40 ILCS 5/18-125
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 18 - Judges Retirement System Of Illinois

 (from Ch. 108 1/2, par. 18-125)Sec. 18-125. Retirement annuity amount.(a) The annual retirement annuity for a participant who terminated  service as a judge prior to July 1, 1971 shall be based on the law in  effect at the time of termination of service.(b) Except as provided in subsection (b-5), effective July 1, 1971, the retirement annuity for any participant  in service on or after such date shall be 3 1/2% of final average salary,  as defined in this Section, for each of the first 10 years of service, and  5% of such final average salary for each year of service in excess of 10.For purposes of this Section, final average salary for a participant who first serves as a judge before August 10, 2009 (the effective date of Public Act 96-207) shall be:(1) the average salary for the last 4 years of     credited service as a judge for a participant who terminates service before July 1, 1975.(2) for a participant who terminates service after     June 30, 1975 and before July 1, 1982, the salary on the last day of employment as a judge.(3) for any participant who terminates service after     June 30, 1982 and before January 1, 1990, the average salary for the final year of service as a judge.(4) for a participant who terminates service on or     after January 1, 1990 but before July 14, 1995 (the effective date of Public Act 89-136), the salary on the last day of employment as a judge.(5) for a participant who terminates service on or     after July 14, 1995 (the effective date of Public Act 89-136), the salary on the last day of employment as a judge, or the highest salary received by the participant for employment as a judge in a position held by the participant for at least 4 consecutive years, whichever is greater.However, in the case of a participant who elects to discontinue contributions  as provided in subdivision (a)(2) of Section 18-133, the time of such  election shall be considered the last day of employment in the determination  of final average salary under this subsection.For a participant who first serves as a judge on or after August 10, 2009 (the effective date of Public Act 96-207) and before January 1, 2011 (the effective date of Public Act 96-889), final average salary shall be the average monthly salary obtained by dividing the total salary of the participant during the period of: (1) the 48 consecutive months of service within the last 120 months of service in which the total compensation was the highest, or (2) the total period of service, if less than 48 months, by the number of months of service in that period.The maximum retirement annuity for any participant shall be 85% of final  average salary.(b-5) Notwithstanding any other provision of this Article, for a participant who first serves as a judge on or after January 1, 2011 (the effective date of Public Act 96-889), the annual  retirement annuity is 3% of the  participant's final average salary for each year of service.  The maximum retirement  annuity payable shall be 60% of the participant's final average salary.For a participant who first serves as a judge on or after January 1, 2011 (the effective date of Public Act 96-889), final average salary shall be the average monthly salary obtained by dividing the total salary of the judge 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; however, beginning January 1, 2011, the annual salary may not exceed $106,800, except that  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.  "Consumer price index-u" means  the index published by the Bureau of Labor Statistics of the United States  Department of Labor that measures the average change in prices of goods and  services purchased by all urban consumers, United States city average, all  items, 1982-84 = 100.  The new amount resulting from each annual adjustment  shall be determined by the Public Pension Division of the Department of Insurance and made available to the Board by November 1st of each year.(c) The retirement annuity for a participant who retires prior to age 60  with less than 28 years of service in the System shall be reduced 1/2 of 1%  for each month that the participant's age is under 60 years at the time the  annuity commences.  However, for a participant who retires on or after December 10, 1999 (the  effective date of Public Act 91-653), the  percentage reduction in retirement annuity imposed under this subsection shall  be reduced by 5/12 of 1% for every month of service in this System in excess of  20 years, and therefore a participant with at least 26 years of service in this  System may retire at age 55 without any reduction in annuity.The reduction in retirement annuity imposed by this subsection shall not  apply in the case of retirement on account of disability.(d) Notwithstanding any other provision of this Article, for a participant who first serves as a judge on or after January 1, 2011 (the  effective date of Public Act 96-889) and who is retiring after attaining age 62, the retirement annuity shall be reduced by 1/2  of 1% for each month that the participant's age is under age 67 at the time the annuity commences. (Source: P.A. 100-201, eff. 8-18-17.)