40 ILCS 5/12-133.4
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 12 - Park Employees' And Retirement Board Employees' Annuity And Benefit Fund--Cities Over 500,000

Sec. 12-133.4.     Early retirement incentives.(a) To be eligible for the benefits provided in this Section, a person  must:(1) have been, on March 1, 1994, an employee (i)     contributing to the Fund in active payroll status in a position of employment under this Article, or (ii) receiving duty or ordinary disability benefits under Section 12-140 or 12-143;(2) not have begun to receive a retirement annuity     under this Article before March 1, 1994;(3) file with the Board, within 90 days after the     effective date of this Section, a written election requesting the benefits provided in this Section;(4) withdraw from service on or after April 30, 1994     and no later than 90 days after the effective date of this Section;(5) have attained age 50 on or before the date of     withdrawal; and(6) have at least 25 years of creditable service     under this Fund as defined in Sections 12-109 and 12-127 (not including any creditable service established under this Section) by the date of withdrawal.(b) An eligible person may establish up to 5 years of creditable service  under this Article, in increments of one month, by making the contributions  specified in subsection (c).The creditable service established under this Section may be used for all  purposes under this Article and the Retirement Systems Reciprocal Act, except  for the computation of the highest average annual salary under Section 12-133  or the determination of salary under this or any other Article of this Code.(c) For each month of creditable service established under this Section, the  person must pay to the Fund an employee contribution to be determined by the  Fund, equal to 4.50% of the person's monthly salary rate in effect on the date  of withdrawal.  Subject to the requirements of subsection (d), the person may  elect to pay the required employee contribution before the retirement annuity  begins or through deduction from the retirement annuity over a period of up to  24 months.If a person who retires under this Section dies before all payments of  employee contribution have been made, the remaining payments shall be deducted  from any survivor or death benefits payable to the person's surviving spouse or  beneficiary.All employee contributions paid under this Section shall be  deemed employee contributions for the purposes of determining the tax levy  under Section 12-149.  Employee contributions made under this Section may be  refunded under the same terms and conditions as other employee contributions  under this Article.(d) In the case of a person who begins receiving a retirement annuity under  the other provisions of this Article on or after March 1, 1994 and qualifies  for benefits under this Section after that retirement annuity begins, the  increase in retirement annuity resulting from this Section shall be applied  retroactively to the date the retirement annuity began.If a person who has retired under this Section receives a retroactive  increase in salary, the person's retirement annuity shall be recalculated to  reflect the retroactive salary increase, and the resulting increase in  retirement annuity, if any, shall be applied retroactively to the date the  retirement annuity began.  If the retroactive salary increase affects the  monthly salary rate that was in effect for the person on the date of  withdrawal, the employee contribution required under subsection (c), if any,  shall also be recalculated.The amount due the annuitant as a result of a retroactive increase in  retirement annuity under this subsection shall first be applied against any  part of the employee contribution required under this Section that remains  unpaid; the remainder shall be paid to the annuitant in a lump sum, without  interest.(e) A person who retires under the provisions of this Section shall have  his or her retirement annuity calculated under the provisions of Section  12-133, except that the retirement annuity shall not be subject to the  reduction for retirement under age 60 that is specified in Section 12-133.(f) Notwithstanding Section 12-146 of this Article, an annuitant who  re-enters service under this Article after receiving a retirement annuity based  on the additional benefits provided under this Section thereby forfeits the  right to continue to receive those additional benefits and upon again retiring  shall have his or her retirement annuity recalculated without the additional  benefits provided in this Section.    (Source: P.A. 89-136, eff. 7-14-95.)