State of Illinois
91st General Assembly
Legislation

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91_HB0428eng

HB0428 Engrossed                               LRB9100753EGfg

 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
 
HB0428 Engrossed            -2-                LRB9100753EGfg
 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.

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