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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.
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