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90_HB0303 40 ILCS 5/5-132 from Ch. 108 1/2, par. 5-132 30 ILCS 805/8.21 new Amends the Chicago Police Article of the Pension Code. Allows retirement at any age with 25 years of service. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. LRB9002055EGfg LRB9002055EGfg 1 AN ACT to amend the Illinois Pension Code by changing 2 Section 5-132 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 5-132 as follows: 7 (40 ILCS 5/5-132) (from Ch. 108 1/2, par. 5-132) 8 Sec. 5-132. Minimum annuity. 9 (A) Any policeman who withdraws on or after July 8, 10 1957, or any policeman transferred to the police service of 11 the city under the Exchange of Functions Act of 1957 who 12 withdraws on or after July 17, 1959, after completing at 13 least 20 years of service, for whom the annuity otherwise 14 provided in this Article is less than that stated in this 15 Section has a right to receive annuity as follows: 16 (a) If he is age 55 or more on withdrawal, his 17 annuity after such withdrawal, shall be equal to 2% of 18 the average salary for 4 consecutive years of highest 19 salaries within the last 10 years of service before 20 withdrawal, for each year of service, together with 1/6 21 of 1% of such average salary for each complete month of 22 service of each fractional year, but not in excess of 75% 23 of the average annual salary. 24 (b) If he is age 50 or more but less than age 55 on 25 withdrawal, his annuity shall be equal to 2% of the 26 average salary for the 4 highest consecutive years of the 27 last 10 years of service for each year of service, 28 together with 1/16 of 1% of such average salary for each 29 month of each fractional year of service, reduced by 1/2 30 of 1% for each month that he is less than age 55. 31 (c) If he is less than age 50 on withdrawal, he -2- LRB9002055EGfg 1 may, upon attainment of age 50 or over, become entitled 2 to the annuity provided in this Section or, he may, upon 3 application before age 50, receive a refund of the 4 deductions from salary, plus interest at 1 1/2% per annum 5 if he is entitled to refund under Section 5-163. 6 (d) In lieu of the annuity provided in the 7 foregoing provisions of this Section 5-132 any policeman 8 who withdraws from the service after December 31, 1973, 9 after having attained age 53 in the service with 23 or 10 more years of service credit shall be entitled to an 11 annuity computed as follows if such annuity is greater 12 than that provided in the foregoing paragraphs of this 13 Section 5-132: An annuity equal to 50% of the average 14 salary for the 4 highest consecutive years of the last 10 15 years of service plus additional annuity equal to 2% of 16 such average salary for each completed year of service or 17 fraction thereof rendered after his attainment of age 53 18 and the completion of 23 years of service. 19 Any policeman who has completed 23 years of service 20 prior to his attainment of age 53 in the service and 21 continues in the service until his attainment of age 53 22 shall have added to his annuity, computed as provided in 23 the immediately preceding paragraph, an additional 24 annuity equal to 1% of such average salary for each 25 completed year of service or fraction thereof in excess 26 of 23 years up to age 53. 27 (e) In lieu of the annuity provided in the 28 foregoing provisions of this Section any policeman who 29 withdraws from the service either (i) after December 31, 30 1983 with at least 22 years of service credit and having 31 attained age 52 in the service, or (ii) after December 32 31, 1984 with at least 21 years of service credit and 33 having attained age 51 in the service, or (iii) after 34 December 31, 1985 with at least 20 years of service -3- LRB9002055EGfg 1 credit and having attained age 50 in the service, or (iv) 2 after December 31, 1990, with at least 20 years of 3 service credit regardless of age, shall be entitled to an 4 annuity, to begin not earlier than upon attainment of age 5 50 if under such age at withdrawal, computed as follows: 6 an annuity equal to 50% of the average salary for the 4 7 highest consecutive years of the last 10 years of 8 service, plus additional annuity equal to 2% of such 9 average salary for each completed year of service or 10 fraction thereof rendered after his completion of the 11 minimum number of years of service required for him to be 12 eligible under this subsection (e). However, the annuity 13 provided under this subsection (e) may not exceed 75% of 14 such average salary. 15 (f) A policeman who withdraws on or after the 16 effective date of this amendatory Act of 1997 with at 17 least 25 years of service credit, regardless of age at 18 withdrawal, may elect to receive, in lieu of any other 19 retirement annuity provided under this Article, an 20 annuity equal to 2% of the policeman's final average 21 salary for each completed year of service, not to exceed 22 75% of that final average salary. "Final average salary" 23 means the policeman's average salary for the highest 4 24 consecutive years within the last 10 years of service. 25 This annuity shall be payable without regard to the age 26 of the annuitant. 27 (B) A policeman withdrawing after September 1, 1969, 28 may, in addition, be entitled to the benefits provided by 29 Section 5-167.1 of this Article if he so qualifies under that 30 Section. 31 (C) If, on withdrawal, total service is less than 20 32 years, the policeman shall not be entitled to an annuity 33 under this Section but may receive an annuity under the other 34 provisions of this Article or, if entitled thereto under -4- LRB9002055EGfg 1 Section 5-163, a refund of the deductions from salary, 2 including, in the case of policemen transferred to the police 3 service of the city under the Exchange of Functions Act of 4 1957, the additional contribution paid on salary received 5 from August 1, 1957, to July 17, 1959, as provided in the 6 Park Policemen's Annuity Act, together with interest at 1 7 1/2% per annum. 8 Moneys voluntarily contributed under the Policemen's 9 Annuity and Benefit Fund Act of the Illinois Municipal Code, 10 or the Park Policemen's Annuity Act, shall be refunded to the 11 contributing policemen who were in service on January 1, 12 1954, or in the case of policemen transferred to the police 13 service of the city under the Exchange of Functions Act of 14 1957, who were in service on July 17, 1959. 15 The age and service annuity formula in this Section shall 16 not apply to any policeman who, having retired before July 8, 17 1957, or before July 17, 1959, in the case of a policeman 18 transferred under the provisions of the Exchange of Functions 19 Act of 1957, re-enters the police service after such dates, 20 whichever are applicable. 21 (Source: P.A. 86-1488.) 22 Section 90. 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.
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