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92_SB0565 LRB9204841EGfg 1 AN ACT in relation to public employee benefits. 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 15-135.1 as follows: 6 (40 ILCS 5/15-135.1) 7 Sec. 15-135.1. Election to avoid application of P.A. 8 90-65. 9 (a) A participant who was an employee on July 7, 1997 10 and retires on or after July 30, 1999
the effective date of11 this amendatory Act of the 91st General Assemblymay elect in 12 writing at the time of retirement to have the retirement 13 annuity calculated in accordance with the provisions of 14 Sections 15-135 and 15-136 as they existed immediately prior 15 to amendment by Public Act 90-65. This election, once made, 16 is irrevocable. 17 (a-1) A participant who was an employee on July 7, 1997 18 and retired on or after January 1, 1998 but before July 30, 19 1999 may elect in writing, within 60 days after the effective 20 date of this amendatory Act of the 92nd General Assembly, to 21 have the retirement annuity calculated in accordance with the 22 provisions of Sections 15-135 and 15-136 as they existed 23 immediately prior to amendment by Public Act 90-65. This 24 election is prospective only and, once made, is irrevocable. 25 When an election under this subsection (a-1) is made, the 26 System shall recalculate the retirement annuity, effective on 27 the next annuity payment date following the date of election. 28 The election applies to group insurance costs that become 29 payable after the Department of Central Management Services 30 is notified of the election under subsection (c), but does 31 not entitle the person to a refund of any group insurance -2- LRB9204841EGfg 1 costs already paid. 2 (b) The fact that a person has elected to participate in 3 the optional retirement program under Section 15-158.2 or has 4 elected the portability option under subsection (a-1) of 5 Section 15-154 does not prevent the person from making an 6 election under subsection (a) or (a-1) of this Section; the 7 fact that such a person makes an election under subsection 8 (a) or (a-1) of this Section does not allow the person to 9 change the irrevocable election that he or she made under 10 Section 15-158.2 or subsection (a-1) of Section 15-154. 11 (c) The System shall promptly notify the Department of 12 Central Management Services of each election made under this 13 Section. 14 (Source: P.A. 91-395, eff. 7-30-99.) 15 Section 99. Effective date. This Act takes effect upon 16 becoming law.
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