93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
SB2740

 

Introduced 2/5/2004, by Kirk W. Dillard

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/7-225 new
30 ILCS 805/8.28 new

    Amends the IMRF Article of the Illinois Pension Code. Provides that a person who is an active participant in the Judges Retirement System and who has begun receiving a retirement annuity under the IMRF Article may cancel his or her retirement annuity by (1) filing a written election with IMRF and (2) paying to the fund an amount equal to the amount of retirement benefits he or she has received under IMRF, plus interest. Upon cancellation of a retirement annuity, IMRF shall restore the service credits that the person had on the books with IMRF at the time he or she last left service. Provides that restored credits may be used for any of the purposes of the Retirement Systems Reciprocal Act. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.


LRB093 19723 LRD 45464 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

 

 

A BILL FOR

 

SB2740 LRB093 19723 LRD 45464 b

1     AN ACT concerning 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 adding
5 Section 7-225 as follows:
 
6     (40 ILCS 5/7-225 new)
7     Sec. 7-225. Cancellation and repayment of retirement
8 annuity. A person who is an active participant in the system
9 created under Article 18 of this Code and who has begun
10 receiving a retirement annuity under this Article may cancel
11 his or her retirement annuity under this Article by (1) filing
12 a written election with the fund by December 31, 2004 and (2)
13 paying to the fund an amount equal to the amount of retirement
14 benefits he or she has received under this Article, plus
15 interest from the time of the payment of those benefits at the
16 rate of 4.5%, compounded annually. Upon cancellation of a
17 retirement annuity under this Section, the fund shall restore
18 the service credits that the person had on the books with the
19 fund at the time he or she last left service under this
20 Article. Credits that are restored under this Section may be
21 used for any of the purposes of the Retirement Systems
22 Reciprocal Act.
 
23     Section 90. The State Mandates Act is amended by adding
24 Section 8.28 as follows:
 
25     (30 ILCS 805/8.28 new)
26     Sec. 8.28. Exempt mandate. Notwithstanding Sections 6 and 8
27 of this Act, no reimbursement by the State is required for the
28 implementation of any mandate created by this amendatory Act of
29 the 93rd General Assembly.
 
30     Section 99. Effective date. This Act takes effect upon

 

 

SB2740 - 2 - LRB093 19723 LRD 45464 b

1 becoming law.