40 ILCS 5/9-133.1
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 9 - County Employees' and Officers' Annuity and Benefit Fund - Counties Over 3,000,000 Inhabitants

 (from Ch. 108 1/2, par. 9-133.1)Sec. 9-133.1. Automatic increases in annuity for certain heretofore retired  participants.  A retired employee retired at age 55 or over and who (a) is  receiving annuity based on a service credit of 20 or more years, and (b) does  not qualify for the automatic increases in annuity provided for in Sec. 9-133  of this Article, and (c) elects to make a contribution to the Fund at a  time and manner prescribed by the Retirement Board, of a sum equal to 1% of  the final average monthly salary forming the basis of the calculation of  their annuity multiplied by years of credited service, or 1% of their final  monthly salary multiplied by years of credited service in any case where  the final average salary is not used in the calculation, shall have his  original fixed and payable monthly amount of annuity increased in January  of the year following the year in which he attains the age of 65 years, if  such age of 65 years is attained in the year 1969 or later, by an amount  equal to 1 1/2%, and by an equal additional 1 1/2% in January of each year  thereafter.  Beginning with January of the year 1972, such increases shall  be at the rate of 2% in lieu of the aforesaid specified 1 1/2%.  Beginning  with January of the year 1982, such increases shall be at the rate of 3%  in lieu of the aforesaid specified 2%.  Beginning January 1, 1998,  these increases shall be at the rate of 3% of the current amount of the  annuity, including any previous increases received under this Article,  without regard to whether the annuitant is in service on or after the  effective date of this amendatory Act of 1997.In those cases in which the retired employee receiving annuity has  attained the age of 66 or more years in the year 1969, he shall have such  annuity increased in January of the year 1970 by an amount equal to 1 1/2%  multiplied by the number equal to the number of months of January elapsing  from and including January of the year immediately following the year he  attained the age of 65 years if retired at or prior to age 65, or from and  including January of the year immediately following the year of retirement  if retired at an age greater than 65 years, to and including January of the  year 1970, and by an equal additional 1 1/2% in January of each year  thereafter. Beginning with January of the year 1972, such increases shall  be at the rate of 2% in lieu of the aforesaid specified 1 1/2%.  Beginning  with January of the year 1982, such increases shall be at the rate of 3%  in lieu of the aforesaid specified 2%.  Beginning January 1, 1998,  these increases shall be at the rate of 3% of the current amount of the  annuity, including any previous increases received under this Article,  without regard to whether the annuitant is in service on or after the  effective date of this amendatory Act of 1997.To defray the annual cost of such increases, the annual interest income  of the Fund, accruing from investments held by the Fund, exclusive of gains  or losses on sales or exchanges of assets during the year, over and above  4% a year, shall be used to the extent necessary and available to finance  the cost of such increases for the following year.(Source: P.A. 95-369, eff. 8-23-07.)