40 ILCS 5/6-128
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 6 - Firemen's Annuity And Benefit Fund--Cities Over 500,000

          (from Ch. 108 1/2, par. 6-128)Sec. 6-128. (a) A future entrant who withdraws on or after July 21, 1959,  after completing at least 23 years of service, and for whom the annuity  otherwise provided in this Article is less than that stated in this  Section, has a right to receive annuity as follows:If he is age 53 or more on withdrawal, his annuity after withdrawal,  shall be equal to 50% of his average salary.An employee who reaches compulsory retirement age and who has less  than 23 years of service shall be entitled to a minimum annuity equal to  an amount determined by the product of (1) his years of service and (2)  2% of his average salary.An employee who remains in service after qualifying for annuity under this  Section shall have added to this annuity an additional 1% of average salary  for each completed year of service or fraction thereof rendered until July 21,  1959, and an additional 1% for a total of 2% of average salary from July  21, 1959.  Each future entrant who has completed 23 years of service before  reaching age 53 shall have added to this annuity 1% of average salary for  each completed year of service or fraction thereof in excess of 23 years up to  age 53.(b) In lieu of the annuity provided in the foregoing provisions of this  Section any future entrant who withdraws from the service either (i) after  December 31, 1983 with at least 22 years of service credit and having  attained age 52 in the service, or (ii) after December 31, 1984 with at  least 21 years of service credit and having attained age 51 in the service,  or (iii) after December 31, 1985 with at least 20 years of service credit  and having attained age 50 in the service, or (iv) after December 31,  1990 with at least 20 years of service regardless of age, may elect to  receive an annuity, to begin not earlier than upon attainment of age 50  if under that age at withdrawal, computed as follows:  an annuity equal  to 50% of average salary, plus additional annuity equal to 2% of   average salary for each completed year of service or fraction thereof  rendered after his completion of the minimum number of years of service  required for him to be eligible under this subsection (b).  However, the  annuity provided under this subsection (b) may not exceed 75% of         average salary.(c) In lieu of the annuity provided in any other provision of this  Section, a future entrant who withdraws from service after  the effective date of this amendatory Act of the 93rd General Assembly  with at least 20 years of service may elect to receive an annuity, to begin no  earlier than upon attainment of age 50 if under that age at withdrawal, equal  to 50% of average salary plus 2.5% of average salary for each completed year of  service or fraction thereof over 20, but not to exceed 75% of average salary.(d) For the purpose of this Section, "average salary" means the average  of the highest 4 consecutive years of salary within the last 10 years of  service.       (Source: P.A. 93-654, eff. 1-16-04.)