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| 1 | AN ACT concerning public employee benefits.
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| 2 | Be it enacted by the People of the State of Illinois, | ||||||
| 3 | represented in the General Assembly:
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| 4 | Section 5. The Illinois Pension Code is amended by changing | ||||||
| 5 | Sections 5-234 and by adding Section 6-229 as follows: | ||||||
| 6 | (40 ILCS 5/5-234) (from Ch. 108 1/2, par. 5-234) | ||||||
| 7 | Sec. 5-234. Transfer of credits. | ||||||
| 8 | (a) Any police officer who has at least 10
years of | ||||||
| 9 | creditable service in the Fund may transfer to this Fund | ||||||
| 10 | credits
and creditable service accumulated under any other | ||||||
| 11 | pension fund or
retirement system established under Article 8 | ||||||
| 12 | or 12 of this Code, by making
application and paying to the | ||||||
| 13 | Fund before January 1, 1990 the amount by
which the employee | ||||||
| 14 | contributions that would have been required if he had
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| 15 | participated in this Fund during the period for which credit is | ||||||
| 16 | being
transferred, plus interest, exceeds the amount
actually | ||||||
| 17 | transferred from such other fund or system to this Fund under | ||||||
| 18 | item
(1) of Section 8-226.5 or item (1) of Section 12-127.5. | ||||||
| 19 | (b) Any police officer who has at least 10 years of | ||||||
| 20 | creditable service in the Fund may transfer to this Fund up to | ||||||
| 21 | 48 months of creditable service accumulated under Article 9 of | ||||||
| 22 | this Code as a correctional officer with the county department | ||||||
| 23 | of corrections prior to January 1, 1994, by making application | ||||||
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| 1 | to the Fund within 6 months after the effective date of this | ||||||
| 2 | amendatory Act of the 96th General Assembly and by paying to | ||||||
| 3 | the Fund an amount to be determined by the Board, equal to (i) | ||||||
| 4 | the difference between the amount of employee and employer | ||||||
| 5 | contributions transferred to the Fund under Section 9-121.17 | ||||||
| 6 | and the amounts that would have been contributed had such | ||||||
| 7 | contributions been made at the rates applicable to members of | ||||||
| 8 | this Fund, plus (ii) interest thereon at the actuarially | ||||||
| 9 | assumed rate for each year, compounded annually, from the date | ||||||
| 10 | of service to the date of payment. | ||||||
| 11 | (c) A policeman may transfer to this Fund up to 10 years of | ||||||
| 12 | credits and
creditable service
accumulated under the pension | ||||||
| 13 | fund established under Article 6 of this
Code, by making | ||||||
| 14 | written application to the Fund within 6 months after the
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| 15 | effective date of this amendatory Act of the 96th General | ||||||
| 16 | Assembly. For
the transfer to be effective, the policeman must | ||||||
| 17 | pay to the Fund before
withdrawal from service the amount, if | ||||||
| 18 | any, by which the employee contributions
that would have been | ||||||
| 19 | required if he or she had participated in this Fund during
the | ||||||
| 20 | period for which credit is being transferred, plus interest, | ||||||
| 21 | exceeds the
amount actually transferred from the Article 6 fund | ||||||
| 22 | to this Fund under Section
6-229. | ||||||
| 23 | (Source: P.A. 96-727, eff. 8-25-09.) | ||||||
| 24 | (40 ILCS 5/6-229 new) | ||||||
| 25 | Sec. 6-229. Transfer of creditable service to Article 5 | ||||||
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| 1 | fund.
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| 2 | (a) Any policeman, as defined in Section 5-109 of this | ||||||
| 3 | Code, who is a
participant in the pension fund established | ||||||
| 4 | under Article 5 of this Code may
apply for transfer of up to 10 | ||||||
| 5 | years of his or her credits and creditable service
accumulated | ||||||
| 6 | in this Fund to that Article 5 fund, if he or she applies to
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| 7 | transfer those credits and creditable service within 6 months | ||||||
| 8 | of the effective
date of this amendatory Act of the 96th | ||||||
| 9 | General Assembly. Such creditable
service shall be transferred
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| 10 | forthwith. Payment by this Fund to the Article 5 fund shall be | ||||||
| 11 | made at the
same time and shall consist of:
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| 12 | (1) the amounts accumulated to the credit of the | ||||||
| 13 | applicant, including
interest, on the books of the Fund on | ||||||
| 14 | the date of transfer, but
excluding any additional or | ||||||
| 15 | optional credits, which credits shall be
refunded to the | ||||||
| 16 | applicant; and
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| 17 | (2) municipality credits computed and credited under | ||||||
| 18 | this Article,
including interest, on the books of the Fund | ||||||
| 19 | on the date the member
terminated service under the Fund.
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| 20 | Participation in this Fund as to any credits transferred | ||||||
| 21 | under this Section
shall terminate on the date of transfer.
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| 22 | (b) Any such elected policeman may reinstate credits and | ||||||
| 23 | creditable service
terminated upon receipt of a separation | ||||||
| 24 | benefit, by payment to the Fund of
the amount of the separation | ||||||
| 25 | benefit plus interest thereon to the
date of payment. | ||||||
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| 1 | Section 90. The State Mandates Act is amended by adding | ||||||
| 2 | Section 8.34 as follows: | ||||||
| 3 | (30 ILCS 805/8.34 new) | ||||||
| 4 | Sec. 8.34. Exempt mandate. Notwithstanding Sections 6 and 8 | ||||||
| 5 | of this Act, no reimbursement by the State is required for the | ||||||
| 6 | implementation of any mandate created by this amendatory Act of | ||||||
| 7 | the 96th General Assembly.
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| 8 | Section 99. Effective date. This Act takes effect upon | ||||||
| 9 | becoming law.
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