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90_HB3585
40 ILCS 5/15-140.1 new
Amends the State Universities Article of the Pension
Code. Provides for an additional payment to persons
receiving a retirement or survivor annuity, equal to half the
monthly benefit, to be paid on the December 31 next following
a fiscal year in which the System's investment return is at
least 190% of the prescribed rate of interest determined for
that year by the Board. Effective immediately.
LRB9011084EGmb
LRB9011084EGmb
1 AN ACT to amend the Illinois Pension Code by adding
2 Section 15-140.1.
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 adding Section 15-140.1 as follows:
7 (40 ILCS 5/15-140.1 new)
8 Sec. 15-140.1. Additional payment. Beginning with the
9 System's 1997-1998 fiscal year, if the annual investment
10 return of the System for a fiscal year is equal to at least
11 190% of the prescribed rate of interest for that fiscal year,
12 an additional payment shall be made on the December 31 next
13 following the end of that fiscal year to each person still
14 living who was an annuitant or a survivors insurance
15 beneficiary on June 1 of that fiscal year.
16 The amount of the additional payment shall be equal to
17 one-half of the person's monthly benefit for June of that
18 fiscal year multiplied by the number of months that the
19 person was an annuitant or survivors insurance beneficiary
20 during that fiscal year and divided by 12. In the case of a
21 person who is eligible to receive the payment as a survivors
22 insurance beneficiary, the number of months in that fiscal
23 year during which the related participant was an annuitant
24 shall be added to the number of months during which the
25 person was a survivors insurance beneficiary, but the total
26 shall not exceed 12.
27 The payment made under this Section is a one-time
28 payment; it is not an increase in or addition to the person's
29 annuity or survivors insurance benefit and shall not be
30 included in the calculation of any automatic annual increase
31 or other increase in that annuity or benefit.
-2- LRB9011084EGmb
1 Section 99. Effective date. This Act takes effect upon
2 becoming law.