093_SB0585

 
                                     LRB093 07403 EFG 07567 b

 1        AN ACT in relation to public employee benefits.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.   The  Illinois  Pension  Code  is amended by
 5    adding Section 3-110.8 and changing Section 5-234 as follows:

 6        (40 ILCS 5/3-110.8 new)
 7        Sec. 3-110.8. Transfer to Article 5 Fund.
 8        (a)  Until January 1, 2006,  any  active  member  of  the
 9    Article  5  pension fund may apply for transfer of his or her
10    creditable service accumulated in  any  police  pension  fund
11    under  this  Article  to that Article 5 fund.  The creditable
12    service shall be  transferred  upon  payment  by  the  police
13    pension fund to the Article 5 fund of an amount equal to:
14             (1)  the  amounts  accumulated  to the credit of the
15        applicant on the  books  of  the  fund  on  the  date  of
16        transfer; and
17             (2)  employer  contributions  in  an amount equal to
18        the amount determined under item (1); and
19             (3)  any interest paid by the applicant in order  to
20        reinstate service.
21    Participation  in  this  Fund  shall terminate on the date of
22    transfer.
23        (b)  Until January 1, 2006,  any  active  member  of  the
24    Article  5  pension  fund may reinstate service in any police
25    pension fund  under  this  Article  that  was  terminated  by
26    receipt of a refund, by payment to the police pension fund of
27    the  amount  of the refund, together with interest thereon at
28    the rate of 6% per year, compounded annually, from  the  date
29    of the refund to the date of repayment.

30        (40 ILCS 5/5-234) (from Ch. 108 1/2, par. 5-234)
 
                            -2-      LRB093 07403 EFG 07567 b
 1        Sec. 5-234.  Transfer of credits.
 2        (a)  Any  police  officer  who  has  at least 10 years of
 3    creditable service in the Fund  may  transfer  to  this  Fund
 4    credits  and  creditable  service accumulated under any other
 5    pension fund or retirement system established under Article 8
 6    or 12 of this Code, by making application and paying  to  the
 7    Fund  before January 1, 1990 the amount by which the employee
 8    contributions  that  would  have  been  required  if  he  had
 9    participated in this Fund during the period for which  credit
10    is  being  transferred,  plus  interest,  exceeds  the amount
11    actually transferred from such other fund or system  to  this
12    Fund under item (1) of Section 8-226.5 or item (1) of Section
13    12-127.5.
14        (b)  A  policeman  may  transfer to this Fund credits and
15    creditable service accumulated under any police pension  fund
16    established  under  Article 3 of this Code, by making written
17    application to the Fund before  January  1,  2006.   For  the
18    transfer  to be effective, the policeman must pay to the Fund
19    before withdrawal from service the amount, if any,  by  which
20    the  employee  contributions that would have been required if
21    he or she had participated in this Fund during the period for
22    which credit is being transferred, plus interest, exceeds the
23    amount actually transferred from the Article 3 fund  to  this
24    Fund under item (1) of subsection (a) of Section 3-110.8.
25    (Source: P.A. 86-272.)

26        Section  90.  The State Mandates Act is amended by adding
27    Section 8.27 as follows:

28        (30 ILCS 805/8.27 new)
29        Sec. 8.27. Exempt mandate.   Notwithstanding  Sections  6
30    and  8 of this Act, no reimbursement by the State is required
31    for  the  implementation  of  any  mandate  created  by  this
32    amendatory Act of the 93rd General Assembly.
 
                            -3-      LRB093 07403 EFG 07567 b
 1        Section 99. Effective date.  This Act takes  effect  upon
 2    becoming law.