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| [ Introduced ] | [ House Amendment 001 ] |
90_HB2444ham002
LRB9008331EGfgam02
1 AMENDMENT TO HOUSE BILL 2444
2 AMENDMENT NO. . Amend House Bill 2444, AS AMENDED,
3 by replacing the title with the following:
4 "AN ACT to amend the Illinois Pension Code by changing
5 Section 12-133.1 and to amend the State Mandates Act."; and
6 by replacing everything after the enacting clause with the
7 following:
8 "Section 5. The Illinois Pension Code is amended by
9 changing Section 12-133.1 as follows:
10 (40 ILCS 5/12-133.1) (from Ch. 108 1/2, par. 12-133.1)
11 Sec. 12-133.1. Annual increase in basic retirement
12 annuity.
13 (a) Any employee upon withdrawal from service on or
14 after July 1, 1965, and retiring on a retirement annuity,
15 shall be entitled to an annual increase in his basic
16 retirement annuity as defined herein while he is in receipt
17 of such annuity.
18 (a) The term "basic retirement annuity" shall mean the
19 retirement annuity of the amount fixed and payable at date of
20 retirement of the employee.
21 (b) The annual increase in annuity shall be 1 1/2% of
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1 the basic retirement annuity. The increase shall first occur
2 in the month of January or the month of July, whichever first
3 occurs next following or coincidental with the first
4 anniversary of retirement. Effective January 1, 1972, the
5 annual rate of increase in annuity thereafter shall be 2% of
6 the basic retirement annuity, provided that beginning as of
7 January 1, 1976, the annual rate of increase shall be 3% of
8 the basic retirement annuity.
9 (c) For an employee who retires with less than 30 years
10 of service, the An increase in the basic retirement annuity
11 shall begin in any case not earlier than in the month of
12 January or the month of July, whichever occurs first,
13 following or coincidental with the employee's attainment of
14 age 60.
15 For an employee who retires with at least 30 years of
16 service, the annual increase under this Section shall begin
17 in the month of January or the month of July, whichever first
18 occurs next following or coincidental with the later of (1)
19 the first anniversary of retirement or (2) July 1, 1998,
20 without regard to the attainment of age 60 and without regard
21 to whether or not the employee was in service on or after the
22 effective date of this amendatory Act of 1998.
23 (d) The increase in the basic retirement annuity shall
24 not be applicable unless the employee otherwise qualified has
25 made contributions to the fund as provided herein for an
26 equivalent period of one full year. If such contributions
27 were not made, the employee may make the required payment to
28 the fund at the time of retirement, in a single sum, without
29 interest.
30 (e) The additional contributions by an employee towards
31 the annual increase in basic retirement annuity shall not be
32 refundable, except to an employee who withdraws and applies
33 for a refund under this Article, or dies while in service,
34 and also in cases where a temporary annuity becomes payable.
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1 In such cases his contributions shall be refunded without
2 interest.
3 (Source: P.A. 86-272.)
4 Section 10. The State Mandates Act is amended by adding
5 Section 8.22 as follows:
6 (30 ILCS 805/8.22 new)
7 Sec. 8.22. Exempt mandate. Notwithstanding Sections 6
8 and 8 of this Act, no reimbursement by the State is required
9 for the implementation of any mandate created by this
10 amendatory Act of 1998.
11 Section 99. Effective date. This Act takes effect upon
12 becoming law.".