101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB3083
 
Introduced 2/5/2020, by Sen. Cristina Castro
 
SYNOPSIS AS INTRODUCED:



  
40 ILCS 5/5-129 from Ch. 108 1/2, par. 5-129

 Amends the Chicago Police Article of the Illinois Pension Code. Provides that no policeman has a right to an age and service annuity until the later of (i) attainment of age 50, (ii) his date of withdrawal, or (iii) the date he makes application for an age and service annuity.



LRB101 18817 RPS 68274 b


FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY
 
 
A BILL FOR
 


SB3083LRB101 18817 RPS 68274 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 changing 
5Section 5-129 as follows:




6 (40 ILCS 5/5-129) (from Ch. 108 1/2, par. 5-129)



7 Sec. 5-129. 
Future entrants - Age 50 in
service - amount of 
8annuity.
When a future entrant who attains age 50 or more in 
9service, having
10 or more years of service, withdraws, his age 
10and
service annuity shall be fixed as of his age at withdrawal. 
11He is
entitled to annuity, after withdrawal, of the amount 
12provided from the
following sums on the date of withdrawal:

13 (1) If service is 20 or more years, the entire sum 
14accumulated for
age and service annuity from employee 
15contributions and contributions
by the city; or

16 (2) If service is 10 or more but less than 20 years, the 
17sum
accumulated for age and service annuity from employee 
18contributions,
plus 1/10 of the sum accumulated for such 
19purpose from contributions by
the city, for each completed year 
20of service after the first 10 years.

21 No policeman has a right to an age and service annuity 
22until the later of (i) attainment of age 50, (ii) his date of 
23withdrawal, or (iii) the date he makes application for an age 
 
 
SB3083- 2 -LRB101 18817 RPS 68274 b


1and service annuity. 
2(Source: P.A. 86-272.)