Illinois General Assembly

Previous General Assemblies

Full Text of HB1872  97th General Assembly

HB1872eng 97TH GENERAL ASSEMBLY

  
  
  

 


 
HB1872 EngrossedLRB097 08452 JDS 48579 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 adding
5Section 3-110.11 and 5-237.5 as follows:
 
6    (40 ILCS 5/3-110.11 new)
7    Sec. 3-110.11. Transfer of creditable service from Article
85 fund. For a period of 60 days after the effective date of
9this Section, a person may transfer to a fund established under
10this Article up to 10 years of creditable service accumulated
11under Article 5 of this Code upon payment to the fund of an
12amount to be determined by the board, equal to (i) the
13difference between the amount of employee and employer
14contributions transferred to the fund under Section 5-237.5 and
15the amounts that would have been contributed had such
16contributions been made at the rates applicable to an employee
17under this Article, plus (ii) interest thereon at the
18actuarially assumed rate, compounded annually, from the date of
19service to the date of payment.
 
20    (40 ILCS 5/5-237.5 new)
21    Sec. 5-237.5. Transfer of creditable service to Article 3
22fund.

 

 

HB1872 Engrossed- 2 -LRB097 08452 JDS 48579 b

1    (a) Any person who is an active participant in a pension
2fund established under Article 3 of this Code may, for a period
3of 60 days after the effective date of this Section, apply for
4transfer of his or her credits and creditable service
5accumulated in this Fund to that Article 3 fund. Upon receipt
6of a written application to make this transfer, the Fund shall
7pay to the Article 3 fund an amount consisting of:
8        (1) the amounts credited to the applicant through
9    employee contributions, plus accumulated interest; plus
10        (2) an amount representing municipality contributions,
11    equal to the amount determined under item (1); plus
12        (3) any interest paid to the Fund in order to reinstate
13    credits and creditable service under subsection (b).
14Participation in this Fund shall terminate on the date of the
15transfer.
16    (b) As part of a transfer under subsection (a), a person
17may reinstate credits and creditable service that was
18terminated upon receipt of a refund, by paying to the Fund the
19amount of the refund plus interest thereon at the actuarially
20assumed rate, compounded annually, from the date of the refund
21to the date of payment.
 
22    Section 90. The State Mandates Act is amended by adding
23Section 8.35 as follows:
 
24    (30 ILCS 805/8.35 new)

 

 

HB1872 Engrossed- 3 -LRB097 08452 JDS 48579 b

1    Sec. 8.35. Exempt mandate. Notwithstanding Sections 6 and 8
2of this Act, no reimbursement by the State is required for the
3implementation of any mandate created by this amendatory Act of
4the 97th General Assembly.
 
5    Section 99. Effective date. This Act takes effect upon
6becoming law.