40 ILCS 5/7-141
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 7 - Illinois Municipal Retirement Fund

 (from Ch. 108 1/2, par. 7-141)(Text of Section from P.A. 102-210, Article 5, Section 5-5)Sec. 7-141. Retirement annuities; conditions. Retirement annuities shall be payable as hereinafter set forth:(a) A participating employee who, regardless of cause, is separated  from the service of all participating municipalities and  instrumentalities thereof and participating instrumentalities shall be  entitled to a retirement annuity provided:1. He is at least age 55, or in the case of a person     who is eligible to have his annuity calculated under Section 7-142.1, he is at least age 50;2. He is not entitled to receive earnings for     employment in a position requiring him, or entitling him to elect, to be a participating employee;3. The amount of his annuity, before the application     of paragraph (b) of Section 7-142 is at least $10 per month;4. If he first became a participating employee after     December 31, 1961, he has at least 8 years of service.  This service requirement shall not apply to any participating employee, regardless of participation date, if the General Assembly terminates the Fund.(b) Retirement annuities shall be payable:1. As provided in Section 7-119;2. Except as provided in item 3, upon receipt by the     fund of a written application.  The effective date may be not more than one year prior to the date of the receipt by the fund of the application;3. Upon attainment of the required age of     distribution under Section 401(a)(9) of the Internal Revenue Code of 1986, as amended, if the member (i) is no longer in service, and (ii) is otherwise entitled to an annuity under this Article;4. To the beneficiary of the deceased annuitant for     the unpaid amount accrued to date of death, if any.  (Source: P.A. 102-210, Article 5, Section 5-5, eff. 7-30-21.)(Text of Section from P.A. 102-210, Article 10, Section 10-5)Sec. 7-141. Retirement annuities - Conditions. Retirement annuities shall be payable as hereinafter set forth:(a) A participating employee who, regardless of cause, is separated  from the service of all participating municipalities and  instrumentalities thereof and participating instrumentalities shall be  entitled to a retirement annuity provided:1. He is at least age 55 if he is a Tier 1 regular     employee, he is age 62 if he is a Tier 2 regular employee, or, in the case of a person who is eligible to have his annuity calculated under Section 7-142.1, he is at least age 50;2. He is not entitled to receive earnings for     employment in a position requiring him, or entitling him to elect, to be a participating employee;3. The amount of his annuity, before the application     of paragraph (b) of Section 7-142 is at least $10 per month;4. If he first became a participating employee after     December 31, 1961 and is a Tier 1 regular employee, he has at least 8 years of service, or, if he is a Tier 2 regular member, he has at least 10 years of service.  This service requirement shall not apply to any participating employee, regardless of participation date, if the General Assembly terminates the Fund.(b) Retirement annuities shall be payable:1. As provided in Section 7-119;2. Except as provided in item 3, upon receipt by the     fund of a written application.  The effective date may be not more than one year prior to the date of the receipt by the fund of the application;3. Upon attainment of age 70 1/2 if the member (i) is     no longer in service, and (ii) is otherwise entitled to an annuity under this Article;4. To the beneficiary of the deceased annuitant for     the unpaid amount accrued to date of death, if any. (Source: P.A. 102-210, Article 10, Section 10-5, eff. 1-1-22.)