Illinois Compiled Statutes 40 ILCS 5/1-166 – Proportional annuity liability
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(a) If a participant’s final average salary in a participating system under the Retirement Systems Reciprocal Act, other than the General Assembly Retirement System, is used to calculate a proportional retirement annuity for that participant under the General Assembly Retirement System, if that final average salary is higher than the highest salary for annuity purposes of that person under the General Assembly Retirement System, and if the participant retires after the effective date of this Section with less than 2 years of service that has accrued in that participating system since his or her last day of active participation in the General Assembly Retirement System, then the increased cost of the proportional annuity paid by the General Assembly Retirement System that is attributable to that higher level of compensation shall be paid by the employer of the participant under that other participating system to the General Assembly Retirement System in the form of a lump sum payment determined by the General Assembly Retirement System in accordance with its annuity tables and other actuarial assumptions.
(b) For the purposes of this Section, “final average salary in a participating system under the Retirement Systems Reciprocal Act, other than the General Assembly Retirement System,” includes:
(1) In Section 1-160 and Articles 16 and 18, “final
(b) For the purposes of this Section, “final average salary in a participating system under the Retirement Systems Reciprocal Act, other than the General Assembly Retirement System,” includes:
Terms Used In Illinois Compiled Statutes 40 ILCS 5/1-166
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(1) In Section 1-160 and Articles 16 and 18, “final
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average salary”.
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(2) In Articles 7 and 15, “final rate of earnings”.
(3) In Articles 8, 9, 10, 11, and 12, “highest
(3) In Articles 8, 9, 10, 11, and 12, “highest
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average annual salary for any 4 consecutive years within the last 10 years of service immediately preceding the date of withdrawal”.
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(4) In Article 13, “average final salary”.
(5) In Article 14, “final average compensation”.
(6) In Article 17, “average salary”.
(7) In Section 22-207, “wages or salary received by
(5) In Article 14, “final average compensation”.
(6) In Article 17, “average salary”.
(7) In Section 22-207, “wages or salary received by
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him at the date of retirement or discharge”.
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(c) If an employer fails to pay the amount required under this Section to the General Assembly Retirement System for more than 90 days after the payment is due, the System, after giving notice to the employer, may certify to the State Comptroller the amount of the delinquent payment and the Comptroller shall deduct the amount so certified or any part thereof from any payment of State funds to the employer and shall pay the amount so deducted to the System. If State funds from which such deductions may be made are not available, then the System may proceed against the employer to recover the amount of the delinquent payment in the appropriate circuit court.