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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
SB2400
Introduced 2/3/2004, by James A. DeLeo SYNOPSIS AS INTRODUCED:
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40 ILCS 5/5-234 |
from Ch. 108 1/2, par. 5-234 |
30 ILCS 805/8.28 new |
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Amends the Chicago Police of the Illinois Pension Code. Allows a transfer of up to 10 years of
credits and creditable service from the Chicago municipal pension fund to
the Chicago police pension fund. Amends the State Mandates Act to require
implementation without reimbursement. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY |
PENSION IMPACT NOTE ACT MAY APPLY |
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT |
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A BILL FOR
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SB2400 |
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LRB093 20676 LRD 46545 b |
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| AN ACT concerning public employee benefits.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Pension Code is amended by changing |
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| Section 5-234 as follows:
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| (40 ILCS 5/5-234) (from Ch. 108 1/2, par. 5-234)
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| Sec. 5-234. Transfer of credits. |
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| (a) Any police officer who has at least 10
years of |
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| creditable service in the Fund may transfer to this Fund |
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| credits
and creditable service accumulated under any other |
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| pension fund or
retirement system established under Article 8 |
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| or 12 of this Code, by making
application and paying to the |
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| Fund before January 1, 1990 the amount by
which the employee |
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| contributions that would have been required if he had
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| participated in this Fund during the period for which credit is |
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| being
transferred, plus interest, exceeds the amount
actually |
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| transferred from such other fund or system to this Fund under |
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| item
(1) of Section 8-226.5 or item (1) of Section 12-127.5.
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| (b) A policeman may transfer to this Fund up to 10 years of |
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| credits and
creditable service
accumulated under the pension |
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| fund established under Article 8 of this
Code, by making |
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| written application to the Fund within 6 months of the
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| effective date of this amendatory Act of the 93rd General |
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| Assembly. For
the transfer to be effective, the policeman must |
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| pay to the Fund before
withdrawal from service the amount, if |
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| any, by which the employee contributions
that would have been |
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| required if he or she had participated in this Fund during
the |
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| period for which credit is being transferred, plus interest, |
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| exceeds the
amount actually transferred from the Article 8 fund |
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| to this Fund under item (1) of Section
8-226.5. |
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| (Source: P.A. 86-272.)
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