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| Public Act 101-0474 | ||||
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AN ACT concerning public employee benefits.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Pension Code is amended by adding | ||||
Sections 4-108.7 and 6-227.1 as follows: | ||||
(40 ILCS 5/4-108.7 new) | ||||
Sec. 4-108.7. Transfer of creditable service from the | ||||
Firemen's Annuity and Benefit Fund of Chicago. Until 6 months | ||||
after the effective date of this amendatory Act of the 101st | ||||
General Assembly, any active participant in a fund established | ||||
under this Article may transfer to that fund creditable service | ||||
accumulated under Article 6 of this Code upon payment to the | ||||
Article 4 fund, within 5 years after the date of application, | ||||
of an amount equal to the difference between the amount of | ||||
employee and employer contributions transferred to the Article | ||||
4 fund under Section 6-227.1 and the amounts determined by the | ||||
Article 4 fund in accordance with this Section, plus interest | ||||
on that difference at the actuarially assumed rate, compounded | ||||
annually, from the date of service to the date of payment. | ||||
The Article 4 fund must determine the firefighter's payment | ||||
required to establish creditable service under this Section by | ||||
taking into account the appropriate actuarial assumptions, | ||||
including without limitation the firefighter's service, age, | ||||
and salary history; the level of funding of the Article 4 fund; | ||
and any other factors that the Article 4 fund determines to be | ||
relevant. For this purpose, the firefighter's required payment | ||
should result in no significant increase to the Article 4 | ||
fund's unfunded actuarial accrued liability determined as of | ||
the most recent actuarial valuation, based on the same | ||
assumptions and methods used to develop and report the Article | ||
4 fund's actuarial accrued liability and actuarial value of | ||
assets under Statement No. 25 of Governmental Accounting | ||
Standards Board or any subsequent applicable Statement. | ||
(40 ILCS 5/6-227.1 new) | ||
Sec. 6-227.1. Transfer of creditable service to Article 4. | ||
(a) Until 6 months after the effective date of this | ||
amendatory Act of the 101st General Assembly, any active | ||
participant in an Article 4 pension fund may apply for transfer | ||
of creditable service accumulated in the Firemen's Annuity and | ||
Benefit Fund of Chicago to any Article 4 pension fund. Such | ||
creditable service shall be transferred only upon payment by | ||
the Firemen's Annuity and Benefit Fund of Chicago to the | ||
Article 4 fund of an amount equal to: | ||
(1) the amounts accumulated to the credit of the | ||
applicant on the books of the fund on the date of transfer; | ||
(2) employer contributions in an amount equal to the | ||
amount determined under subparagraph (1); and | ||
(3) any interest paid by the applicant in order to | ||
reinstate service. | ||
Participation in the Firemen's Annuity and Benefit Fund of | ||
Chicago as to any credits transferred under this Section shall | ||
terminate on the date of transfer. | ||
(b) An active participant in an Article 4 pension fund | ||
applying for a transfer of creditable service under subsection | ||
(a) may reinstate credits and creditable service terminated | ||
upon receipt of a refund by payment to the Article 4 pension | ||
fund of the amount of the refund with interest thereon at the | ||
actuarially assumed rate, compounded annually, from the date of | ||
the refund to the date of payment. | ||
Section 90. The State Mandates Act is amended by adding | ||
Section 8.43 as follows: | ||
(30 ILCS 805/8.43 new) | ||
Sec. 8.43. 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 Act of | ||
the 101st General Assembly.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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