093_SB0583

 
                                     LRB093 08965 EFG 09197 b

 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    adding  Sections  3-110.8  and  9-121.14 and changing Section
 6    5-234 as follows:

 7        (40 ILCS 5/3-110.8 new)
 8        Sec. 3-110.8. Transfer to Article 5 Fund.
 9        (a)  Until January 1, 2006,  any  active  member  of  the
10    Article  5  pension fund may apply for transfer of his or her
11    creditable service accumulated in  any  police  pension  fund
12    under  this  Article  to that Article 5 fund.  The creditable
13    service shall be  transferred  upon  payment  by  the  police
14    pension fund to the Article 5 fund of an amount equal to:
15             (1)  the  amounts  accumulated  to the credit of the
16        applicant on the  books  of  the  fund  on  the  date  of
17        transfer; and
18             (2)  employer  contributions  in  an amount equal to
19        the amount determined under item (1); and
20             (3)  any interest paid by the applicant in order  to
21        reinstate service.
22    Participation  in  this  Fund  shall terminate on the date of
23    transfer.
24        (b)  Until January 1, 2006,  any  active  member  of  the
25    Article  5  pension  fund may reinstate service in any police
26    pension fund  under  this  Article  that  was  terminated  by
27    receipt of a refund, by payment to the police pension fund of
28    the  amount  of the refund, together with interest thereon at
29    the rate of 6% per year, compounded annually, from  the  date
30    of the refund to the date of repayment.
 
                            -2-      LRB093 08965 EFG 09197 b
 1        (40 ILCS 5/5-234) (from Ch. 108 1/2, par. 5-234)
 2        Sec. 5-234.  Transfer of credits.
 3        (a)  Any  police  officer  who  has  at least 10 years of
 4    creditable service in the Fund  may  transfer  to  this  Fund
 5    credits  and  creditable  service accumulated under any other
 6    pension fund or retirement system established under Article 8
 7    or 12 of this Code, by making application and paying  to  the
 8    Fund  before January 1, 1990 the amount by which the employee
 9    contributions  that  would  have  been  required  if  he  had
10    participated in this Fund during the period for which  credit
11    is  being  transferred,  plus  interest,  exceeds  the amount
12    actually transferred from such other fund or system  to  this
13    Fund under item (1) of Section 8-226.5 or item (1) of Section
14    12-127.5.
15        (b)  A  policeman  may  transfer to this Fund credits and
16    creditable service accumulated under any police pension  fund
17    established  under  Article  3  of  this Code, or accumulated
18    under Article 9 for service as a member of the county  police
19    department,  by making written application to the Fund before
20    January 1, 2006.  For  the  transfer  to  be  effective,  the
21    policeman must pay to the Fund before withdrawal from service
22    the  amount, if any, by which the employee contributions that
23    would have been required if he or  she  had  participated  in
24    this  Fund  during  the  period  for  which  credit  is being
25    transferred,  plus  interest,  exceeds  the  amount  actually
26    transferred from the Article 3 or Article 9 fund to this Fund
27    under item (1) of subsection (a) of Section 3-110.8  or  item
28    (1)  of  subsection  (a)  of  Section  9-121.14, whichever is
29    applicable.
30    (Source: P.A. 86-272.)

31        (40 ILCS 5/9-121.14 new)
32        Sec. 9-121.14. Transfer to Article 5 Fund.
33        (a)  Until January 1, 2006,  any  active  member  of  the
 
                            -3-      LRB093 08965 EFG 09197 b
 1    Article  5  pension fund may apply for transfer of his or her
 2    creditable service accumulated under this Article for service
 3    as a member of the county police department to that Article 5
 4    fund.  The  creditable  service  shall  be  transferred  upon
 5    payment by this Fund to the Article 5 fund of an amount equal
 6    to:
 7             (1)  the  amounts  accumulated  to the credit of the
 8        applicant for that service on the books of  the  Fund  on
 9        the date of transfer; and
10             (2)  employer  contributions  in  an amount equal to
11        the amount determined under item (1); and
12             (3)  any interest paid by the applicant in order  to
13        reinstate that service.
14    Participation  in  this  Fund  with  respect  to  the service
15    transferred shall terminate on the date of transfer.
16        (b)  Until January 1, 2006,  any  active  member  of  the
17    Article  5  pension  fund may reinstate service in any police
18    pension fund  under  this  Article  that  was  terminated  by
19    receipt of a refund, by payment to the police pension fund of
20    the  amount  of the refund, together with interest thereon at
21    the rate of 6% per year, compounded annually, from  the  date
22    of the refund to the date of repayment.

23        Section  90.  The State Mandates Act is amended by adding
24    Section 8.27 as follows:

25        (30 ILCS 805/8.27 new)
26        Sec. 8.27. Exempt mandate.   Notwithstanding  Sections  6
27    and  8 of this Act, no reimbursement by the State is required
28    for  the  implementation  of  any  mandate  created  by  this
29    amendatory Act of the 93rd General Assembly.

30        Section 99. Effective date.  This Act takes  effect  upon
31    becoming law.