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90_HB0012
40 ILCS 5/12-133.1 from Ch. 108 1/2, par. 12-133.1
30 ILCS 805/8.21 new
Amends the Chicago Park District Article of the Pension
Code. Accelerates the automatic annual increase for persons
with at least 30 years of service who retire on or after
January 1, 1993. Amends the State Mandates Act to require
implementation without reimbursement. Effective immediately.
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1 AN ACT to amend the Illinois Pension Code by changing
2 Section 12-133.1 and to amend the State Mandates Act.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Pension Code is amended by
6 changing Section 12-133.1 as follows:
7 (40 ILCS 5/12-133.1) (from Ch. 108 1/2, par. 12-133.1)
8 Sec. 12-133.1. Annual increase in basic retirement
9 annuity.
10 (a) Any employee upon withdrawal from service on or
11 after July 1, 1965, and retiring on a retirement annuity,
12 shall be entitled to an annual increase in his basic
13 retirement annuity as defined herein while he is in receipt
14 of such annuity.
15 (a) The term "basic retirement annuity" shall mean the
16 retirement annuity of the amount fixed and payable at date of
17 retirement of the employee.
18 (b) The annual increase in annuity shall be 1 1/2% of
19 the basic retirement annuity. The increase shall first occur
20 in the month of January or the month of July, whichever first
21 occurs next following or coincidental with the first
22 anniversary of retirement. Effective January 1, 1972, the
23 annual rate of increase in annuity thereafter shall be 2% of
24 the basic retirement annuity, provided that beginning as of
25 January 1, 1976, the annual rate of increase shall be 3% of
26 the basic retirement annuity.
27 (c) An increase in the basic retirement annuity shall
28 begin in any case not earlier than in the month of January or
29 the month of July, whichever occurs first, following or
30 coincidental with the employee's attainment of age 60.
31 However, for an employee who retires on annuity on or after
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1 January 1, 1993 with at least 30 years of service, the annual
2 increase under this Section shall begin in the month of
3 January or the month of July, whichever first occurs next
4 following or coincidental with the later of (1) the first
5 anniversary of retirement or (2) July 1, 1997, without regard
6 to the attainment of age 60.
7 (d) The increase in the basic retirement annuity shall
8 not be applicable unless the employee otherwise qualified has
9 made contributions to the fund as provided herein for an
10 equivalent period of one full year. If such contributions
11 were not made, the employee may make the required payment to
12 the fund at the time of retirement, in a single sum, without
13 interest.
14 (e) The additional contributions by an employee towards
15 the annual increase in basic retirement annuity shall not be
16 refundable, except to an employee who withdraws and applies
17 for a refund under this Article, or dies while in service,
18 and also in cases where a temporary annuity becomes payable.
19 In such cases his contributions shall be refunded without
20 interest.
21 (Source: P.A. 86-272.)
22 Section 10. The State Mandates Act is amended by adding
23 Section 8.21 as follows:
24 (30 ILCS 805/8.21 new)
25 Sec. 8.21. Exempt mandate. Notwithstanding Sections 6
26 and 8 of this Act, no reimbursement by the State is required
27 for the implementation of any mandate created by this
28 amendatory Act of 1997.
29 Section 99. Effective date. This Act takes effect upon
30 becoming law.