Illinois Compiled Statutes
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40 ILCS 5/18-125.1
(40 ILCS 5/18-125.1)
(from Ch. 108 1/2, par. 18-125.1)
Automatic increase in retirement annuity.
A participant who
retires from service after June 30, 1969, shall, in January of the year next
following the year in which the first anniversary of retirement occurs, and in
January of each year thereafter, have the amount of his or her originally
granted retirement annuity increased as follows: for each year up to and
including 1971, 1 1/2%; for each year from 1972 through 1979 inclusive, 2%; and
for 1980 and each year thereafter, 3%.
Notwithstanding any other provision of this Article, a retirement annuity for a participant who first serves as a judge on or after January 1, 2011 (the effective date of Public Act 96-889) shall be increased in January of the year next
following the year in which the first anniversary of retirement occurs, but in no event prior to age 67, and in
January of each year thereafter, by an amount equal to 3% or the annual percentage increase in the consumer price index-u as determined by the Public Pension Division of the Department of Insurance under subsection (b-5) of Section 18-125, whichever is less, of the retirement annuity then being paid.
This Section is not applicable to a participant who retires before he
or she has made contributions at the rate prescribed in Section 18-133 for
automatic increases for not less than the equivalent of one full year, unless
such a participant arranges to pay the system the amount required to bring
the total contributions for the automatic increase to the equivalent of
one year's contribution based upon his or her last year's salary.
This Section is applicable to all participants in service after June 30,
1969 unless a participant has elected, prior to September 1,
1969, in a written direction filed with the board not to be subject to
the provisions of this Section. Any participant in service on or after
July 1, 1992 shall have the option of electing prior to April 1, 1993,
in a written direction filed with the board, to be covered by the provisions of
the 1969 amendatory Act. Such participant shall be required to make the
aforesaid additional contributions with compound interest at 4% per annum.
Any participant who has become eligible to receive the maximum rate of
annuity and who resumes service as a judge after receiving a retirement
annuity under this Article shall have the amount of his or her
retirement annuity increased by 3% of the originally granted annuity amount
for each year of such resumed service, beginning in January of the year
next following the date of such resumed service, upon subsequent
termination of such resumed service.
Beginning January 1, 1990, all automatic annual increases payable
under this Section shall be calculated as a percentage of the total annuity
payable at the time of the increase, including previous increases granted
under this Article.
(Source: P.A. 96-889, eff. 1-1-11; 96-1490, eff. 1-1-11.)