HB3332 EngrossedLRB097 10852 JDS 51356 b

1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by changing
5Sections 3-110.8 and 7-139.13 as follows:
 
6    (40 ILCS 5/3-110.8)
7    Sec. 3-110.8. Transfer to IMRF.
8    (a) Until 60 days after the effective date of this
9amendatory Act of the 97th General Assembly January 1, 2009,
10any active member of the Illinois Municipal Retirement Fund may
11apply to transfer up to 10 8 years of creditable service in a
12police pension fund under this Article to the Illinois
13Municipal Retirement Fund. The creditable service shall be
14transferred upon payment by the police pension fund to the
15Illinois Municipal Retirement Fund of an amount equal to:
16        (1) the amounts accumulated to the credit of the
17    applicant on the books of the fund on the date of transfer;
18    and
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.
23Creditable service transferred to the Illinois Municipal

 

 

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1Retirement Fund under this Section shall terminate on the date
2of the transfer.
3    (b) Until 60 days after the effective date of this
4amendatory Act of the 97th General Assembly January 1, 2009,
5any active member of the Illinois Municipal Retirement Fund may
6reinstate all or any portion of his or her service that was
7terminated by receipt of a refund, by payment to the police
8pension fund of the amount of the refund with interest thereon
9at the actuarially assumed rate, compounded annually, from the
10date of refund to the date of payment.
11(Source: P.A. 94-356, eff. 7-29-05; 95-530, eff. 8-28-07;
1295-1036, eff. 2-17-09.)
 
13    (40 ILCS 5/7-139.13)
14    Sec. 7-139.13. Transfer from Article 3. Notwithstanding
15subdivision (a)10 of Section 7-139, from the effective date of
16this amendatory Act of the 97th 95th General Assembly until 60
17days after the effective date of this amendatory Act of the
1897th General Assembly January 1, 2009, a person may transfer to
19the Illinois Municipal Retirement System up to 10 8 years of
20creditable service accumulated under Article 3 of this Code. To
21establish creditable service under this Section, a person may
22elect to do either of the following:
23        (A) Pay to the Fund an amount to be determined by the
24    board, equal to (i) the difference between the amount of
25    employee and employer contributions transferred to the

 

 

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1    Fund under Section 3-110.8 and the amounts that would have
2    been contributed had such contributions been made at the
3    rates applicable to an employee under this Article, plus
4    (ii) interest thereon at the actuarially assumed rate,
5    compounded annually, from the date of service to the date
6    of payment.
7        (B) Have the amount of his or her creditable service
8    established under this Section reduced by an amount
9    corresponding to the amount by which (i) the employer and
10    employee contributions that would have been required if he
11    had participated in this Fund during the period for which
12    credit is being transferred, plus interest thereon at the
13    actuarially assumed rate, compounded annually, from the
14    date of termination of the service for which credit is
15    being transferred to the date of payment, exceeds (ii) the
16    amount actually transferred to the Fund.
17(Source: P.A. 95-530, eff. 8-28-07; 95-876, eff. 8-21-08;
1895-1036, eff. 2-17-09.)
 
19    Section 99. Effective date. This Act takes effect upon
20becoming law.