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90_HB2320
40 ILCS 5/14-107 from Ch. 108 1/2, par. 14-107
Amends the State Employee Article of the Illinois Pension
Code. Provides that a person with at least 34 years of
creditable service who has reached the 75% maximum pension
shall be deemed to have 35 years of service for purposes of
avoiding the early retirement penalty and qualifying for the
automatic annual increase in annuity. Effective immediately.
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LRB9006510EGfg
1 AN ACT to amend the Illinois Pension Code by changing
2 Section 14-107.
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 14-107 as follows:
7 (40 ILCS 5/14-107) (from Ch. 108 1/2, par. 14-107)
8 Sec. 14-107. Retirement annuity - service and age -
9 conditions.
10 (a) A member is entitled to a retirement annuity after
11 having at least 8 years of creditable service. A member who
12 has at least 35 years of creditable service may claim his or
13 her retirement annuity at any age. A member having at least
14 8 years of creditable service but less than 35 may claim his
15 or her retirement annuity upon or after attainment of age 60.
16 A member upon or after attainment of age 55 having at least
17 30 years of creditable service may elect to receive the lower
18 retirement annuity provided in paragraph (c) of Section
19 14-108 of this Code.
20 (b) A member with at least 34 but less than 35 years of
21 creditable service who has reached the 75% maximum imposed
22 under subsection (d) of Section 14-108 shall be deemed to
23 have 35 years of creditable service for the purpose of (1)
24 qualifying for retirement at any age under subsection (a) of
25 this Section, (2) avoiding the early retirement reduction
26 under subsection (c) of Section 14-108, and (3) qualifying
27 for the automatic annual increase under subsection (a) of
28 Section 14-114.
29 (c) The retirement annuity allowance shall begin with
30 the first full calendar month specified in the member's
31 application therefor, the first day of which shall not be
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1 before the date of withdrawal as approved by the board.
2 Regardless of the date of withdrawal, the retirement annuity
3 allowance need not begin within one year of application
4 therefor.
5 (Source: P.A. 82-342.)
6 Section 99. Effective date. This Act takes effect upon
7 becoming law.