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90_HB0119
40 ILCS 5/6-128 from Ch. 108 1/2, par. 6-128
30 ILCS 805/8.21 new
Amends the Chicago Fire Article of the Pension Code to
increase the minimum retirement formula. 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 6-128 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 6-128 as follows:
7 (40 ILCS 5/6-128) (from Ch. 108 1/2, par. 6-128)
8 Sec. 6-128. (a) A future entrant who withdraws on or
9 after July 21, 1959, after completing at least 23 years of
10 service, and for whom the annuity otherwise provided in this
11 Article is less than that stated in this section, has a right
12 to receive annuity as follows:
13 If he is age 53 or more on withdrawal, his annuity after
14 withdrawal, shall be equal to 50% of his average salary
15 determined by striking an average of 4 consecutive highest
16 years of salary within the last 10 years of service
17 immediately preceding the date of withdrawal.
18 An employee who reaches compulsory retirement age and who
19 has less than 23 years of service shall be entitled to a
20 minimum annuity equal to an amount determined by the product
21 of (1) his years of service and (2) 2% of his average salary
22 for the 4 consecutive highest years of salary within the last
23 10 years of service immediately prior to his reaching
24 compulsory retirement age.
25 An employee who remains in service after qualifying for
26 annuity under this section shall have added to this annuity
27 an additional 1% of salary for each completed year of service
28 or fraction thereof rendered until July 21, 1959, and an
29 additional 1% for a total of 2% of salary from July 21, 1959.
30 Each future entrant who has completed 23 years of service
31 before reaching age 53 shall have added to this annuity 1% of
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1 salary for each completed year of service or fraction thereof
2 in excess of 23 years up to age 53. "Salary" as referred to
3 in this paragraph shall be determined by striking an average
4 of the 4 consecutive highest years of salary within the last
5 10 years of service immediately preceding withdrawal.
6 (b) In lieu of the annuity provided in the foregoing
7 provisions of this Section any future entrant who withdraws
8 from the service either (i) after December 31, 1983 with at
9 least 22 years of service credit and having attained age 52
10 in the service, or (ii) after December 31, 1984 with at least
11 21 years of service credit and having attained age 51 in the
12 service, or (iii) after December 31, 1985 with at least 20
13 years of service credit and having attained age 50 in the
14 service, or (iv) after December 31, 1990 with at least 20
15 years of service regardless of age, may elect to receive an
16 annuity, to begin not earlier than upon attainment of age 50
17 if under that age at withdrawal, computed as follows: an
18 annuity equal to 50% of the average salary for the 4 highest
19 consecutive years of the last 10 years of service, plus
20 additional annuity equal to 2% of such average salary for
21 each completed year of service or fraction thereof rendered
22 after his completion of the minimum number of years of
23 service required for him to be eligible under this subsection
24 (b). However, the annuity provided under this subsection (b)
25 may not exceed 75% of such average salary.
26 (c) In lieu of the annuity provided in the foregoing
27 provisions of this Section any future entrant who withdraws
28 from the service on or after the effective date of this
29 amendatory Act of 1997 with at least 20 years of service,
30 regardless of age, may elect to receive an annuity, to begin
31 not earlier than upon attainment of age 50 if under that age
32 at withdrawal, computed as follows: 50% of the average salary
33 for the 4 highest consecutive years of the last 10 years of
34 service, plus 2.5% of that average salary for each completed
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1 year of service or remaining fraction thereof in excess of 20
2 years of service, up to a maximum annuity of 75% of that
3 average salary.
4 (Source: P.A. 86-1488.)
5 Section 90. The State Mandates Act is amended by adding
6 Section 8.21 as follows:
7 (30 ILCS 805/8.21 new)
8 Sec. 8.21. Exempt mandate. Notwithstanding Sections 6
9 and 8 of this Act, no reimbursement by the State is required
10 for the implementation of any mandate created by this
11 amendatory Act of 1997.
12 Section 99. Effective date. This Act takes effect upon
13 becoming law.