[ Search ] [ Legislation ] [ Bill Summary ]
[ Home ] [ Back ] [ Bottom ]
90_HB1138
40 ILCS 5/2-117.4 new
40 ILCS 5/14-105.1 from Ch. 108 1/2, par. 14-105.1
Amends the Illinois Pension Code to allow a former member
of the General Assembly who transferred his credits under the
State Employees' Retirement System to the General Assembly
Retirement System to retransfer a portion of those credits
back to the State Employees' Retirement System. Effective
immediately.
LRB9005055EGfg
LRB9005055EGfg
1 AN ACT to amend the Illinois Pension Code by adding
2 Section 2-117.4 and changing Section 14-105.1.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Pension Code is amended by
6 adding Section 2-117.4 and changing Section 14-105.1 as
7 follows:
8 (40 ILCS 5/2-117.4 new)
9 Sec. 2-117.4. Retransfer of creditable service to
10 Article 14 system. If a person transferred creditable
11 service to this System under Section 14-105.1 between January
12 1, 1990 and February 1, 1991, and that transfer resulted in
13 the person having excess service not established in this
14 System, the person may elect to transfer that excess service
15 back into the Article 14 retirement system. Application to
16 transfer excess service under this Section must be made to
17 the Board in writing within 6 months after the effective date
18 of this Section. The amount of excess service to be
19 retransferred shall be calculated by multiplying the number
20 of years of service transferred from the Article 14 system
21 under Section 14-105.1 by a fraction, the denominator of
22 which is the total employee contribution (including interest)
23 transferred to this system under Section 14-105.1 and the
24 numerator of which is the amount of that transferred employee
25 contribution not used to establish service in this System.
26 At the time of the retransfer, the System shall also
27 transfer to the State Employees' Retirement System an amount,
28 calculated by the Board, equal to (i) the employee
29 contributions (including interest), if any, that were
30 transferred to this System by the applicant under Section
31 14-105.1 and not used to establish service under this
-2- LRB9005055EGfg
1 Article, plus (ii) regular interest on those unused employee
2 contributions from the date of the transfer under Section
3 14-105.1 to the date of the retransfer under this Section.
4 (40 ILCS 5/14-105.1) (from Ch. 108 1/2, par. 14-105.1)
5 Sec. 14-105.1. Transfer and reinstatement by General
6 Assembly member.
7 (a) Any active (and until February 1, 1993, any former)
8 member of the General Assembly Retirement System may apply
9 for transfer of his credits and creditable service
10 accumulated under this System to the General Assembly System
11 or a Fund established under Article 5 or 12 of this Code.
12 Such credits and creditable service shall be transferred
13 forthwith. Payment by this System to the General Assembly
14 Retirement System or the Fund established under Article 5 or
15 12 shall be made at the same time and shall consist of:
16 (1) the amounts accumulated to the credit of the
17 applicant, including regular interest, on the books of
18 the System on the date of transfer; and
19 (2) employer contributions in an amount equal to
20 the amount of member contributions as determined under
21 subparagraph (1).
22 Participation in this System as to any credits transferred
23 under this Section shall terminate on the date of transfer.
24 (b) An active (and until February 1, 1993, a former)
25 member of the General Assembly who has service credits and
26 creditable service under the System may establish additional
27 service credits and creditable service for periods during
28 which he was an elected official and could have elected to
29 participate but did not so elect. Service credits and
30 creditable service may be established by payment to the
31 System of an amount equal to the contributions he would have
32 made if he had elected to participate, plus regular interest
33 to the date of payment.
-3- LRB9005055EGfg
1 (c) An active (and until February 1, 1993, a former)
2 member of the General Assembly Retirement System may
3 reinstate service and service credits terminated upon receipt
4 of a separation benefit, by payment to the System of the
5 amount of the separation benefit plus regular interest
6 thereon to the date of payment.
7 (d) An active member of this System may reinstate
8 creditable service that was terminated upon transfer under
9 subsection (a) and has been retransferred back to this System
10 under Section 2-117.4 of this Code by applying to the System
11 in writing within 6 months after the effective date of this
12 amendatory Act and paying to the System an amount to be
13 determined by the Board, equal to (1) the difference between
14 the amount of employee and employer contributions for that
15 service as defined in this Section and the amount repaid to
16 this System under Section 2-117.4, plus (2) regular interest
17 thereon from the date of the transfer to the Article 2 system
18 under this Section to the date of payment.
19 (Source: P.A. 86-27; 86-273; 86-1028; 86-1488; 87-794.)
20 Section 99. Effective date. This Act takes effect upon
21 becoming law.