Sec. 17-156.3. Minimum retirement pension.
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Sec. 17-156.3. Minimum retirement pension.
(a)Beginning January 1, 1987, any person who is receiving a monthly retirement pension under this Article which, after inclusion of
(1)all one-time and automatic annual increases to which the person is entitled,
(2)any supplementary payment payable under Section 17-154, and
(3)any amount deducted under Section 17-120 to provide a reversionary pension, is less than the minimum monthly retirement benefit amount specified in subsection
(b)of this Section, shall be entitled to a monthly supplemental payment equal to the difference.
(b)Beginning January 1, 1996, for purposes of the calculation in subsection (a), the minimum monthly retirement benefit amount is the sum of $25 for each year of service, up to a maximum of $750 per month for 30 or more years of creditable service.
(c)The changes made to this Section by this amendatory Act of 1995 apply to all persons receiving a retirement pension under this Article, without regard to whether or not employment terminated prior to the effective date of this amendatory Act of 1995 and notwithstanding Section 17-157.