SB3778sam002 102ND GENERAL ASSEMBLY

Sen. Christopher Belt

Filed: 2/7/2022

10200SB3778sam002 LRB102 23771 RPS 35890 a

AMENDMENT TO SENATE BILL 3778

AMENDMENT NO. ______. Amend Senate Bill 3778 as follows:

on page 26, immediately below line 13, by inserting the following:

"Notwithstanding the limitation in subsection (i), an investigator for either the Department of Revenue or the Illinois Gaming Board may elect to convert service credit earned under this Article to eligible creditable service, as defined by this Section, by filing a written election with the Board within 6 months after the effective date of this amendatory Act of the 102nd General Assembly and paying to the System an amount to be determined by the Board equal to (i) the difference between the amount of employee contributions originally paid for that service and the amounts that would have been contributed had such contributions been made at the rates applicable to investigators of the Department of Revenue and the Illinois Gaming Board, plus (ii) the difference between the employer's normal cost of the credit prior to the conversion authorized by this amendatory Act of the 102nd General Assembly and the employer's normal cost of the credit converted in accordance with this amendatory Act of the 102nd General Assembly, plus (iii) interest thereon at the actuarially assumed rate for each year, compounded annually, from the date of service to the date of payment.".