Bill Text: IL HB5358 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Chicago Police Article of the Illinois Pension Code. Provides that no policeman has a right to an age and service annuity until the later of (i) attainment of age 50, (ii) his date of withdrawal, or (iii) the date he makes application for an age and service annuity.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-02-18 - Referred to Rules Committee [HB5358 Detail]

Download: Illinois-2019-HB5358-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB5358 Introduced , by Rep. Martin J. Moylan SYNOPSIS AS INTRODUCED:
40 ILCS 5/5-129 from Ch. 108 1/2, par. 5-129
Amends the Chicago Police Article of the Illinois Pension Code. Provides that no policeman has a right to an age and service annuity until the later of (i) attainment of age 50, (ii) his date of withdrawal, or (iii) the date he makes application for an age and service annuity.
LRB101 18818 RPS 68275 b
FISCAL NOTE ACT MAY APPLY PENSION IMPACT NOTE ACT MAY APPLY
A BILL FOR
HB5358 LRB101 18818 RPS 68275 b
AN ACT concerning public employee benefits.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Pension Code is amended by changing
Section 5-129 as follows:
(40 ILCS 5/5-129) (from Ch. 108 1/2, par. 5-129)
Sec. 5-129. Future entrants - Age 50 in service - amount of
annuity. When a future entrant who attains age 50 or more in
service, having 10 or more years of service, withdraws, his age
and service annuity shall be fixed as of his age at withdrawal.
He is entitled to annuity, after withdrawal, of the amount
provided from the following sums on the date of withdrawal:
(1) If service is 20 or more years, the entire sum
accumulated for age and service annuity from employee
contributions and contributions by the city; or
(2) If service is 10 or more but less than 20 years, the
sum accumulated for age and service annuity from employee
contributions, plus 1/10 of the sum accumulated for such
purpose from contributions by the city, for each completed year
of service after the first 10 years.
No policeman has a right to an age and service annuity
until the later of (i) attainment of age 50, (ii) his date of
withdrawal, or (iii) the date he makes application for an age

HB5358 - 2 - LRB101 18818 RPS 68275 b
and service annuity.
(Source: P.A. 86-272.)