40 ILCS 5/4-109
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 4 - Firefighters' Pension Fund - Municipalities 500,000 And Under

 (from Ch. 108 1/2, par. 4-109)Sec. 4-109. Pension.(a) A firefighter age 50 or more with 20 or more years of creditable  service, who is no longer in service as a firefighter, shall receive a monthly  pension of 1/2 the monthly salary attached to the rank held by him or her in  the fire service at the date of retirement.The monthly pension shall be increased by 1/12 of 2.5% of such  monthly salary for each additional month over 20 years of service through 30  years of service, to a maximum of 75% of such monthly salary.The changes made to this subsection (a) by this amendatory Act of the  91st General Assembly apply to all pensions that become payable under this  subsection on or after January 1, 1999.  All pensions payable under this  subsection that began on or after January 1, 1999 and before the effective date  of this amendatory Act shall be recalculated, and the amount of the increase  accruing for that period shall be payable to the pensioner in a lump sum.(b) A firefighter who retires or is separated from service having at  least 10 but less than 20 years of creditable service, who is not entitled  to receive a disability pension, and who did not apply for a refund of  contributions at his or her last separation from service shall receive a  monthly pension upon attainment of age 60 based on the monthly salary attached  to his or her rank in the fire service on the date of retirement or separation  from service according to the following schedule:For 10 years of service, 15% of salary;For 11 years of service, 17.6% of salary;For 12 years of service, 20.4% of salary;For 13 years of service, 23.4% of salary;For 14 years of service, 26.6% of salary;For 15 years of service, 30% of salary;For 16 years of service, 33.6% of salary;For 17 years of service, 37.4% of salary;For 18 years of service, 41.4% of salary;For 19 years of service, 45.6% of salary.(c) Notwithstanding any other provision of this Article,  the provisions of this subsection (c) apply to a person who first  becomes a firefighter under this Article on or after January 1, 2011.A firefighter age 55 or more who has 10 or more years of service in that capacity shall be entitled at his option to receive a monthly pension for his service as a firefighter computed by multiplying 2.5% for each year of such service by his or her final average salary.The pension of a firefighter who is retiring after attaining age 50 with 10 or more years of creditable service shall be reduced by one-half of 1% for each month that the firefighter's age is under age 55.The maximum pension under this subsection (c) shall be 75%  of final average salary.For the purposes of this subsection (c), "final average salary" means the greater of: (i) the average monthly salary obtained by dividing the total salary of the firefighter during the 48 consecutive months of service within the last 60 months of service in which the total salary was the highest by the number of months of service in that period; or (ii) the average monthly salary obtained by dividing the total salary of the firefighter during the 96 consecutive months of service within the last 120 months of service in which the total salary was the highest by the number of months of service in that period.Beginning on January 1, 2011, for all purposes under  this Code (including without limitation the calculation of  benefits and employee contributions), the annual salary  based on the plan year of a member or participant to whom this Section applies shall not exceed $106,800; however, that amount shall annually thereafter be increased by the lesser of (i) 3% of that amount, including all previous adjustments, or (ii) the annual unadjusted percentage increase (but not less than zero) in the consumer price index-u for the 12 months ending with the September preceding each November 1, including all previous adjustments.Nothing in this amendatory Act of the 101st General Assembly shall cause or otherwise result in any retroactive adjustment of any employee contributions. (Source: P.A. 101-610, eff. 1-1-20.)