Bill Text: IL SB2972 | 2015-2016 | 99th General Assembly | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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-Engrossed.html
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-Engrossed.html
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| 1 | AN ACT concerning public employee benefits.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Illinois Pension Code is amended by changing | ||||||
| 5 | Section 7-166 as follows:
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| 6 | (40 ILCS 5/7-166) (from Ch. 108 1/2, par. 7-166)
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| 7 | Sec. 7-166. Separation benefits - Eligibility. Separation | ||||||
| 8 | benefits
shall be payable as hereinafter set forth:
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| 9 | 1. Upon separation from the service of all | ||||||
| 10 | participating municipalities
and instrumentalities thereof | ||||||
| 11 | and participating instrumentalities, any
participating | ||||||
| 12 | employee who, on the date of application for such benefit,
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| 13 | is not entitled to a retirement annuity shall be entitled | ||||||
| 14 | to a separation
benefit.
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| 15 | 2. Upon separation from the service of all | ||||||
| 16 | participating municipalities
and instrumentalities thereof | ||||||
| 17 | and participating instrumentalities, any
participating | ||||||
| 18 | employee who, on the date of application for such benefit, | ||||||
| 19 | is
entitled to a retirement annuity of less than $100 $30 | ||||||
| 20 | per month for life may elect
to take a separation benefit | ||||||
| 21 | in lieu of the retirement annuity.
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| 22 | 3. Upon separation from the service of all | ||||||
| 23 | participating municipalities
and instrumentalities thereof | ||||||
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| 1 | and participating instrumentalities, any
participating | ||||||
| 2 | employee who, on the date of application for such benefit, | ||||||
| 3 | is
entitled to a retirement annuity, but wishes instead to | ||||||
| 4 | use the amounts to his
or her credit in the Fund to | ||||||
| 5 | purchase credit in another retirement plan, may
elect to | ||||||
| 6 | take a separation benefit in lieu of the retirement | ||||||
| 7 | annuity.
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| 8 | (Source: P.A. 91-887, eff. 7-6-00; 92-424, eff. 8-17-01.)
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| 9 | Section 99. Effective date. This Act takes effect January | ||||||
| 10 | 1, 2017.
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