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90_HB2444 40 ILCS 5/12-133.1 from Ch. 108 1/2, par. 12-133.1 30 ILCS 805/8.22 new Amends the Chicago Park District Article of the Illinois Pension Code. For persons with at least 30 years of service, removes the requirement that the person must attain age 60 before beginning to receive the automatic annual increase in retirement annuity. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. LRB9008331EGfg LRB9008331EGfg 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) For an employee who retires with less than 30 years 28 of service, the Anincrease in the basic retirement annuity 29 shall begin in any casenot earlier than in the month of 30 January or the month of July, whichever occurs first, 31 following or coincidental with the employee's attainment of -2- LRB9008331EGfg 1 age 60. 2 For an employee who retires with at least 30 years of 3 service, the annual increase under this Section shall begin 4 in the month of January or the month of July, whichever first 5 occurs next following or coincidental with the later of (1) 6 the first anniversary of retirement or (2) July 1, 1998, 7 without regard to the attainment of age 60 and without regard 8 to whether or not the employee was in service on or after the 9 effective date of this amendatory Act of 1998. 10 (d) The increase in the basic retirement annuity shall 11 not be applicable unless the employee otherwise qualified has 12 made contributions to the fund as provided herein for an 13 equivalent period of one full year. If such contributions 14 were not made, the employee may make the required payment to 15 the fund at the time of retirement, in a single sum, without 16 interest. 17 (e) The additional contributions by an employee towards 18 the annual increase in basic retirement annuity shall not be 19 refundable, except to an employee who withdraws and applies 20 for a refund under this Article, or dies while in service, 21 and also in cases where a temporary annuity becomes payable. 22 In such cases his contributions shall be refunded without 23 interest. 24 (Source: P.A. 86-272.) 25 Section 10. The State Mandates Act is amended by adding 26 Section 8.22 as follows: 27 (30 ILCS 805/8.22 new) 28 Sec. 8.22. Exempt mandate. Notwithstanding Sections 6 29 and 8 of this Act, no reimbursement by the State is required 30 for the implementation of any mandate created by this 31 amendatory Act of 1998. -3- LRB9008331EGfg 1 Section 99. Effective date. This Act takes effect upon 2 becoming law.
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