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91_SB0431
LRB9102162EGfg
1 AN ACT to amend the Illinois Pension Code and to amend
2 the State Mandates Act.
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 Sections 8-230.8, 12-127.6, and 14-104.12 as follows:
7 (40 ILCS 5/8-230.8 new)
8 Sec. 8-230.8. Credit for employment with the Metropolitan
9 Pier and Exposition Authority.
10 (a) A person who has service credit in the Fund and has
11 not yet begun to receive a retirement annuity may establish
12 service credit in this Fund for periods before the effective
13 date of this Section during which he or she was employed by
14 the Metropolitan Pier and Exposition Authority or its
15 predecessor entities, provided that the person does not have
16 credit for those periods in any other public employee pension
17 fund or retirement system and has terminated participation
18 with respect to those periods of employment in any pension or
19 retirement program established by the Authority or its
20 predecessor entities. A person need not establish credit for
21 all such periods and may not establish more than 10 years of
22 service credit under this subsection. The credit established
23 shall be deemed to relate to the earliest period for which
24 the credit may be established.
25 In order to establish this credit, the person must apply
26 in writing to the Board and pay to the Fund an amount equal
27 to the sum of: (i) employee contributions based upon the
28 period of credit to be established, the employee contribution
29 rate in effect at the time of application, and the
30 applicant's salary rate on the last day of service in the
31 Fund before his or her employment with the Authority, or the
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1 first day of service in the Fund after that employment,
2 whichever is higher; (ii) an employer contribution equal to
3 the amount determined under item (i) multiplied by the
4 employer multiple under Section 8-173(a); and (iii) interest
5 on items (i) and (ii) at the rate of 6% per year, compounded
6 annually, from the date of the service to the date of
7 payment. The applicant may pay the required contribution in
8 a lump sum at any time before the retirement annuity begins
9 or, subject to subsection (c), within 90 days after
10 withdrawal from city service.
11 (b) A person wishing to establish service credit under
12 subsection (a) may reinstate creditable service terminated
13 upon receipt of a refund in accordance with the provisions of
14 Section 8-167.
15 (c) An eligible person may establish service credit
16 under subsection (a) without returning to active service as
17 an employee under this Article, but the required
18 contributions must be received by the Fund before the person
19 begins to receive a retirement annuity under this Article.
20 (40 ILCS 5/12-127.6 new)
21 Sec. 12-127.6. Credit for employment with the
22 Metropolitan Pier and Exposition Authority.
23 (a) A person who has service credit in the Fund and has
24 not yet begun to receive a retirement annuity may establish
25 service credit in this Fund for periods before the effective
26 date of this Section during which he or she was employed by
27 the Metropolitan Pier and Exposition Authority or its
28 predecessor entities, provided that the person does not have
29 credit for those periods in any other public employee pension
30 fund or retirement system and has terminated participation
31 with respect to those periods of employment in any pension or
32 retirement program established by the Authority or its
33 predecessor entities. A person need not establish credit for
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1 all such periods and may not establish more than 10 years of
2 service credit under this subsection. The credit established
3 shall be deemed to relate to the earliest period for which
4 the credit may be established.
5 In order to establish this credit, the person must apply
6 in writing to the Board and pay to the Fund an amount equal
7 to the sum of: (i) employee contributions based upon the
8 period of credit to be established, the employee contribution
9 rate in effect at the time of application, and the
10 applicant's salary rate on the last day of service in the
11 Fund before his or her employment with the Authority, or the
12 first day of service in the Fund after that employment,
13 whichever is higher; (ii) an employer contribution equal to
14 the amount determined under item (i) multiplied by the
15 employer multiple under Section 12-149; and (iii) interest on
16 items (i) and (ii) at the rate of 6% per year, compounded
17 annually, from the date of the service to the date of
18 payment. The applicant may pay the required contribution in
19 a lump sum at any time before the retirement annuity begins
20 or, subject to subsection (c), within 90 days after
21 withdrawal from service.
22 (b) A person wishing to establish service credit under
23 subsection (a) may reinstate creditable service terminated
24 upon receipt of a refund in accordance with the provisions of
25 Section 12-145.
26 (c) An eligible person may establish service credit
27 under subsection (a) without returning to active service as
28 an employee under this Article, but the required
29 contributions must be received by the Fund before the person
30 begins to receive a retirement annuity under this Article.
31 (40 ILCS 5/14-104.12 new)
32 Sec. 14-104.12. Credit for employment with the
33 Metropolitan Pier and Exposition Authority.
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1 (a) A person who has service credit in the System and
2 has not yet begun to receive a retirement annuity may
3 establish service credit in this System for periods before
4 the effective date of this Section during which he or she was
5 employed by the Metropolitan Pier and Exposition Authority or
6 its predecessor entities, provided that the person does not
7 have credit for those periods in any other public employee
8 pension fund or retirement system and has terminated
9 participation with respect to those periods of employment in
10 any pension or retirement program established by the
11 Authority or its predecessor entities. A person need not
12 establish credit for all such periods and may not establish
13 more than 10 years of service credit under this subsection.
14 The credit established shall be deemed to relate to the
15 earliest period for which the credit may be established.
16 In order to establish this credit, the person must apply
17 in writing to the Board and pay to the System an amount equal
18 to the sum of: (i) employee contributions based upon the
19 period of credit to be established, the employee contribution
20 rate in effect at the time of application, and the
21 applicant's salary rate on the last day of service in the
22 System before his or her employment with the Authority, or
23 the first day of service in the System after that employment,
24 whichever is higher; (ii) an employer contribution equal to
25 the amount determined under item (i) multiplied by the
26 employer payroll percentage determined under Section
27 14-131(b); and (iii) interest on items (i) and (ii) at the
28 rate of 6% per year, compounded annually, from the date of
29 the service to the date of payment. The applicant may pay
30 the required contribution in a lump sum at any time before
31 the retirement annuity begins or, subject to subsection (c),
32 within 90 days after withdrawal from service.
33 (b) A person wishing to establish service credit under
34 subsection (a) may reinstate creditable service terminated
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1 upon receipt of a refund in accordance with the provisions of
2 Section 14-130(b).
3 (c) An eligible person may establish service credit
4 under subsection (a) without returning to active service as
5 an employee under this Article, but the required
6 contributions must be received by the System before the
7 person begins to receive a retirement annuity under this
8 Article.
9 Section 90. The State Mandates Act is amended by adding
10 Section 8.23 as follows:
11 (30 ILCS 805/8.23 new)
12 Sec. 8.23. Exempt mandate. Notwithstanding Sections 6
13 and 8 of this Act, no reimbursement by the State is required
14 for the implementation of any mandate created by this
15 amendatory Act of the 91st General Assembly.
16 Section 99. Effective date. This Act takes effect upon
17 becoming law.