|
Public Act 102-0113
|
| HB0126 Enrolled | LRB102 02770 RPS 12777 b |
|
|
AN ACT concerning public employee benefits.
|
Be it enacted by the People of the State of Illinois,
|
represented in the General Assembly:
|
Section 5. The Illinois Pension Code is amended by |
changing Section 3-110.10 and by adding Section 7-139.14 as |
follows:
|
(40 ILCS 5/3-110.10)
|
Sec. 3-110.10. Transfer from Article 7. Until January 1, |
2009, a person may transfer to a fund established under this |
Article up to 8 years of creditable service accumulated under |
Article 7 of this Code upon payment to the fund of an amount to |
be determined by
the board, equal to (i) the difference |
between the amount of
employee and employer contributions |
transferred to the fund
under Section 7-139.11 and the amounts |
that would have been contributed had such
contributions been |
made at the rates applicable to an employee under this |
Article, plus (ii) interest thereon at the actuarially assumed |
rate, compounded annually, from the date of service to the
|
date of payment.
|
No later than 6 months after the effective date of this |
amendatory Act of the 102nd General Assembly, a person may |
transfer to a fund established under this Article creditable |
service accumulated under Article 7 of this Code for service |
|
as a sheriff's law enforcement employee, person employed by a |
participating municipality to perform police duties, or law |
enforcement officer employed on a full-time basis by a forest |
preserve district upon payment to the fund of an amount to be |
determined by the board, equal to (i) the difference between |
the amount of employee and employer contributions transferred |
to the fund under Section 7-139.14 and the amounts that would |
have been contributed had such contributions been made at the |
rates applicable to an employee under this Article, plus (ii) |
interest thereon at the actuarially assumed rate, compounded |
annually, from the date of service to the date of payment. |
(Source: P.A. 95-530, eff. 8-28-07; 95-876, eff. 8-21-08; |
95-1036, eff. 2-17-09.)
|
(40 ILCS 5/7-139.14 new) |
Sec. 7-139.14. Transfer to Article 3 pension fund. |
(a) Within 6 months after the effective date of this |
amendatory Act of the 102nd General Assembly, an active member |
of a pension fund established under Article 3 of this Code may |
apply for transfer to that Article 3 pension fund of his or her |
credits and creditable service accumulated in this Fund for |
service as a sheriff's law enforcement employee, person |
employed by a participating municipality to perform police |
duties, or law enforcement officer employed on a full-time |
basis by a forest preserve district. The creditable service |
shall be transferred only upon payment by this Fund to such |
|
Article 3 pension fund of an amount equal to: |
(1) the amounts accumulated to the credit of the |
applicant for the service to be transferred, including |
interest; and |
(2) an amount representing employer contributions, |
equal to the total amount determined under item (1); and |
(3) any interest paid by the applicant to reinstate |
such service. |
Participation in this Fund as to any credits transferred |
under this Section shall terminate on the date of transfer. |
(b) Notwithstanding any other provision of this Code, any |
person applying to transfer service under this Section may |
reinstate credits and creditable service terminated upon |
receipt of a separation benefit by paying to the Fund the |
amount of the separation benefit plus interest thereon at the |
actuarially assumed rate of interest to the date of payment. |
Such payment must be made within 90 days after notification by |
the Fund of the cost of such reinstatement.
|
Section 90. The State Mandates Act is amended by adding |
Section 8.45 as follows:
|
(30 ILCS 805/8.45 new) |
Sec. 8.45. Exempt mandate. Notwithstanding Sections 6 and |
8 of this Act, no reimbursement by the State is required for |
the implementation of any mandate created by this amendatory |