(40 ILCS 5/8-230.7)
Service rendered to Public Building Commission.
(a) An employee or former employee of the Public Building Commission of
the city who has established credit under the Fund with regard to service to an
employer other than the Public Building Commission of the city may contribute
to the Fund and receive
credit for all periods of full-time employment with the Public
Building Commission created by the employing city occurring prior to 60 days
after the effective date of this amendatory Act, except for those periods for
which the employee retains a right to credit in another public pension fund or
retirement system established under this Code. Such service credit shall
be paid for and granted on the same basis and under the same conditions as are
applicable in the case of employees who make payment for past service under
Section 8-230, provided that the person must also pay the corresponding
employer contributions, and further provided that the contributions and
service credit are permitted under Section 415 of the Internal Revenue Code
of 1986. The contributions shall be based on the salary actually received
by the person from the Commission for that employment.
(b) A person establishing service credit under subsection (a) or electing
to participate in the Fund under subsection (d) may, at the same time,
reinstate service credit that was terminated through receipt of a refund by
repaying to the Fund the amount of the refund plus interest at the effective
rate from the date of the refund to the date of repayment.
(c) An eligible person may establish service credit under subsection (a)
and reinstate service credit under subsection (b) without returning to active
service as an employee under this Article, but the required contributions and
repayment must be received by the Fund before the person begins to receive a
retirement annuity under this Article.
(d) Within 60 days after beginning full-time employment with the Public
Building Commission of the city (or within 60 days after the effective date
of this amendatory Act of the 92nd General Assembly, whichever is later), a
person having service credits in this Fund or reinstating service credits
under subsection (b) may elect to participate in this Fund with respect to
that Public Building Commission employment. An employee who participates in
this Fund with respect to Public Building Commission employment shall not,
with respect to the same period of employment, participate in any other pension
plan for employees of the Commission for which contributions are made by the
Commission, except that this provision shall not prevent an employee from
making elective contributions to a plan of deferred compensation during that
period. An election under this subsection (d), once made, is irrevocable.
Participation under this subsection shall be on the same basis and under
the same conditions as are applicable in the case of participating employees
of the city. Employee contributions shall be based on the salary actually
received by the employee for that employment. Employer contributions shall
be paid by the Public Building Commission rather than the city, at a rate to
be determined by the Retirement Board.
(Source: P.A. 92-599, eff. 6-28-02.)