§ 15-136.3 — Minimum retirement annuity

Illinois § 15-136.3

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 40: PENSIONS
• Act 40 ILCS 5/: Illinois Pension Code.
• Art.: Article 15 - State Universities Retirement System

Text

(a) Beginning January 1, 1997, any person who is receiving a monthly retirement annuity under this Article which, after inclusion of (1) all one-time and automatic annual increases to which the person is entitled, (2) any supplemental annuity payable under Section 15-136.1, and (3) any amount deducted under Section 15-138 or 15-140 to provide a reversionary annuity, is less than the minimum monthly retirement benefit amount specified in subsection (b) of this Section, shall be entitled to a monthly supplemental payment equal to the difference. (b) For purposes of the calculation in subsection (a), the minimum monthly retirement benefit amount is the sum of $25 for each year of service credit, up to a maximum of 30 years of service. (c) This Section applies to all persons receiving a retirement annuity under this Article, without regard to whether or not employment terminated prior to the effective date of this Section.

Legislative History

(Source: P.A. 98-92, eff. 7-16-13.)