Illinois General Assembly - Full Text of HB4691
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Full Text of HB4691  98th General Assembly

HB4691ham002 98TH GENERAL ASSEMBLY

Rep. Brandon W. Phelps

Filed: 4/3/2014

 

 


 

 


 
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1
AMENDMENT TO HOUSE BILL 4691

2    AMENDMENT NO. ______. Amend House Bill 4691 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Pension Code is amended by
5changing Section 7-210 as follows:
 
6    (40 ILCS 5/7-210)  (from Ch. 108 1/2, par. 7-210)
7    Sec. 7-210. Funds. (a) All money received by the board
8shall immediately be deposited with the State Treasurer for the
9account of the fund, or in the case of funds received under
10Section 7-199.1, in a separate account maintained for that
11purpose. All disbursements of funds held by the State Treasurer
12shall be made only upon warrants of the State Comptroller drawn
13upon the Treasurer as custodian of this fund upon vouchers
14signed by the person or persons designated for such purpose by
15resolution of the board. The Comptroller is authorized to draw
16such warrants upon vouchers so signed, including warrants

 

 

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1payable to the Fund for deposit in a revolving account
2authorized by Section 7-195.1. The Treasurer shall accept all
3warrants so signed and shall be released from liability for all
4payments made thereon. Vouchers shall be drawn only upon proper
5authorization by the board as properly recorded in the official
6minute books of the meetings of the board.
7    (b) All securities of the fund when received shall be
8deposited with the State Treasurer who shall provide adequate
9safe deposit facilities for their preservation and have custody
10of them.
11    (c) The assets of the fund shall be invested as one fund,
12and no particular person, municipality, or instrumentality
13thereof or participating instrumentality shall have any right
14in any specific security or in any item of cash other than an
15undivided interest in the whole.
16    (d) Except as provided in subsection (d-5), whenever
17Whenever any employees of a municipality or participating
18instrumentality have been or shall be excluded from
19participation in this fund by virtue of the application of
20paragraph b of Section 7-109 (2), the board shall issue a
21voucher authorizing the Comptroller to draw his warrant upon
22the Treasurer as custodian of this fund in an amount equal to
23the accumulated contributions of such employees. Such warrant
24shall be drawn in favor of the appropriate fund of the
25retirement fund in which such employees have or shall become
26participants. Such transfer shall terminate any further rights

 

 

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1of such employees under this fund.
2    (d-5) Upon creation of a newly established Article 3 police
3pension fund by referendum under Section 3-145 or by census
4under Section 3-105, the following amounts shall be transferred
5from this Fund to the new police pension fund, within 30 days
6after an application therefor is received from the new pension
7fund:
8        (1) the amounts actually contributed to this Fund as
9    employee contributions by or on behalf of the police
10    officers transferring to the new pension fund for their
11    service as police officers of the municipality that is
12    establishing the new pension fund, plus interest on those
13    amounts at the rate of 6% per year, compounded annually,
14    from the date of contribution to the date of transfer to
15    the new pension fund, and
16        (2) an amount representing employer contributions,
17    equal to the total amount determined under item (1).
18This transfer terminates any further rights of such police
19officers in this Fund arising out of their service as police
20officers of the municipality that is establishing the new
21pension fund.
22    (e) If a participating instrumentality terminates
23participation because it fails to meet the requirements of
24Section 7-108, it shall pay to the fund the amount equal to any
25net debit balance in its municipality reserve account and
26account receivable. Its successors, and assigns and

 

 

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1transferees of its assets shall be obligated to make this
2payment to the extent of the value of assets transferred to
3them. The fund shall pay an amount equal to any net credit
4balance to the participating instrumentality, its successors
5or assigns. Any remaining net debit or credit balance not
6collectible or payable shall be transferred to the terminated
7municipality reserve account. The fund shall pay to each
8employee of the participating instrumentality an amount equal
9to his credits in the employee reserves. The employees shall
10have no further rights to any benefits from the fund, except
11that annuities awarded prior to the date of termination shall
12continue to be paid.
13(Source: P.A. 84-812.)
 
14    Section 90. The State Mandates Act is amended by adding
15Section 8.38 as follows:
 
16    (30 ILCS 805/8.38 new)
17    Sec. 8.38. Exempt mandate. Notwithstanding Sections 6 and 8
18of this Act, no reimbursement by the State is required for the
19implementation of any mandate created by this amendatory Act of
20the 98th General Assembly.
 
21    Section 99. Effective date. This Act takes effect upon
22becoming law.".