State of Illinois
92nd General Assembly
Legislation

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92_HB2366

 
                                               LRB9205285EGfg

 1        AN ACT in relation to public employee benefits.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The  Illinois  Pension  Code  is  amended  by
 5    adding Section 15-140.1 as follows:

 6        (40 ILCS 5/15-140.1 new)
 7        Sec.  15-140.1.   Additional payment.  Beginning with the
 8    System's 2000-2001 fiscal year and ending with  the  System's
 9    2003-2004 fiscal year, if (1) the annual investment return of
10    the System for a fiscal year is equal to at least 190% of the
11    prescribed  rate  of interest for that fiscal year and (2) at
12    the end of that fiscal year the total assets  of  the  System
13    equal  at least 90% of the total actuarial liabilities of the
14    System, then an additional  payment  shall  be  made  on  the
15    December  31  next  following  the end of that fiscal year to
16    each person still living who was an annuitant or a  survivors
17    insurance beneficiary on June 1 of that fiscal year.
18        The  amount  of  the additional payment shall be equal to
19    one-half of the person's monthly benefit  for  June  of  that
20    fiscal  year  multiplied  by  the  number  of months that the
21    person was an annuitant or  survivors  insurance  beneficiary
22    during  that fiscal year and divided by 12.  In the case of a
23    person who is eligible to receive the payment as a  survivors
24    insurance  beneficiary,  the  number of months in that fiscal
25    year during which the related participant  was  an  annuitant
26    shall  be  added  to  the  number  of months during which the
27    person was a survivors insurance beneficiary, but  the  total
28    shall not exceed 12.
29        The  payment  made  under  this  Section  is  a  one-time
30    payment; it is not an increase in or addition to the person's
31    annuity  or  survivors  insurance  benefit  and  shall not be
 
                            -2-                LRB9205285EGfg
 1    included in the calculation of any automatic annual  increase
 2    or other increase in that annuity or benefit.

 3        Section  99.  Effective date.  This Act takes effect upon
 4    becoming law.

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