Illinois Compiled Statutes 40 ILCS 5/14-107 – Retirement annuity – service and age – conditions
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(a) A member is entitled to a retirement annuity after having at least 8 years of creditable service.
(b) A member who has at least 35 years of creditable service may claim his or her retirement annuity at any age. A member having at least 8 years of creditable service but less than 35 may claim his or her retirement annuity upon or after attainment of age 60 or, beginning January 1, 2001, any lesser age which, when added to the number of years of his or her creditable service, equals at least 85. A member upon or after attainment of age 55 having at least 25 years of creditable service (30 years if retirement is before January 1, 2001) may elect to receive the lower retirement annuity provided in paragraph (c) of Section 14-108 of this Code. For purposes of the rule of 85, portions of years shall be counted in whole months.
(c) Notwithstanding subsection (b) 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 (b) 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,
(b) A member who has at least 35 years of creditable service may claim his or her retirement annuity at any age. A member having at least 8 years of creditable service but less than 35 may claim his or her retirement annuity upon or after attainment of age 60 or, beginning January 1, 2001, any lesser age which, when added to the number of years of his or her creditable service, equals at least 85. A member upon or after attainment of age 55 having at least 25 years of creditable service (30 years if retirement is before January 1, 2001) may elect to receive the lower retirement annuity provided in paragraph (c) of Section 14-108 of this Code. For purposes of the rule of 85, portions of years shall be counted in whole months.
Terms Used In Illinois Compiled Statutes 40 ILCS 5/14-107
- 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.
- Month: means a calendar month, and the word "year" a calendar year unless otherwise expressed; and the word "year" alone, is equivalent to the expression "year of our Lord. See Illinois Compiled Statutes 5 ILCS 70/1.10
(c) Notwithstanding subsection (b) 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 (b) 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,
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then the required retirement ages under subsection (b) remain unchanged.
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(2) If he or she is at least age 45 but less than age
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46 on June 1, 2014, then the required retirement ages under subsection (b) are increased by 4 months.
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(3) If he or she is at least age 44 but less than age
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45 on June 1, 2014, then the required retirement ages under subsection (b) are increased by 8 months.
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(4) If he or she is at least age 43 but less than age
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44 on June 1, 2014, then the required retirement ages under subsection (b) are increased by 12 months.
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(5) If he or she is at least age 42 but less than age
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43 on June 1, 2014, then the required retirement ages under subsection (b) are increased by 16 months.
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(6) If he or she is at least age 41 but less than age
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42 on June 1, 2014, then the required retirement ages under subsection (b) are increased by 20 months.
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(7) If he or she is at least age 40 but less than age
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41 on June 1, 2014, then the required retirement ages under subsection (b) are increased by 24 months.
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(8) If he or she is at least age 39 but less than age
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40 on June 1, 2014, then the required retirement ages under subsection (b) are increased by 28 months.
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(9) If he or she is at least age 38 but less than age
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39 on June 1, 2014, then the required retirement ages under subsection (b) are increased by 32 months.
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(10) If he or she is at least age 37 but less than
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age 38 on June 1, 2014, then the required retirement ages under subsection (b) are increased by 36 months.
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(11) If he or she is at least age 36 but less than
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age 37 on June 1, 2014, then the required retirement ages under subsection (b) are increased by 40 months.
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(12) If he or she is at least age 35 but less than
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age 36 on June 1, 2014, then the required retirement ages under subsection (b) are increased by 44 months.
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(13) If he or she is at least age 34 but less than
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age 35 on June 1, 2014, then the required retirement ages under subsection (b) are increased by 48 months.
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(14) If he or she is at least age 33 but less than
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age 34 on June 1, 2014, then the required retirement ages under subsection (b) are increased by 52 months.
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(15) If he or she is at least age 32 but less than
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age 33 on June 1, 2014, then the required retirement ages under subsection (b) are increased by 56 months.
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(16) If he or she is less than age 32 on June 1,
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2014, then the required retirement ages under subsection (b) are increased by 60 months.
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Notwithstanding Section 1-103.1, this subsection (c) 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.
(d) The allowance shall begin with the first full calendar month specified in the member’s application therefor, the first day of which shall not be before the date of withdrawal as approved by the board. Regardless of the date of withdrawal, the allowance need not begin within one year of application therefor.
(d) The allowance shall begin with the first full calendar month specified in the member’s application therefor, the first day of which shall not be before the date of withdrawal as approved by the board. Regardless of the date of withdrawal, the allowance need not begin within one year of application therefor.