 93rd General Assembly apply without
regard to whether the member terminated employment before or after its
(Source: P.A. 102-871, eff. 5-13-22.)