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

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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

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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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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 7-141 as follows:
(40 ILCS 5/7-141) (from Ch. 108 1/2, par. 7-141)
Sec. 7-141. Retirement annuities - Conditions. Retirement
annuities shall be payable as hereinafter set forth:
(a) A participating employee who, regardless of cause, is
separated from the the service of all participating
municipalities and instrumentalities thereof and participating
instrumentalities shall be entitled to a retirement annuity
provided:
1. He is at least age 55, or in the case of a person who
is eligible to have his annuity calculated under Section
7-142.1, he is at least age 50;
2. He is not entitled to receive earnings for
employment in a position requiring him, or entitling him to
elect, to be a participating employee;
3. The amount of his annuity, before the application of
paragraph (b) of Section 7-142 is at least $10 per month;
4. If he first became a participating employee after
December 31, 1961, he has at least 8 years of service. This

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