40 ILCS 5/6-123
Minimum amount of annuity of present employee
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(40 ILCS 5/6-123)
(from Ch. 108 1/2, par. 6-123)
Sec. 6-123.
Minimum amount of annuity of present employee.
Any present employee who withdraws on or after the effective date,
having at least 20 years of service, and for whom the annuity otherwise
provided in this Article is less than the amount stated in this section,
has a right to annuity as follows:
If he is at least age 50 on withdrawal, his annuity, from and after such
withdrawal, shall be 50% of his salary on the day one year prior to such
date.
If he is less than age 50 on withdrawal, his annuity, after the date he
becomes age 50, shall be 50% of his salary on the day one year prior to the
date of his withdrawal.
Any such employee who remains in service after qualifying for annuity
under this section or Section 10-9-53 of the Firemen's Annuity and Benefit
Fund of the Illinois Municipal Code, shall have added to his annuity an
additional 1% of salary for each complete year of service or fraction
thereof accruing until July 21, 1959, and an additional 1% for a total of
2% of salary after July 21, 1959. "Salary" as referred to in this paragraph
shall be determined by striking an average of the 5 consecutive highest
years of salary within the last 10 years of service immediately preceding
withdrawal.
(Source: Laws 1963, p. 161.)
Notes of Decisions
Cited in 3
cases, 1993–2012 · leading case: Collins v. BOARD OF TRUSTEES, FIREMEN'S ANNUITY & BEN. FUND OF CHICAGO
Collins v. BOARD OF TRUSTEES, FIREMEN'S ANNUITY & BEN. FUND OF CHICAGO (1993)
“) Subject to a minimum annuity (40 ILCS 5/6-123, 6-128 (West 1992)), an employee receives his retirement annuity from such amounts accumulated specifically to his individual credit (40 ILCS 5/6-121, 6-125, 6-126 (West 1992)).”
Hooker v. Retirement Board of the Firemen's Annuity and Benefit Fund (2012)
“, 40 ILCS 5/6-123 (West 2008) (annuity based on salary firefighter received one year prior to retirement); 40 ILCS 5/6-124.”
Holland v. City of Chicago (1997)
“, 40 ILCS 5/6-123, 5/6-128. None of these provisions evidence an intent by the legislature to include every form of remuneration and every item of compensation within "salary" when computing pension benefits.”
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