Bill Text: IL SB0447 | 2013-2014 | 98th General Assembly | Introduced


Bill Title: Amends the Illinois Pension Code. Makes a technical change in a Section concerning the Illinois Municipal Retirement Fund.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2015-01-13 - Session Sine Die [SB0447 Detail]

Download: Illinois-2013-SB0447-Introduced.html


98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB0447

Introduced 1/23/2013, by Sen. John J. Cullerton

SYNOPSIS AS INTRODUCED:
40 ILCS 5/7-141 from Ch. 108 1/2, par. 7-141

Amends the Illinois Pension Code. Makes a technical change in a Section concerning the Illinois Municipal Retirement Fund.
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PENSION IMPACT NOTE ACT MAY APPLY

A BILL FOR

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1 AN ACT concerning public employee benefits.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Illinois Pension Code is amended by changing
5Section 7-141 as follows:
6 (40 ILCS 5/7-141) (from Ch. 108 1/2, par. 7-141)
7 Sec. 7-141. Retirement annuities - Conditions. Retirement
8annuities shall be payable as hereinafter set forth:
9 (a) A participating employee who, regardless of cause, is
10separated from the the service of all participating
11municipalities and instrumentalities thereof and participating
12instrumentalities shall be entitled to a retirement annuity
13provided:
14 1. He is at least age 55, or in the case of a person who
15 is eligible to have his annuity calculated under Section
16 7-142.1, he is at least age 50;
17 2. He is not entitled to receive earnings for
18 employment in a position requiring him, or entitling him to
19 elect, to be a participating employee;
20 3. The amount of his annuity, before the application of
21 paragraph (b) of Section 7-142 is at least $10 per month;
22 4. If he first became a participating employee after
23 December 31, 1961, he has at least 8 years of service. This

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1 service requirement shall not apply to any participating
2 employee, regardless of participation date, if the General
3 Assembly terminates the Fund.
4 (b) Retirement annuities shall be payable:
5 1. As provided in Section 7-119;
6 2. Except as provided in item 3, upon receipt by the
7 fund of a written application. The effective date may be
8 not more than one year prior to the date of the receipt by
9 the fund of the application;
10 3. Upon attainment of age 70 1/2 if the member (i) is
11 no longer in service, and (ii) is otherwise entitled to an
12 annuity under this Article;
13 4. To the beneficiary of the deceased annuitant for the
14 unpaid amount accrued to date of death, if any.
15(Source: P.A. 97-328, eff. 8-12-11; 97-609, eff. 1-1-12.)
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