96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB3655

 

Introduced 2/24/2009, by Rep. Daniel J. Burke

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/4-108.6 new
40 ILCS 5/6-227 new
40 ILCS 5/8-226.8 new
40 ILCS 5/11-125.9 new
30 ILCS 805/8.33 new

    Amends the Downstate Firefighters, Chicago Firefighters, Chicago Municipal, and Chicago Laborers Articles of the Illinois Pension Code. Allows an active fireman who is a member of the Firemen's Annuity and Benefit Fund of Chicago to transfer up to a total of 10 years of service credit in 6-month increments for service for covered employment under the Downstate Firefighters, Chicago Municipal, and Chicago Laborers Articles. Amends the State Mandates Act to require implementation without reimbursement.


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

 

 

A BILL FOR

 

HB3655 LRB096 08605 AMC 18728 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 Sections 4-108.6, 6-227, 8-226.8, and 11-125.9 as follows:
 
6     (40 ILCS 5/4-108.6 new)
7     Sec. 4-108.6. Transfer of creditable service to the
8 Firemen's Annuity and Benefit Fund of Chicago.
9     (a) Until January 1, 2010, any active member of the
10 Firemen's Annuity and Benefit Fund of Chicago may apply for
11 transfer of up to 10 years of creditable service accumulated in
12 any pension fund established under this Article to the
13 Firemen's Annuity and Benefit Fund of Chicago. Such creditable
14 service shall be transferred only upon payment by such pension
15 fund to the Firemen's Annuity and Benefit Fund of Chicago of an
16 amount equal to:
17         (1) the amounts accumulated to the credit of the
18     applicant on the books of the fund on the date of transfer;
19         (2) employer contributions in an amount equal to the
20     amount determined under subparagraph (1); and
21         (3) any interest paid by the applicant in order to
22     reinstate service.
23     Participation in such pension fund as to any credits

 

 

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1 transferred under this Section shall terminate on the date of
2 transfer.
 
3     (40 ILCS 5/6-227 new)
4     Sec. 6-227. Transfer of creditable service from Articles 4,
5 8, and 11. Until January 1, 2010, any active member of the
6 Firemen's Annuity and Benefit Fund of Chicago may transfer to
7 the Fund up to a total of 10 years of creditable service
8 accumulated under Articles 4, 8, and 11 of this Code upon
9 payment to the Fund of an amount to be determined by the Board,
10 equal to (i) the difference between the amount of employee and
11 employer contributions transferred to the Fund under Section
12 4-108.6, 8-226.8, or 11-125.9 and the amounts that would have
13 been contributed had such contributions been made at the rates
14 applicable to an employee under this Article, taking into
15 account the appropriate actuarial assumptions, including
16 without limitation the member's service, age, and salary
17 history, plus (ii) interest thereon at the actuarially assumed
18 rate of interest for each year, compounded annually, from the
19 date of service to the date of payment.
 
20     (40 ILCS 5/8-226.8 new)
21     Sec. 8-226.8. Transfer of creditable service to the
22 Firemen's Annuity and Benefit Fund of Chicago.
23     (a) Until January 1, 2010, any active member of the
24 Firemen's Annuity and Benefit Fund of Chicago may apply for

 

 

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1 transfer of up to 10 years of his or her credits and creditable
2 service accumulated under this Fund to the Firemen's Annuity
3 and Benefit Fund of Chicago. Such creditable service shall be
4 transferred only upon payment by such pension fund to the
5 Firemen's Annuity and Benefit Fund of Chicago of an amount
6 equal to:
7         (1) the amounts accumulated to the credit of the
8     applicant for that service, including interest, on the
9     books of the Fund on the date of transfer; and
10         (2) the corresponding employer credits computed and
11     credited for that service under this Article, including
12     interest, on the books of the Fund on the date of transfer.
13     Participation in this Fund as to any credits transferred
14 under this Section shall terminate on the date of transfer.
 
15     (40 ILCS 5/11-125.9 new)
16     Sec. 11-125.9. Transfer of creditable service to the
17 Firemen's Annuity and Benefit Fund of Chicago.
18     (a) Until January 1, 2010, any active member of the
19 Firemen's Annuity and Benefit Fund of Chicago may apply for
20 transfer of up to 10 years of creditable service accumulated in
21 this Fund to the Firemen's Annuity and Benefit Fund of Chicago.
22 Such creditable service shall be transferred only upon payment
23 by this Fund to the Firemen's Annuity and Benefit Fund of
24 Chicago of an amount equal to:
25         (1) the amounts accumulated to the credit of the

 

 

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1     applicant for that service, including interest, on the
2     books of the Fund on the date of transfer; and
3         (2) the corresponding employer credits computed and
4     credited for that service under this Article, including
5     interest, on the books of the Fund on the date of transfer.
6     Participation in this Fund as to any credits transferred
7 under this Section shall terminate on the date of transfer.
 
8     Section 90. The State Mandates Act is amended by adding
9 Section 8.33 as follows:
 
10     (30 ILCS 805/8.33 new)
11     Sec. 8.33. Exempt mandate. Notwithstanding Sections 6 and 8
12 of this Act, no reimbursement by the State is required for the
13 implementation of any mandate created by this amendatory Act of
14 the 96th General Assembly.