Rep. Raymond Poe

Filed: 3/10/2011

 

 


 

 


 
09700HB3332ham001LRB097 10852 JDS 52630 a

1
AMENDMENT TO HOUSE BILL 3332

2    AMENDMENT NO. ______. Amend House Bill 3332 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Pension Code is amended by
5changing Sections 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

 

 

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1    applicant on the books of the fund on the date of transfer;
2    and
3        (2) employer contributions in an amount equal to the
4    amount determined under subparagraph (1); and
5        (3) any interest paid by the applicant in order to
6    reinstate service.
7Creditable service transferred to the Illinois Municipal
8Retirement Fund under this Section shall terminate on the date
9of the transfer.
10    (b) Until 60 days after the effective date of this
11amendatory Act of the 97th General Assembly January 1, 2009,
12any active member of the Illinois Municipal Retirement Fund may
13reinstate all or any portion of his or her service that was
14terminated by receipt of a refund, by payment to the police
15pension fund of the amount of the refund with interest thereon
16at the actuarially assumed rate, compounded annually, from the
17date of refund to the date of payment.
18(Source: P.A. 94-356, eff. 7-29-05; 95-530, eff. 8-28-07;
1995-1036, eff. 2-17-09.)
 
20    (40 ILCS 5/7-139.13)
21    Sec. 7-139.13. Transfer from Article 3. Notwithstanding
22subdivision (a)10 of Section 7-139, from the effective date of
23this amendatory Act of the 97th 95th General Assembly until 60
24days after the effective date of this amendatory Act of the
2597th General Assembly January 1, 2009, a person may transfer to

 

 

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1the Illinois Municipal Retirement System up to 10 8 years of
2creditable service accumulated under Article 3 of this Code. To
3establish creditable service under this Section, a person may
4elect to do either of the following:
5        (A) Pay to the Fund an amount to be determined by the
6    board, equal to (i) the difference between the amount of
7    employee and employer contributions transferred to the
8    Fund under Section 3-110.8 and the amounts that would have
9    been contributed had such contributions been made at the
10    rates applicable to an employee under this Article, plus
11    (ii) interest thereon at the actuarially assumed rate,
12    compounded annually, from the date of service to the date
13    of payment.
14        (B) Have the amount of his or her creditable service
15    established under this Section reduced by an amount
16    corresponding to the amount by which (i) the employer and
17    employee contributions that would have been required if he
18    had participated in this Fund during the period for which
19    credit is being transferred, plus interest thereon at the
20    actuarially assumed rate, compounded annually, from the
21    date of termination of the service for which credit is
22    being transferred to the date of payment, exceeds (ii) the
23    amount actually transferred to the Fund.
24(Source: P.A. 95-530, eff. 8-28-07; 95-876, eff. 8-21-08;
2595-1036, eff. 2-17-09.)
 

 

 

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1    Section 99. Effective date. This Act takes effect upon
2becoming law.".