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91_SB0831
LRB9106003EGfg
1 AN ACT to amend the Illinois Pension Code.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Pension Code is amended by
5 adding Section 2-117.4 and changing Section 14-105.1 as
6 follows:
7 (40 ILCS 5/2-117.4 new)
8 Sec. 2-117.4. Retransfer of creditable service to
9 Article 14 system. If a person transferred creditable
10 service to this System under Section 14-105.1 between January
11 1, 1990 and February 1, 1991, and that transfer resulted in
12 the person having excess service not established in this
13 System, the person may elect to transfer that excess service
14 back into the Article 14 retirement system. Application to
15 transfer excess service under this Section must be made to
16 the Board in writing within 6 months after the effective date
17 of this Section. The amount of excess service to be
18 retransferred shall be calculated by multiplying the number
19 of years of service transferred from the Article 14 system
20 under Section 14-105.1 by a fraction, the denominator of
21 which is the total employee contribution (including interest)
22 transferred to this System under Section 14-105.1 and the
23 numerator of which is the amount of that transferred employee
24 contribution not used to establish service in this System.
25 At the time of the retransfer, the System shall also
26 transfer to the State Employees' Retirement System an amount,
27 calculated by the Board, equal to (i) the employee
28 contributions (including interest), if any, that were
29 transferred to this System by the applicant under Section
30 14-105.1 and not used to establish service under this
31 Article, plus (ii) regular interest on those unused employee
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1 contributions from the date of the transfer under Section
2 14-105.1 to the date of the retransfer under this Section.
3 (40 ILCS 5/14-105.1) (from Ch. 108 1/2, par. 14-105.1)
4 Sec. 14-105.1. Transfer and reinstatement by General
5 Assembly member.
6 (a) Any active (and until February 1, 1993, any former)
7 member of the General Assembly Retirement System may apply
8 for transfer of his credits and creditable service
9 accumulated under this System to the General Assembly System
10 or a Fund established under Article 5 or 12 of this Code.
11 Such credits and creditable service shall be transferred
12 forthwith. Payment by this System to the General Assembly
13 Retirement System or the Fund established under Article 5 or
14 12 shall be made at the same time and shall consist of:
15 (1) the amounts accumulated to the credit of the
16 applicant, including regular interest, on the books of
17 the System on the date of transfer; and
18 (2) employer contributions in an amount equal to
19 the amount of member contributions as determined under
20 subparagraph (1).
21 Participation in this System as to any credits transferred
22 under this Section shall terminate on the date of transfer.
23 (b) An active (and until February 1, 1993, a former)
24 member of the General Assembly who has service credits and
25 creditable service under the System may establish additional
26 service credits and creditable service for periods during
27 which he was an elected official and could have elected to
28 participate but did not so elect. Service credits and
29 creditable service may be established by payment to the
30 System of an amount equal to the contributions he would have
31 made if he had elected to participate, plus regular interest
32 to the date of payment.
33 (c) An active (and until February 1, 1993, a former)
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1 member of the General Assembly Retirement System may
2 reinstate service and service credits terminated upon receipt
3 of a separation benefit, by payment to the System of the
4 amount of the separation benefit plus regular interest
5 thereon to the date of payment.
6 (d) An active member of this System may reinstate
7 creditable service that was terminated upon transfer under
8 subsection (a) and has been retransferred back to this System
9 under Section 2-117.4 of this Code by applying to the System
10 in writing within 6 months after the effective date of this
11 amendatory Act of the 91st General Assembly and paying to the
12 System an amount to be determined by the Board, equal to (1)
13 the difference between the amount of employee and employer
14 contributions for that service as defined in this Section and
15 the amount repaid to this System under Section 2-117.4, plus
16 (2) regular interest thereon from the date of the transfer to
17 the Article 2 system under this Section to the date of
18 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.