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91_SB0425
LRB9105826EGfg
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 7-173.1 as follows:
6 (40 ILCS 5/7-173.1) (from Ch. 108 1/2, par. 7-173.1)
7 Sec. 7-173.1. Additional contribution by sheriff's law
8 enforcement employees; refund.
9 (a) Each sheriff's law enforcement employee shall make
10 an additional contribution of 1% of earnings, which shall be
11 considered as normal contributions. For earnings on or after
12 July 1, 1988, the additional contribution shall be 2% of
13 earnings.
14 This additional contribution shall be payable for
15 retroactive service periods which the employee elects to
16 establish and to periods of authorized leave of absence.
17 (b) If the employee is awarded a retirement annuity
18 under Section 7-142 and not under Section 7-142.1, then the
19 additional contribution required under this Section shall be
20 refunded with interest or paid as provided in subsection (c).
21 If the employee returns to a participating status as a
22 sheriff's law enforcement employee, the employee may repay
23 the amount refunded with interest and upon subsequent
24 retirement be entitled to a recomputation of the retirement
25 annuity under Section 7-142.1 if the total service as a
26 sheriff's law enforcement employee meets the requirements of
27 that Section.
28 (c) Instead of a refund under subsection (b), the
29 retiring employee may elect to convert the amount of the
30 refund into an annuity, payable separately from the
31 retirement annuity. If the annuitant dies before the
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1 guaranteed amount has been distributed, the remainder shall
2 be paid in a lump sum to the designated beneficiary of the
3 annuitant. The Board shall adopt any rules necessary for the
4 implementation of this subsection.
5 (Source: P.A. 90-766, eff. 8-14-98.)
6 Section 99. Effective date. This Act takes effect upon
7 becoming law.