94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB0770


 
Introduced 2/1/2005, by Rep. Edward J. Acevedo
 
SYNOPSIS AS INTRODUCED:
 		















40 ILCS 5/6-128  from Ch. 108 1/2, par. 6-128



30 ILCS 805/8.29 new










    Amends the Chicago Firefighter Article of the Illinois Pension Code to
increase the retirement annuity formula to 3.0% of average salary for each completed year of
service or remaining fraction thereof, subject to a maximum of 75% of average salary.  Amends the State Mandates Act to require implementation without
reimbursement.  Effective immediately.
















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FISCAL NOTE ACT MAY APPLY


PENSION IMPACT NOTE ACT MAY APPLY


STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT
















 


 


A BILL FOR









 











HB0770

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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 changing 
5
Section 6-128 as follows:


 



6
    (40 ILCS 5/6-128)
  (from Ch. 108 1/2, par. 6-128)


7
    Sec. 6-128. Alternative annuity for future entrants.
8
    (a) A future entrant who withdraws on or after July 21, 
9
1959,
after completing at least 23 years of service, and for 
10
whom the annuity
otherwise provided in this Article is less 
11
than that stated in this
Section, has a right to receive 
12
annuity as follows:

13
    If he is age 53 or more on withdrawal, his annuity after 
14
withdrawal,
shall be equal to 50% of his average salary.

15
    An employee who reaches compulsory retirement age and who 
16
has less
than 23 years of service shall be entitled to a 
17
minimum annuity equal to
an amount determined by the product of 
18
(1) his years of service and (2)
2% of his average salary.

19
    An employee who remains in service after qualifying for 
20
annuity under this
Section shall have added to this annuity an 
21
additional 1% of average salary
for each completed year of 
22
service or fraction thereof rendered until July 21,
1959, and 
23
an additional 1% for a total of 2% of average salary from July

24
21, 1959.  Each future entrant who has completed 23 years of 
25
service before
reaching age 53 shall have added to this annuity 
26
1% of average salary for
each completed year of service or 
27
fraction thereof in excess of 23 years up to
age 53.

28
    (b) In lieu of the annuity provided in the foregoing 
29
provisions of this
Section any future entrant who withdraws 
30
from the service either (i) after
December 31, 1983 with at 
31
least 22 years of service credit and having
attained age 52 in 
32
the service, or (ii) after December 31, 1984 with at
least 21 
 


 






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1
years of service credit and having attained age 51 in the 
2
service,
or (iii) after December 31, 1985 with at least 20 
3
years of service credit
and having attained age 50 in the 
4
service, or (iv) after December 31,
1990 with at least 20 years 
5
of service regardless of age, may elect to
receive an annuity, 
6
to begin not earlier than upon attainment of age 50
if under 
7
that age at withdrawal, computed as follows:  an annuity equal

8
to 50% of average salary, plus additional annuity equal to 2% 
9
of
average salary for each completed year of service or 
10
fraction thereof
rendered after his completion of the minimum 
11
number of years of service
required for him to be eligible 
12
under this subsection (b).  However, the
annuity provided under 
13
this subsection (b) may not exceed 75% of
average salary.

14
    (c) In lieu of the annuity provided in any other provision 
15
of this
Section, a future entrant who withdraws from service 
16
after
the effective date of this amendatory Act of the 93rd 
17
General Assembly
with at least 20 years of service may elect to 
18
receive an annuity, to begin no
earlier than upon attainment of 
19
age 50 if under that age at withdrawal, equal
to 50% of average 
20
salary plus 2.5% of average salary for each completed year of

21
service or fraction thereof over 20, but not to exceed
75%
of 
22
average salary.

23
    (c-1) In lieu of the annuity provided in any other 
24
provision of this
Section, a future entrant who withdraws from 
25
service after
the effective date of this amendatory Act of the 
26
94th General Assembly
with at least 20 years of service may 
27
elect to receive an annuity, to begin no
earlier than upon 
28
attainment of age 50 if under that age at withdrawal, equal
to 
29
3.0% of average salary for each completed year of
service or 
30
remaining fraction thereof, but not to exceed 75%
of average 
31
salary.

32
    (d) For the purpose of this Section, "average salary" means 
33
the average
of the highest 4 consecutive years of salary within 
34
the last 10 years of
service.

35
(Source: P.A. 93-654, eff. 1-16-04.)


 
 


 






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1
    Section 90. The State Mandates Act is amended by adding 
2
Section 8.29 as
follows:


 
3
    (30 ILCS 805/8.29 new)

4
    Sec. 8.29. Exempt mandate. Notwithstanding Sections 6 and 8 
5
of this
Act, no reimbursement by the State is required for the 
6
implementation of
any mandate created by this amendatory Act of 
7
the 94th General Assembly.

 
8
    Section 99. Effective date. This Act takes effect upon 
9
becoming law.