Bill Status of SB0118 102nd General Assembly
Short Description: PEN CD-CTPF-VARIOUS
Sen. Sara Feigenholtz
| 4/16/2021||Senate||Rule 3-9(a) / Re-referred to Assignments|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that in case any officer whose signature appears upon any check or draft, issued pursuant to the Article, ceases to hold office, the signature nevertheless shall be valid and sufficient for all purposes. Removes language concerning checks or drafts signed by an officer who ceases to hold office before the delivery of the check to the payee. Provides that if the Fund mistakenly sets any benefit at an incorrect amount, the Fund shall recalculate the benefit as soon as may be practicable after the mistake is discovered. Provides that if the benefit was mistakenly set too low, the Fund shall make a lump sum payment to the recipient of an amount equal to the difference between the benefits that should have been paid and those actually paid, plus interest at the rate of 3% from the date the unpaid amounts accrued to the date of payment. Provides that if the benefit was mistakenly set too high, the Fund may recover the amount overpaid from the recipient plus interest at 3% from the date of overpayment to the date of recovery. Contains provisions concerning repayment of the overpaid amount. Provides that if (1) the amount of the benefit was mistakenly set too high, (2) the error was undiscovered for 3 years or longer from the date of the first mistaken benefit payment, and (3) the error was not the result of incorrect information supplied by the affected member, then upon discovery of the mistake the benefit shall be adjusted to the correct level, but the recipient of the benefit shall not be required to repay to the Fund the excess amounts received in error. Makes other changes.