Rep. Michael J. Zalewski
Filed: 3/31/2009
 
 

 




 

 		












09600HB2422ham002

LRB096 08603 MJR 24880 a






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AMENDMENT TO HOUSE BILL 2422 




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    AMENDMENT NO. ______. Amend House Bill 2422, AS AMENDED, 
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with reference to page and line numbers of House Amendment No. 
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1, on page 1, by replacing line 5 with the following:
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"changing Sections 5-234, 6-210.1, 6-210.2, and 8-172.1 and by 
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adding Section 9-121.18 as follows:


 



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    (40 ILCS 5/5-234)  (from Ch. 108 1/2, par. 5-234)



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    Sec. 5-234. Transfer of credits. 
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    (a) Any police officer who has at least 10
years of 
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creditable service in the Fund may transfer to this Fund 
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credits
and creditable service accumulated under any other 
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pension fund or
retirement system established under Article 8 
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or 12 of this Code, by making
application and paying to the 
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Fund before January 1, 1990 the amount by
which the employee 
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contributions that would have been required if he had

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participated in this Fund during the period for which credit is 
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being
transferred, plus interest, exceeds the amount
actually 
 


 






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transferred from such other fund or system to this Fund under 
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item
(1) of Section 8-226.5 or item (1) of Section 12-127.5.

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    (b) Any police officer who has at least 10 years of 
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creditable service in the Fund may transfer to this Fund up to 
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48 months of creditable service accumulated under Article 9 of 
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this Code as a correctional officer with the county department 
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of corrections prior to January 1, 1994, by making application 
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to the Fund within 6 months after the effective date of this 
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amendatory Act of the 96th General Assembly and by paying to 
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the Fund an amount to be determined by the Board, equal to (i) 
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the difference between the amount of employee and employer 
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contributions transferred to the Fund under Section 9-121.17 
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and the amounts that would have been contributed had such 
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contributions been made at the rates applicable to members of 
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this Fund, plus (ii) interest thereon at the actuarially 
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assumed rate for each year, compounded annually, from the date 
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of service to the date of payment. 
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(Source: P.A. 86-272.)"; and

 
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on page 5, immediately below line 25, by inserting the 
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following:
 
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    "(40 ILCS 5/9-121.18  new)
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    Sec. 9-121.18. Transfer to Article 5. 
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    (a) Any active member of Article 5 of this Code may apply 
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for transfer of some or all of his creditable service as a 
 


 






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correctional officer with the county department of corrections 
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accumulated under this Article to the Article 5 Fund in 
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accordance with paragraph (b) of Section 5-234. At the time of 
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the transfer the Fund shall pay to the Article 5 Fund an amount 
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equal to:
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        (1) the amounts accumulated to the credit of the 
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    applicant on the books of the Fund on the date of transfer 
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    for the service to be transferred;
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        (2) the corresponding employer credits, including 
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    interest, on the books of the Fund on the date of transfer; 
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    and
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        (3) any interest paid by the applicant in order to 
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    reinstate such service.
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    Participation in this Fund with respect to the credits 
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transferred shall terminate on the date of transfer.
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    (b) Any person applying to transfer service under this 
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Section may reinstate credit for service as a member of the 
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county department of corrections that was terminated by receipt 
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of a refund, by paying to the Fund the amount of the refund 
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with interest thereon at the actuarially assumed rate, 
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compounded annually, from the date of refund to the date of 
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payment.".