State of Illinois
91st General Assembly
Legislation

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[ Engrossed ][ Senate Amendment 001 ]

91_SB0854

 
                                               LRB9105994EGfg

 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    changing Section 16-131.1 as follows:

 6        (40 ILCS 5/16-131.1) (from Ch. 108 1/2, par. 16-131.1)
 7        Sec. 16-131.1.  Transfer of  creditable  service  to  the
 8    General Assembly Retirement System.
 9        (a)  An  active member of the General Assembly Retirement
10    System, and until May 1,  1993,  any  person  having  service
11    credit  therein, may apply to transfer all or any part of his
12    or her creditable service accumulated under  this  system  to
13    the   General  Assembly  Retirement  System.   The  specified
14    creditable service shall  be  transferred  upon  application.
15    Payment  by  this  system  to the General Assembly Retirement
16    System shall be made at the same time and shall consist of:
17             (1)  the amounts  credited  to  the  member  through
18        member  contributions  for the service to be transferred,
19        including interest if  applicable,  as  of  the  date  of
20        transfer,   but  excluding  any  additional  or  optional
21        contributions, which shall be refunded to the member; and
22             (2)  employer contributions equal in amount  to  the
23        accumulated   member   contributions   as  determined  in
24        subparagraph (1).
25    Participation in this system with respect to the  transferred
26    credits shall terminate on the date of transfer.
27        (b)  An  active  member  of  the General Assembly who has
28    creditable service under the system may establish  additional
29    creditable  service for periods during which he or she was an
30    elected official and could have elected  to  participate  but
31    did  not  so elect.  Creditable service may be established by
 
                            -2-                LRB9105994EGfg
 1    payment to the system of an amount equal to the contributions
 2    that would have been  made  if  the  person  had  elected  to
 3    participate,  plus  interest  at  the  rate  specified  under
 4    subsection (a) of Section 16-128 to the date of payment.
 5        (c)  An  active member of the General Assembly, and until
 6    May 1, 1993, any person having service credit in the  General
 7    Assembly  Retirement System, may reinstate creditable service
 8    terminated upon receipt of a refund, by payment to the system
 9    of the amount of the refund together with interest thereon at
10    the rate specified under subsection (a) of Section 16-128  to
11    the date of payment.
12    (Source: P.A. 87-1265.)

13        Section  99.  Effective date.  This Act takes effect upon
14    becoming law.

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