SB2650 93RD GENERAL ASSEMBLY

LRB093 20760 LRD 46656 b

93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
SB2650

Introduced 2/4/2004, by John J. Cullerton

SYNOPSIS AS INTRODUCED:

40 ILCS 5/17-151.1 new

Amends the Chicago Teachers Article of the Illinois Pension Code. Provides that the Board of Trustees of the Chicago Teachers Pension Fund may retain out of any annuity or benefit payable to any person any amount or amounts that the Board may determine are owning to the fund because (1) required contributions were not made in whole or in part, (2) employee or member obligations to return refunds were not met, or (3) money was paid to an employee, member, or pensioner through misrepresentation, fraud, or error. Effective immediately.

FISCAL NOTE ACT MAY APPLY

PENSION IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning public employee benefits.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Pension Code is amended by adding Section 17-151.1 as follows:

(40 ILCS 5/17-151.1 new)

Sec. 17-151.1. Recoupment.

(a) The Board may retain out of any annuity or benefit payable to any person any amount or amounts that the Board may determine are owning to the fund because (1) required contributions were not made in whole or in part, (2) employee or member obligations to return refunds were not met, or (3) money was paid to an employee, member, or pensioner through misrepresentation, fraud, or error.

(b) The Board and the fund shall be held free from any liability for any money retained or paid in accordance with this Section, and the employee, member, or pensioner shall be assumed to have assented and agreed to any such disposition of money due.

(c) The provisions of this Section are not limited to persons in service on or after the effective date of this amendatory Act of the 93rd General Assembly.

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