40 ILCS 5/7-166: Separation benefits - eligibility.

(Text of Section before amendment by P.A. 104-634)

Separation benefits shall be payable as hereinafter set forth:

1. Upon separation from the service of all participating municipalities and instrumentalities thereof and participating instrumentalities, any participating employee who, on the date of application for such benefit, is not entitled to a retirement annuity shall be entitled to a separation benefit.

2. Upon separation from the service of all participating municipalities and instrumentalities thereof and participating instrumentalities, any participating employee who, on the date of application for such benefit, is entitled to a retirement annuity of less than $100 per month for life may elect to take a separation benefit in lieu of the retirement annuity.

3. Upon separation from the service of all participating municipalities and instrumentalities thereof and participating instrumentalities, any participating employee who, on the date of application for such benefit, is entitled to a retirement annuity, but wishes instead to use the amounts to his or her credit in the Fund to purchase credit in another retirement plan, may elect to take a separation benefit in lieu of the retirement annuity.

(Text of Section after amendment by P.A. 104-634)

Separation benefits; eligibility. Separation benefits shall be payable as hereinafter set forth:

1. Any participating employee who, on the date of application for such benefit, is not entitled to a retirement annuity and has separated from the service of the participating municipality or instrumentality with which the participating employee last participated in the Fund shall be entitled to a separation benefit.

2. Any participating employee who, on the date of application for such benefit, is entitled to a retirement annuity of less than $100 per month for life and has separated from the service of the participating municipality or instrumentality with which the participating employee last participated in the Fund may elect to take a separation benefit in lieu of the retirement annuity.

3. Any participating employee who, on the date of application for such benefit, is entitled to a retirement annuity, but wishes instead to use the amounts to his or her credit in the Fund to purchase credit in another retirement plan, and has separated from the service of the participating municipality or instrumentality with which the participating employee last participated in the Fund may elect to take a separation benefit in lieu of the retirement annuity.