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92_HB3622
LRB9208625LDpr
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 Sections 5-237 and 9-121.13 as follows:
6 (40 ILCS 5/5-237)
7 Sec. 5-237. Transfer of creditable service to Article 9
8 fund.
9 (a) Any person who is an active participant in the
10 pension fund established under Article 9 of this Code and who
11 was employed by the office of the Cook County State's
12 Attorney on January 1, 1995 may apply for transfer of his or
13 her credits and creditable service accumulated in this Fund
14 to that Article 9 fund. Upon receipt of a written
15 application to make this transfer, the Fund shall pay to the
16 Article 9 fund an amount consisting of:
17 (1) the amounts credited to the applicant through
18 employee contributions, plus accumulated interest; plus
19 (2) an amount representing municipality
20 contributions, equal to the amount determined under item
21 (1); plus
22 (3) any interest paid to the Fund in order to
23 reinstate credits and creditable service under subsection
24 (b).
25 Participation in this Fund shall terminate on the date of the
26 transfer.
27 (a-5) Until July 1, 2002, July 1, 1998, any person who
28 is an active participant in the pension fund established
29 under Article 9 of this Code and a member of the county
30 police department as defined in Section 9-128.1 may apply for
31 transfer of his or her credits and creditable service
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1 accumulated in this Fund to that Article 9 fund. Upon
2 receipt of a written application to make this transfer, the
3 Fund shall pay to the Article 9 fund an amount consisting of:
4 (1) the amounts credited to the applicant through
5 employee contributions, plus accumulated interest; plus
6 (2) an amount representing municipality
7 contributions, equal to the amount determined under item
8 (1); plus
9 (3) any interest paid to the Fund in order to
10 reinstate credits and creditable service under subsection
11 (b).
12 Participation in this Fund shall terminate on the date of the
13 transfer.
14 (b) As part of a transfer under subsection (a) or (a-5),
15 a person may reinstate credits and creditable service that
16 was terminated upon receipt of a refund, by paying to the
17 Fund the amount of the refund plus interest thereon at the
18 rate of 6% per year, compounded annually, from the date of
19 the refund to the date of payment.
20 (Source: P.A. 89-136, eff. 7-14-95; 90-32, eff. 6-27-97.)
21 (40 ILCS 5/9-121.13)
22 Sec. 9-121.13. Transfer of Article 5 credits.
23 (a) An active participant in the Fund who was employed
24 by the office of the Cook County State's Attorney on January
25 1, 1995 may transfer to this Fund credits and creditable
26 service accumulated under the pension fund established under
27 Article 5 of this Code, as provided in Section 5-237, by
28 submitting a written application to the Fund and paying to
29 the Fund the amount, if any, by which the amount transferred
30 to the Fund under Section 5-237 is less than the amount of
31 employee and employer contributions that would have been
32 received by the Fund if the service being transferred had
33 been served as a participant of this Fund, including interest
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1 at the rate of 6% per year, compounded annually, from the
2 date of the service to the date of payment.
3 (b) Until July 1, 2002, July 1, 1998, an active
4 participant in the Fund who is a member of the county police
5 department may transfer to this Fund credits and creditable
6 service accumulated under the pension fund established under
7 Article 5 of this Code, as provided in Section 5-237, by
8 submitting a written application to the Fund and paying to
9 the Fund the amount, if any, by which the amount transferred
10 to the Fund under Section 5-237 is less than the amount of
11 employee and employer contributions that would have been
12 received by the Fund if the service being transferred had
13 been served as a participant of this Fund, including interest
14 at the rate of 6% per year, compounded annually, from the
15 date of the service to the date of payment.
16 (c) The applicant may elect to have the service
17 transferred be deemed service as a member of the county
18 police department; if the applicant so elects, the required
19 payment shall be calculated on the basis of the rates
20 applicable to members of the county police department.
21 (Source: P.A. 89-136, eff. 7-14-95; 90-32, eff. 6-27-97.)
22 Section 99. Effective date. This Act takes effect upon
23 becoming law.