[ Search ] [ Legislation ] [ Bill Summary ]
[ Home ] [ Back ] [ Bottom ]
90_SB0601
40 ILCS 5/17-116.1 from Ch. 108 1/2, par. 17-116.1
30 ILCS 805/8.21 new
Amends the Chicago Teacher Article of the Pension Code to
extend the deadline for early retirement without discount
from June 30, 1995 to June 30, 2005; applies retroactively to
persons who have retired since June 30, 1995. Amends the
State Mandates Act to require implementation without
reimbursement. Effective immediately.
LRB9000483EGfg
LRB9000483EGfg
1 AN ACT to amend the Illinois Pension Code by changing
2 Section 17-116.1 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 17-116.1 as follows:
7 (40 ILCS 5/17-116.1) (from Ch. 108 1/2, par. 17-116.1)
8 Sec. 17-116.1. Early retirement without discount. A
9 member retiring after June 1, 1980 and before June 30, 2005
10 1995 and within 6 months of the last day of teaching for
11 which retirement contributions were required, may elect at
12 the time of application to make a one time employee
13 contribution to the system and thereby avoid the early
14 retirement reduction in allowance specified in paragraph (4)
15 of Section 17-116 of this Article. The exercise of the
16 election shall obligate the employer to also make a one time
17 non-refundable contribution to the fund.
18 The one-time employee contribution shall be equal to 7%
19 of the retiring member's highest full-time annual salary rate
20 used in the determination of the average salary rate for
21 retirement pension, or if not full-time then the full-time
22 equivalent, multiplied by (1) the number of years the teacher
23 is under age 60, or (2) the number of years the employee's
24 creditable service is less than 35 years, whichever is less.
25 The employer contribution shall be 20% of such salary
26 multiplied by such number of years.
27 Upon receipt of the application and election, the board
28 shall determine the one time employee and employer
29 contributions. The provisions of this Section shall not be
30 applicable until all the above outlined contributions have
31 been received by the fund; however, the date such
-2- LRB9000483EGfg
1 contributions are received shall not be considered in
2 determining the effective date of retirement.
3 The number of employees who may retire under this Section
4 in any year may be limited at the option of the employer to a
5 specified percentage of those eligible, not lower than 30%,
6 with the right to participate to be allocated among those
7 applying on the basis of seniority in the service of the
8 employer.
9 Notwithstanding Section 17-157, the extension of the
10 deadline for early retirement without discount under this
11 Section effected by this amendatory Act of 1997 also applies
12 to persons who withdrew from service on or after June 30,
13 1995 and before the effective date of this amendatory Act of
14 1997. Any such person who qualifies for early retirement
15 without discount under this Section, applies to the Fund
16 within 90 days after the effective date of this amendatory
17 Act of 1997, and pays the required employee contribution may
18 have his or her retirement pension recalculated in accordance
19 with this Section; the resulting increase shall be effective
20 retroactively to the starting date of the retirement pension.
21 (Source: P.A. 86-272.)
22 Section 10. 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.