40 ILCS 5/5-167.2
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 5 - Policemen's Annuity And Benefit Fund--Cities Over 500,000

   (from Ch. 108 1/2, par. 5-167.2)Sec. 5-167.2. Retirement before September 1, 1967. A retired  policeman, qualifying for minimum annuity or who retired from service  with 20 or more years of service, before September 1, 1967, shall, in  January of the year following the year he attains the age of 65, or in  January of the year 1970, if then more than 65 years of age, have his  then fixed and payable monthly annuity increased by an amount equal to  2% of the original grant of annuity, for each year the policeman was in  receipt of annuity payments after the year in which he attains, or did  attain the age of 63.  An additional 2% increase in such then fixed and  payable original granted annuity shall accrue in each January thereafter.  Beginning January 1, 1986, the rate of such increase shall be 3% instead of 2%.The provisions of the preceding paragraph of this Section apply only to  a retired policeman eligible for such increases in his annuity who contributes  to the Fund a sum equal to $5 for each full year of credited service upon  which his annuity was computed.  All such sums contributed shall be placed  in a Supplementary Payment Reserve and shall be used for the purposes of  such Fund account.Beginning with the monthly annuity payment due in July, 1982, the fixed  and granted monthly annuity payment for any policeman who retired from the  service, before September 1, 1976, at age 50 or over with 20 or more years  of service and entitled to an annuity on January 1, 1974, shall be not less  than $400.  It is the intent of the General Assembly that the change made in  this Section by this amendatory Act of 1982 shall apply retroactively to July  1, 1982.Beginning with the monthly annuity payment due on January 1, 1986, the  fixed and granted monthly annuity payment for any policeman who retired  from the service before January 1, 1986, at age 50 or over with 20 or more  years of service, or any policeman who retired from service due to  termination of disability and who is entitled to an annuity on January 1,  1986, shall be not less than $475.Beginning with the monthly annuity payment due on January 1, 1992, the  fixed and granted monthly annuity payment for any policeman who retired  from the service before January 1, 1992, at age 50 or over with 20 or more  years of service, and for any policeman who retired from service due to  termination of disability and who is entitled to an annuity on January 1,  1992, shall be not less than $650.Beginning with the monthly annuity payment due on January 1, 1993, the  fixed and granted monthly annuity payment for any policeman who retired  from the service before January 1, 1993, at age 50 or over with 20 or more  years of service, and for any policeman who retired from service due to  termination of disability and who is entitled to an annuity on January 1,  1993, shall be not less than $750.Beginning with the monthly annuity payment due on January 1, 1994, the  fixed and granted monthly annuity payment for any policeman who retired  from the service before January 1, 1994, at age 50 or over with 20 or more  years of service, and for any policeman who retired from service due to  termination of disability and who is entitled to an annuity on January 1,  1994, shall be not less than $850.Beginning with the monthly annuity payment due on January 1, 2004, the  fixed and granted monthly annuity payment for any policeman who retired  from the service before January 1, 2004, at age 50 or over with 20 or more  years of service, and for any policeman who retired from service due to  termination of disability and who is entitled to an annuity on January 1,  2004, shall be not less than $950.Beginning with the monthly annuity payment due on January 1, 2005, the  fixed and granted monthly annuity payment for any policeman who retired  from the service before January 1, 2005, at age 50 or over with 20 or more  years of service, and for any policeman who retired from service due to  termination of disability and who is entitled to an annuity on January 1,  2005, shall be not less than $1,050.Beginning with the monthly annuity payment due on January 1, 2016, the fixed and granted monthly annuity payment for any policeman who retired from the service before January 1, 2016, at age 50 or over with 20 or more years of service, and for any policeman who retired from service due to termination of disability and who is entitled to an annuity on January 1, 2016,  shall be no less than 125% of the Federal Poverty Level. For purposes of this Section, the "Federal Poverty Level" shall be determined pursuant to the poverty guidelines updated periodically in the Federal Register by the United States Department of Health and Human Services under the authority of 42 U.S.C. 9902(2).The difference in amount between the original fixed and granted monthly  annuity of any such policeman on the date of his retirement from the service  and the monthly annuity provided for in the immediately  preceding paragraph shall be paid as a supplement in the manner set forth  in the immediately following paragraph.To defray the annual cost of the increases indicated in the preceding  part of  this Section, the annual interest income accruing from  investments held by this 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 and such amount shall be  transferred as of the end of each year beginning with the year 1969 to a  Fund account designated as the Supplementary Payment Reserve from the  Interest and Investment Reserve set forth in Section 5-207.In the event the funds in the Supplementary Payment Reserve in any year  arising from: (1) the interest income accruing in the preceding  year above 4%  a year and (2) the contributions by retired persons are insufficient to  make the total payments to all persons entitled  to the annuity specified in this Section and (3) any interest  earnings over 4% a year beginning with the year 1969 which were not  previously used to finance such increases and which were transferred  to the Prior Service Annuity Reserve, may be used to the extent necessary  and available to provide sufficient funds to finance such increases  for the current year and such sums shall be transferred from the Prior  Service Annuity Reserve.  In the event the total money available in  the Supplementary Payment Reserve from such sources are insufficient  to make the total payments to all persons entitled to such increases  for the year, a proportionate amount computed as the ratio of the  money available to the total of the total payments specified for that  year shall be paid to each person for that year.The Fund shall be obligated for the payment of the increases in  annuity as provided for in this Section only to the extent that the  assets for such purpose are available.  (Source: P.A. 99-506, eff. 5-30-16.)