(40 ILCS 5/16-132) (from Ch. 108 1/2, par. 16-132)
Sec. 16-132. Retirement annuity eligibility.
(a) A member who has at least 20 years of creditable service is entitled to a retirement annuity upon or after attainment of age 55. A member who has at least 10 but less than 20 years of creditable service is entitled to a retirement annuity upon or after attainment of age 60. A member who has at least 5 but less than 10 years of creditable service is entitled to a retirement annuity upon or after attainment of age 62. A member who (i) has earned during the period immediately preceding the last day of service at least one year of contributing creditable service as an employee of a department as defined in Section 14-103.04, (ii) has earned at least 5 years of contributing creditable service as an employee of a department as defined in Section 14-103.04, and (iii) retires on or after January 1, 2001 is entitled to a retirement annuity upon or after attainment of an age which, when added to the number of years of his or her total creditable service, equals at least 85. Portions of years shall be counted as decimal equivalents.
A member who is eligible to receive a retirement annuity of at least 74.6% of final average salary and will attain age 55 on or before December 31 during the year which commences on July 1 shall be deemed to attain age 55 on the preceding June 1.
(b) 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 (b) 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.
(c) A member meeting the above eligibility conditions is entitled to a retirement annuity upon written application to the board setting forth the date the member wishes the retirement annuity to commence. However, the effective date of the retirement annuity shall be no earlier than the day following the last day of creditable service, regardless of the date of official termination of employment.
(d) To be eligible for a retirement annuity, a member shall not be employed as a teacher in the schools included under this System or under Article 17, except (i) as provided in Section 16-118 or 16-150.1, (ii) if the member is disabled (in which event, eligibility for salary must cease), or (iii) if the System is required by federal law to commence payment due to the member's age; the changes to this sentence made by Public Act 93-320 apply without regard to whether the member terminated employment before or after its effective date.
(Source: P.A. 98-599, eff. 6-1-14.)
Sections: Previous 16-130.1 16-131.1 16-131.2 16-131.3 16-131.4 16-131.5 16-131.6 16-132 16-133 16-133.1 16-133.2 16-133.3 16-133.4 16-133.5 16-134 Next
Last modified: February 18, 2015