Illinois SB 1937: TWP-EMPLOYEE&OFFICER INSURANCE

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SB1937 EngrossedLRB104 09509 RPS 19572 b

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 

5changing Sections 14-110 and 14-152.1 as follows:

6 (40 ILCS 5/14-110) (from Ch. 108 1/2, par. 14-110)

7 (Text of Section from P.A. 102-813 and 103-34)

8 Sec. 14-110. Alternative retirement annuity. 

9 (a) Any member who has withdrawn from service with not 

10less than 20 years of eligible creditable service and has 

11attained age 55, and any member who has withdrawn from service 

12with not less than 25 years of eligible creditable service and 

13has attained age 50, regardless of whether the attainment of 

14either of the specified ages occurs while the member is still 

15in service, shall be entitled to receive at the option of the 

16member, in lieu of the regular or minimum retirement annuity, 

17a retirement annuity computed as follows:

18 (i) for periods of service as a noncovered employee: 

19 if retirement occurs on or after January 1, 2001, 3% of 

20 final average compensation for each year of creditable 

21 service; if retirement occurs before January 1, 2001, 2 

22 1/4% of final average compensation for each of the first 

23 10 years of creditable service, 2 1/2% for each year above 

SB1937 Engrossed- 2 -LRB104 09509 RPS 19572 b

1 10 years to and including 20 years of creditable service, 

2 and 2 3/4% for each year of creditable service above 20 

3 years; and

4 (ii) for periods of eligible creditable service as a 

5 covered employee: if retireme