(a) Except as provided in subsection (a-5), each participating employee shall make contributions to the System, based on the employee’s compensation, as follows:
         (1) Covered employees, except as indicated below,
    
3.5% for retirement annuity, and 0.5% for a widow or survivors annuity;
        (2) Noncovered employees, except as indicated below,
    
7% for retirement annuity and 1% for a widow or survivors annuity;
        (3) Noncovered employees serving in a position in
    
which “eligible creditable service” as defined in Section 14-110 may be earned, 1% for a widow or survivors annuity plus the following amount for retirement annuity: 8.5% through December 31, 2001; 9.5% in 2002; 10.5% in 2003; and 11.5% in 2004 and thereafter;
        (4) Covered employees serving in a position in which
    
“eligible creditable service” as defined in Section 14-110 may be earned, 0.5% for a widow or survivors annuity plus the following amount for retirement annuity: 5% through December 31, 2001; 6% in 2002; 7% in 2003; and 8% in 2004 and thereafter;
        (5) Each security employee of the Department of
    
Corrections or of the Department of Human Services who is a covered employee, 0.5% for a widow or survivors annuity plus the following amount for retirement annuity: 5% through December 31, 2001; 6% in 2002; 7% in 2003; and 8% in 2004 and thereafter;
        (6) Each security employee of the Department of
    
Corrections or of the Department of Human Services who is not a covered employee, 1% for a widow or survivors annuity plus the following amount for retirement annuity: 8.5% through December 31, 2001; 9.5% in 2002; 10.5% in 2003; and 11.5% in 2004 and thereafter.
    (a-5) Beginning July 1, 2014, in lieu of the contributions otherwise required under subsection (a), each Tier 1 member who is a participating employee shall make contributions to the System, based on his or her compensation, as follows:

Terms Used In Illinois Compiled Statutes 40 ILCS 5/14-133

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.

         (1) Covered employees, except as indicated below,
    
2.5% for retirement annuity, and 0.5% for a widow or survivors annuity;
        (2) Noncovered employees, except as indicated below,
    
6% for retirement annuity and 1% for a widow or survivors annuity;
        (3) Noncovered employees serving in a position in
    
which “eligible creditable service” as defined in Section 14-110 may be earned, 10.5% for retirement annuity and 1% for a widow or survivors annuity;
        (4) Covered employees serving in a position in which
    
“eligible creditable service” as defined in Section 14-110 may be earned, 7% for retirement annuity and 0.5% for a widow or survivors annuity;
        (5) Each security employee of the Department of
    
Corrections or of the Department of Human Services who is a covered employee, 7% for retirement annuity and 0.5% for a widow or survivors annuity;
        (6) Each security employee of the Department of
    
Corrections or of the Department of Human Services who is not a covered employee, 10.5% for retirement annuity and 1% for a widow or survivors annuity.
    (b) Contributions shall be in the form of a deduction from compensation and shall be made notwithstanding that the compensation paid in cash to the employee shall be reduced thereby below the minimum prescribed by law or regulation. Each member is deemed to consent and agree to the deductions from compensation provided for in this Article, and shall receipt in full for salary or compensation.
  Previous section
Next section  
 Article 14 Contents