98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB3624

 

Introduced , by Rep. Mike Bost

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/3-110.8
40 ILCS 5/7-139.13

    Amends the Illinois Pension Code. Extends the deadline for a person to transfer up to 10 years of service credit from a downstate police pension fund to the Illinois Municipal Retirement Fund (IMRF). Provides that such credit shall be treated as service as a sheriff's law enforcement employee.


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FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3624LRB098 11686 EFG 44307 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 changing
5Sections 3-110.8 and 7-139.13 as follows:
 
6    (40 ILCS 5/3-110.8)
7    Sec. 3-110.8. Transfer to IMRF.
8    (a) Until 180 60 days after the effective date of this
9amendatory Act of the 98th 97th General Assembly, any active
10member of the Illinois Municipal Retirement Fund may apply to
11transfer up to 10 years of creditable service in a police
12pension fund under this Article to the Illinois Municipal
13Retirement Fund. The creditable service shall be transferred
14upon payment by the police pension fund to the Illinois
15Municipal Retirement Fund of an amount equal to:
16        (1) the amounts accumulated to the credit of the
17    applicant on the books of the fund on the date of transfer;
18    and
19        (2) employer contributions in an amount equal to the
20    amount determined under subparagraph (1); and
21        (3) any interest paid by the applicant in order to
22    reinstate service.
23Creditable service transferred to the Illinois Municipal

 

 

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1Retirement Fund under this Section shall terminate on the date
2of the transfer.
3    (b) Until 180 60 days after the effective date of this
4amendatory Act of the 98th 97th General Assembly, any active
5member of the Illinois Municipal Retirement Fund may reinstate
6all or any portion of his or her service that was terminated by
7receipt of a refund, by payment to the police pension fund of
8the amount of the refund with interest thereon at the
9actuarially assumed rate, compounded annually, from the date of
10refund to the date of payment.
11(Source: P.A. 97-273, eff. 8-8-11.)
 
12    (40 ILCS 5/7-139.13)
13    Sec. 7-139.13. Transfer from Article 3. Notwithstanding
14subdivision (a)10 of Section 7-139, from the effective date of
15this amendatory Act of the 98th 97th General Assembly until 180
1660 days after the effective date of this amendatory Act of the
1798th 97th General Assembly, a person may transfer to the
18Illinois Municipal Retirement System up to 10 years of
19creditable service accumulated under Article 3 of this Code. To
20establish creditable service under this Section, a person may
21elect to do either of the following:
22        (A) Pay to the Fund an amount to be determined by the
23    board, equal to (i) the difference between the amount of
24    employee and employer contributions transferred to the
25    Fund under Section 3-110.8 and the amounts that would have

 

 

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1    been contributed had such contributions been made at the
2    rates applicable to a sheriff's law enforcement an employee
3    under this Article, plus (ii) interest thereon at the
4    actuarially assumed rate, compounded annually, from the
5    date of service to the date of payment.
6        (B) Have the amount of his or her creditable service
7    established under this Section reduced by an amount
8    corresponding to the amount by which (i) the employer and
9    employee contributions that would have been required if he
10    had participated in this Fund as a sheriff's law
11    enforcement employee during the period for which credit is
12    being transferred, plus interest thereon at the
13    actuarially assumed rate, compounded annually, from the
14    date of termination of the service for which credit is
15    being transferred to the date of payment, exceeds (ii) the
16    amount actually transferred to the Fund.
17    Creditable service transferred under this Section under
18this amendatory Act of the 98th General Assembly shall be
19treated as service as a sheriff's law enforcement employee.
20(Source: P.A. 97-273, eff. 8-8-11.)