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(40 ILCS 5/16-136.2) (from Ch. 108 1/2, par. 16-136.2)
Sec. 16-136.2.
Minimum retirement annuity.
(a) Any annuitant receiving a retirement annuity under this Article is
entitled to such additional amount of retirement annuity under this
Section, if necessary, that is sufficient to provide a minimum retirement
annuity of $10 per month for each year of creditable service forming the
basis of the retirement annuity, up to $300 per month for 30 or more years
of creditable service. Effective January 1, 1984, the minimum retirement
annuity under this Section is $15 per month per year of service up to $450
per month. Beginning January 1, 1996, the minimum retirement annuity
payable under this Section shall be $25 per month for each year of
creditable service, up to a maximum of $750 per month for 30 or more years
of creditable service.
An annuitant entitled to an increase in retirement annuity under this
Section shall be entitled to such increase in retirement annuity effective
the later of (1) September 1 following attainment of age 60; (2) September
1 following the first anniversary in retirement; or (3) the first of the
month following receipt of the required qualifying contribution from the
annuitant.
(b) An annuitant who qualifies for an additional amount of retirement
annuity under subsection (a) of this Section must make a one-time payment
of 1% of the monthly average salary for each full year of the creditable
service forming the basis of the retirement annuity or, if the retirement
annuity was not computed using average salary, 1% of the original monthly
retirement annuity for each full year of service forming the basis of the
retirement annuity.
(c) The minimum retirement annuity provided under this Section shall
continue to be paid only to the extent that funds are available in the
minimum retirement annuity reserve established under Section 16-186.3.
(d) The annual increase provided on and after September 1, 1977 under
Section 16-136.1 and on and after January 1, 1978 under Section 16-133.1
shall be paid in addition to the minimum retirement annuity. Where an
initial increase is first payable on or after September 1, 1977, only that
portion of the increase based on the period in retirement after August 31,
1976, under Section 16-136.1 and after December 31, 1976, under Section
16-133.1 may be added to the minimum retirement annuity.
(Source: P.A. 89-21, eff. 6-6-95; 89-25, eff. 6-21-95.)
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