40 ILCS 5/14-108.4
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 14 - State Employees' Retirement System Of Illinois

 (from Ch. 108 1/2, par. 14-108.4)Sec. 14-108.4. State police early retirement incentives.(a) To be eligible for the benefits provided in this Section, a person must:(1) be a member of this System who, on any day during     October, 1992, is in active payroll status in a position of employment with the Department of State Police for which eligible creditable service is being earned under Section 14-110;(2) have not previously retired under this Article;(3) file a written application requesting the     benefits provided in this Section with the Director of State Police and the Board on or before January 20, 1993;(4) establish eligibility to receive a retirement     annuity under Section 14-110 by January 31, 1993 (for which purpose any age enhancement or creditable service received under this Section may be used) and elect to receive the retirement annuity beginning not earlier than January 1, 1993 and not later than February 1, 1993, except that with the written permission of the Director of State Police, the effective date of the retirement annuity may be postponed to no later than July 1, 1993.(b) An eligible person may establish up to 5 years of creditable service  under this Article, in increments of one month, by making the contributions  specified in subsection (c).  In addition, for each month of creditable  service established under this Section, a person's age at retirement shall  be deemed to be one month older than it actually is.The creditable service established under this Section shall be deemed  eligible creditable service as defined in Section 14-110, and may be used  for all purposes under this Article and the Retirement Systems Reciprocal  Act, except for the computation of final average compensation under Section  14-103.12, or the determination of compensation under this or any other  Article of this Code.The age enhancement established under this Section may be used for all  purposes under this Article (including calculation of a proportionate  annuity payable by this System under the Retirement Systems Reciprocal  Act), except for purposes of the level income option in Section 14-112, the  reversionary annuity under Section 14-113, and the required distributions  under Section 14-121.1.  However, age enhancement established under this  Section shall not be used in determining benefits payable under other  Articles of this Code under the Retirement Systems Reciprocal Act.(c) For all creditable service established under this Section, a person  must pay to the System an employee contribution to be determined by the  System, based on the member's final rate of compensation and one-half of  the total retirement contribution rate in effect for the member under  subdivision (a)(3) of Section 14-133 on the date of withdrawal.If the member receives a lump sum payment for accumulated vacation, sick  leave and personal leave upon withdrawal from service, and the net amount  of that lump sum payment is at least as great as the amount of the  contribution required under this Section, the entire contribution (or so  much of it as does not exceed the contribution limitations of Section 415  of the Internal Revenue Code of 1986) must be paid by the employee before  the retirement annuity may become payable.  If there is no such lump sum  payment, or if it is less than the contribution required under this  Section, the member may either pay the entire contribution before the  retirement annuity becomes payable, or may instead make an initial payment  before the retirement annuity becomes payable, equal to the net amount of  the lump sum payment for accumulated vacation, sick leave and personal  leave (or so much of it as does not exceed the contribution limitations of  Section 415 of the Internal Revenue Code of 1986), and have the remaining  amount due deducted from the retirement annuity in 24 equal monthly  installments beginning in the month in which the retirement annuity takes  effect.However, if the net amount of the lump sum payment for accumulated  vacation, sick leave and personal leave equals or exceeds the contribution  required under this Section, but the required contribution exceeds an  applicable contribution limitation contained in Section 415 of the Internal  Revenue Code of 1986, then the amount of the contribution in excess of the  Section 415 limitation shall instead be paid by the annuitant in January of  1994.  If this additional amount is not paid as required, the retirement  annuity shall be suspended until the required contribution is received.(d) Notwithstanding Section 14-111, an annuitant who has received any  age enhancement or creditable service under this Section and who reenters  service under this Article other than as a temporary employee shall thereby  forfeit such age enhancement and creditable service, and become entitled to  a refund of the contributions made pursuant to this Section.(e) The Board shall determine the unfunded accrued liability  created by the granting of early retirement benefits to State policemen  under this Section, and shall certify the amount of that liability to the  Department of State Police, the State Comptroller, the State Treasurer, and  the  Bureau of the Budget  (now Governor's Office of Management and Budget)  by June 1, 1993, or as soon thereafter as is  practical.  In addition to any other payments to the System required under  this Code, the Department of State Police shall pay to the System the  amount of that unfunded accrued liability, out of funds appropriated to the  Department for that purpose, over a period of 7 years at the rate of 14.3%  of the certified amount per year, plus interest on the unpaid balance at  the actuarial rate as calculated and certified annually by the Board.  Beginning in State fiscal year 1996, the liability created under this  subsection (e) shall be included in the calculation of the required State  contribution under Section 14-131 and no additional payments need be made under  this subsection.       (Source: P.A. 94-793, eff. 5-19-06.)