(40 ILCS 5/15-135) (from Ch. 108 1/2, par. 15-135)
Sec. 15-135. Retirement annuities - Conditions.
(a) This subsection (a) applies only to a Tier 1 member. A participant who retires in one of the following specified years with the specified amount of service is entitled to a retirement annuity at any age under the retirement program applicable to the participant:
35 years if retirement is in 1997 or before;
34 years if retirement is in 1998;
33 years if retirement is in 1999;
32 years if retirement is in 2000;
31 years if retirement is in 2001;
30 years if retirement is in 2002 or later.
A participant with 8 or more years of service after September 1, 1941, is entitled to a retirement annuity on or after attainment of age 55.
A participant with at least 5 but less than 8 years of service after September 1, 1941, is entitled to a retirement annuity on or after attainment of age 62.
A participant who has at least 25 years of service in this system as a police officer or firefighter is entitled to a retirement annuity on or after the attainment of age 50, if Rule 4 of Section 15-136 is applicable to the participant.
(a-3) Notwithstanding subsection (a) of this Section, for a Tier 1 member who begins receiving a retirement annuity under this Section on or after July 1, 2014, the required retirement age under subsection (a) is increased as follows, based on the Tier 1 member's age on June 1, 2014:
(1) If he or she is at least age 46 on June 1, 2014,
then the required retirement ages under subsection (a) remain unchanged.
(2) If he or she is at least age 45 but less than age
46 on June 1, 2014, then the required retirement ages under subsection (a) are increased by 4 months.
(3) If he or she is at least age 44 but less than age
45 on June 1, 2014, then the required retirement ages under subsection (a) are increased by 8 months.
(4) If he or she is at least age 43 but less than age
44 on June 1, 2014, then the required retirement ages under subsection (a) are increased by 12 months.
(5) If he or she is at least age 42 but less than age
43 on June 1, 2014, then the required retirement ages under subsection (a) are increased by 16 months.
(6) If he or she is at least age 41 but less than age
42 on June 1, 2014, then the required retirement ages under subsection (a) are increased by 20 months.
(7) If he or she is at least age 40 but less than age
41 on June 1, 2014, then the required retirement ages under subsection (a) are increased by 24 months.
(8) If he or she is at least age 39 but less than age
40 on June 1, 2014, then the required retirement ages under subsection (a) are increased by 28 months.
(9) If he or she is at least age 38 but less than age
39 on June 1, 2014, then the required retirement ages under subsection (a) are increased by 32 months.
(10) If he or she is at least age 37 but less than
age 38 on June 1, 2014, then the required retirement ages under subsection (a) are increased by 36 months.
(11) If he or she is at least age 36 but less than
age 37 on June 1, 2014, then the required retirement ages under subsection (a) are increased by 40 months.
(12) If he or she is at least age 35 but less than
age 36 on June 1, 2014, then the required retirement ages under subsection (a) are increased by 44 months.
(13) If he or she is at least age 34 but less than
age 35 on June 1, 2014, then the required retirement ages under subsection (a) are increased by 48 months.
(14) If he or she is at least age 33 but less than
age 34 on June 1, 2014, then the required retirement ages under subsection (a) are increased by 52 months.
(15) If he or she is at least age 32 but less than
age 33 on June 1, 2014, then the required retirement ages under subsection (a) are increased by 56 months.
(16) If he or she is less than age 32 on June 1,
2014, then the required retirement ages under subsection (a) are increased by 60 months.
Notwithstanding Section 1-103.1, this subsection (a-3) applies without regard to whether or not the Tier 1 member is in active service under this Article on or after the effective date of this amendatory Act of the 98th General Assembly.
(a-5) A Tier 2 member is entitled to a retirement annuity upon written application if he or she has attained age 67 and has at least 10 years of service credit and is otherwise eligible under the requirements of this Article. A Tier 2 member who has attained age 62 and has at least 10 years of service credit and is otherwise eligible under the requirements of this Article may elect to receive the lower retirement annuity provided in subsection (b-5) of Section 15-136 of this Article.
(b) The annuity payment period shall begin on the date specified by the participant or the recipient of a disability retirement annuity submitting a written application, which date shall not be prior to termination of employment or more than one year before the application is received by the board; however, if the participant is not an employee of an employer participating in this System or in a participating system as defined in Article 20 of this Code on April 1 of the calendar year next following the calendar year in which the participant attains age 70 1/2, the annuity payment period shall begin on that date regardless of whether an application has been filed.
(c) An annuity is not payable if the amount provided under Section 15-136 is less than $10 per month.
(Source: P.A. 97-933, eff. 8-10-12; 97-968, eff. 8-16-12; 98-92, eff. 7-16-13; 98-599, eff. 6-1-14.)
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Last modified: February 18, 2015