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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.