HB3664 95TH GENERAL ASSEMBLY

LRB095 07609 AMC 27759 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB3664

Introduced 2/28/2007, by Rep. Renee Kosel

SYNOPSIS AS INTRODUCED:

40 ILCS 5/3-110.8
40 ILCS 5/7-139.11

Amends the Illinois Pension Code. In the Downstate Police Article, provides that, until January 1, 2008, an active member of the Illinois Municipal Retirement Fund that has less than 8 years of creditable service in a police pension fund under the Article may apply for a transfer of his or her creditable service accumulated in that fund to the Illinois Municipal Retirement Fund. In the Illinois Municipal Retirement Fund Article, provides that, until January 1, 2008, a person who has less than 8 years of creditable service under the IMRF Article who has become an active participant in a police pension fund may apply for a transfer of his or her IMRF creditable service to that police pension fund. Effective immediately.

FISCAL NOTE ACT MAY APPLY

PENSION IMPACT NOTE ACT MAY APPLY

STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

A BILL FOR

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 Sections 3-110.8 and 7-139.11 as follows:

(40 ILCS 5/3-110.8)

Sec. 3-110.8. Transfer to IMRF.

(a) Until January 1, 2008 2006, any active member of the Illinois Municipal Retirement Fund who has less than 8 years of creditable service in a police pension fund under this Article, may apply for transfer of his or her creditable service accumulated in that fund to the Illinois Municipal Retirement Fund. The creditable service shall be transferred upon payment by the police pension fund to the Illinois Municipal Retirement 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; and

(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 this Fund shall terminate on the date of transfer.

(b) Until January 1, 2008 2006, any member under subsection (a) may reinstate service which was terminated by receipt of a refund, by payment to the police pension fund of the amount of the refund with interest thereon at the rate of 6% per year, compounded annually, from the date of refund to the date of payment.

(Source: P.A. 94-356, eff. 7-29-05.)

(40 ILCS 5/7-139.11)

Sec. 7-139.11. Transfer to Article 3 pension fund.

(a) Until January 1, 2008 2006, a person who has less than 8 years of creditable service under this Article and who has become an active participant in a police pension fund established under Article 3 of this Code may apply for transfer to that Article 3 fund of his or her creditable service accumulated under this Article. At the time of the transfer the Fund shall pay to the police pension fund an amount equal to:

(1) the amounts accumulated to the credit of the applicant under this Article, including interest; and

(2) the municipality credits based on that service, including interest; and

(3) any interest paid by the applicant in order to reinstate that service. Participation in this Fund with respect to the transferred credits shall terminate on the date of transfer.

(b) An active member of a pension fund established under Article 3 of this Code may reinstate creditable service under this Article that was terminated by receipt of a refund, by paying to the Fund the amount of the refund plus interest thereon at the rate of 6% per year, compounded annually, from the date of refund to the date of payment.

(Source: P.A. 94-356, eff. 7-29-05.)

Section 99. Effective date. This Act takes effect upon becoming law.