HB0126 EngrossedLRB102 02770 RPS 12777 b

1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by
5changing Section 3-110.10 and by adding Section 7-139.14 as
6follows:
 
7    (40 ILCS 5/3-110.10)
8    Sec. 3-110.10. Transfer from Article 7. Until January 1,
92009, a person may transfer to a fund established under this
10Article up to 8 years of creditable service accumulated under
11Article 7 of this Code upon payment to the fund of an amount to
12be determined by the board, equal to (i) the difference
13between the amount of employee and employer contributions
14transferred to the fund under Section 7-139.11 and the amounts
15that would have been contributed had such contributions been
16made at the rates applicable to an employee under this
17Article, plus (ii) interest thereon at the actuarially assumed
18rate, compounded annually, from the date of service to the
19date of payment.
20    No later than 6 months after the effective date of this
21amendatory Act of the 102nd General Assembly, a person may
22transfer to a fund established under this Article creditable
23service accumulated under Article 7 of this Code for service

 

 

HB0126 Engrossed- 2 -LRB102 02770 RPS 12777 b

1as a sheriff's law enforcement employee, person employed by a
2participating municipality to perform police duties, or law
3enforcement officer employed on a full-time basis by a forest
4preserve district upon payment to the fund of an amount to be
5determined by the board, equal to (i) the difference between
6the amount of employee and employer contributions transferred
7to the fund under Section 7-139.14 and the amounts that would
8have been contributed had such contributions been made at the
9rates applicable to an employee under this Article, plus (ii)
10interest thereon at the actuarially assumed rate, compounded
11annually, from the date of service to the date of payment.
12(Source: P.A. 95-530, eff. 8-28-07; 95-876, eff. 8-21-08;
1395-1036, eff. 2-17-09.)
 
14    (40 ILCS 5/7-139.14 new)
15    Sec. 7-139.14. Transfer to Article 3 pension fund.
16    (a) Within 6 months after the effective date of this
17amendatory Act of the 102nd General Assembly, an active member
18of a pension fund established under Article 3 of this Code may
19apply for transfer to that Article 3 pension fund of his or her
20credits and creditable service accumulated in this Fund for
21service as a sheriff's law enforcement employee, person
22employed by a participating municipality to perform police
23duties, or law enforcement officer employed on a full-time
24basis by a forest preserve district. The creditable service
25shall be transferred only upon payment by this Fund to such

 

 

HB0126 Engrossed- 3 -LRB102 02770 RPS 12777 b

1Article 3 pension fund of an amount equal to:
2        (1) the amounts accumulated to the credit of the
3    applicant for the service to be transferred, including
4    interest; and
5        (2) an amount representing employer contributions,
6    equal to the total amount determined under item (1); and
7        (3) any interest paid by the applicant to reinstate
8    such service.
9    Participation in this Fund as to any credits transferred
10under this Section shall terminate on the date of transfer.
11    (b) Notwithstanding any other provision of this Code, any
12person applying to transfer service under this Section may
13reinstate credits and creditable service terminated upon
14receipt of a separation benefit by paying to the Fund the
15amount of the separation benefit plus interest thereon at the
16actuarially assumed rate of interest to the date of payment.
17Such payment must be made within 90 days after notification by
18the Fund of the cost of such reinstatement.
 
19    Section 90. The State Mandates Act is amended by adding
20Section 8.45 as follows:
 
21    (30 ILCS 805/8.45 new)
22    Sec. 8.45. Exempt mandate. Notwithstanding Sections 6 and
238 of this Act, no reimbursement by the State is required for
24the implementation of any mandate created by this amendatory

 

 

HB0126 Engrossed- 4 -LRB102 02770 RPS 12777 b

1Act of the 102nd General Assembly.
 
2    Section 99. Effective date. This Act takes effect upon
3becoming law.