State of Illinois
92nd General Assembly
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92_SB0673

 
                                               LRB9205316LDpr

 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    changing Section 17-119 as follows:

 6        (40 ILCS 5/17-119) (from Ch. 108 1/2, par. 17-119)
 7        Sec.  17-119.  Automatic annual increase in pension. Each
 8    teacher retiring on or after September 1, 1959,  is  entitled
 9    to  the  annual increase in pension, defined herein, while he
10    is receiving a pension from the Fund.
11        1.  The term "base pension" means a  service  retirement,
12    reversionary,   duty  disability,  or  disability  retirement
13    pension in the amount  fixed  and  payable  at  the  date  of
14    retirement of a teacher.
15        2.   The  annual increase in pension shall be at the rate
16    of 1 1/2% of base pension. This increase shall first occur in
17    January of the year next following the first  anniversary  of
18    retirement. At such time the Fund shall pay the pro rata part
19    of  the  increase  for  the period from the first anniversary
20    date to the date of the first increase in pension.  Beginning
21    January 1, 1972, the rate of annual increase in pension shall
22    be  2%  of  the  base pension. Beginning January 1, 1979, the
23    rate of annual increase in pension shall be 3%  of  the  base
24    pension.  Beginning  January  1,  1990,  all automatic annual
25    increases payable under this Section shall be calculated as a
26    percentage of the total pension payable at the  time  of  the
27    increase,  including  all  increases previously granted under
28    this Article, notwithstanding Section 17-157.
29        3.  An increase in pension shall be granted only  if  the
30    retired teacher is age 60 or over. If the teacher attains age
31    60  after  retirement, the increase in pension shall begin in
 
                            -2-                LRB9205316LDpr
 1    January of the year following the 61st birthday. At such time
 2    the Fund also shall pay the pro rata  part  of  the  increase
 3    from  the  61st  birthday  to  the  date of first increase in
 4    pension.
 5        In addition to other increases which may be  provided  by
 6    this  Section,  on  January  1,  1981  any  teacher  who  was
 7    receiving  a  retirement pension on or before January 1, 1971
 8    shall have his retirement pension then being  paid  increased
 9    $1 per month for each year of creditable service.  On January
10    1,  1982,  any  teacher  whose retirement pension began on or
11    before January 1, 1977, shall  have  his  retirement  pension
12    then  being  paid  increased  $1  per  month for each year of
13    creditable service.
14        On January 1, 1987, any teacher whose retirement  pension
15    began  on  or  before January 1, 1977, shall have the monthly
16    retirement pension increased by an amount  equal  to  8¢  per
17    year  of  creditable  service  times the number of years that
18    have elapsed since the retirement pension began.
19    (Source: P.A. 90-566, eff. 1-2-98.)

20        Section 90.  The State Mandates Act is amended by  adding
21    Section 8.25 as follows:

22        (30 ILCS 805/8.25 new)
23        Sec.  8.25.  Exempt  mandate.  Notwithstanding Sections 6
24    and 8 of this Act, no reimbursement by the State is  required
25    for  the  implementation  of  any  mandate  created  by  this
26    amendatory Act of the 92nd General Assembly.

27        Section  99.  Effective date.  This Act takes effect upon
28    becoming law.

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