(40 ILCS 5/7-141) (from Ch. 108 1/2, par. 7-141)
Sec. 7-141. Retirement annuities - Conditions. Retirement annuities shall be payable as hereinafter set forth:
(a) A participating employee who, regardless of cause, is separated from the service of all participating municipalities and instrumentalities thereof and participating instrumentalities shall be entitled to a retirement annuity provided:
1. He is at least age 55, or in the case of a person
who is eligible to have his annuity calculated under Section 7-142.1, he is at least age 50;
2. He is not entitled to receive earnings for
employment in a position requiring him, or entitling him to elect, to be a participating employee;
3. The amount of his annuity, before the application
of paragraph (b) of Section 7-142 is at least $10 per month;
4. If he first became a participating employee after
December 31, 1961, he has at least 8 years of service. This service requirement shall not apply to any participating employee, regardless of participation date, if the General Assembly terminates the Fund.
(b) Retirement annuities shall be payable:
1. As provided in Section 7-119;
2. Except as provided in item 3, upon receipt by the
fund of a written application. The effective date may be not more than one year prior to the date of the receipt by the fund of the application;
3. Upon attainment of age 70 1/2 if the member (i) is
no longer in service, and (ii) is otherwise entitled to an annuity under this Article;
4. To the beneficiary of the deceased annuitant for
the unpaid amount accrued to date of death, if any.
(Source: P.A. 97-328, eff. 8-12-11; 97-609, eff. 1-1-12.)
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Last modified: February 18, 2015