Topic: | Eligibility |
Subtopic: | Retirement Formula |
Date: | 1/26/1968 |
Status: | Active |
WHEREAS, amendments to Article 7 of the Illinois Pension Code, effective December 31, 1967, must be implemented, and
WHEREAS, it is desirable that the Board of Trustees adopt rules and regulations for the direction of the Executive Director and staff;
NOW, THEREFORE, BE IT RESOLVED by the Board of Trustees that the following rules and regulations shall be adopted (all references are to sections of the Illinois Pension Code):
The retirement annuity formula provided by the amendment to Section 7-142, shall apply to those employees in service on or after December 31, 1967. Employees in service includes only those actively working and receiving earnings, those on paid vacation, those on paid sick leave and those receiving disability benefits. An employee on leave of absence on December 31, 1967, is eligible for the new formula only if he receives one month of creditable service after that date.