Bill Text: IL SB2972 | 2015-2016 | 99th General Assembly | Chaptered

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Bill Title: Amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code, allows a participant who is terminating service to elect a separation benefit rather than a retirement annuity if his or her annuity would be less than $100 (now $30) per month. Effective January 1, 2017.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Passed) 2016-08-05 - Public Act . . . . . . . . . 99-0747 [SB2972 Detail]

Download: Illinois-2015-SB2972-Chaptered.html

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Public Act 099-0747
SB2972 Enrolled LRB099 18190 EFG 42558 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 7-166 as follows:
(40 ILCS 5/7-166) (from Ch. 108 1/2, par. 7-166)
Sec. 7-166. Separation benefits - Eligibility. Separation
benefits shall be payable as hereinafter set forth:
1. Upon separation from the service of all
participating municipalities and instrumentalities thereof
and participating instrumentalities, any participating
employee who, on the date of application for such benefit,
is not entitled to a retirement annuity shall be entitled
to a separation benefit.
2. Upon separation from the service of all
participating municipalities and instrumentalities thereof
and participating instrumentalities, any participating
employee who, on the date of application for such benefit,
is entitled to a retirement annuity of less than $100 $30
per month for life may elect to take a separation benefit
in lieu of the retirement annuity.
3. Upon separation from the service of all
participating municipalities and instrumentalities thereof

and participating instrumentalities, any participating
employee who, on the date of application for such benefit,
is entitled to a retirement annuity, but wishes instead to
use the amounts to his or her credit in the Fund to
purchase credit in another retirement plan, may elect to
take a separation benefit in lieu of the retirement
annuity.
(Source: P.A. 91-887, eff. 7-6-00; 92-424, eff. 8-17-01.)
Section 99. Effective date. This Act takes effect January
1, 2017.