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Rep. Michael J. Madigan
Filed: 2/26/2013
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| 1 | | AMENDMENT TO HOUSE BILL 1154
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| 2 | | AMENDMENT NO. ______. Amend House Bill 1154 by replacing |
| 3 | | everything after the enacting clause with the following:
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| 4 | | "Section 5. The Illinois Pension Code is amended by adding |
| 5 | | Sections 2-105.1, 2-105.2, 2-119.2, 14-103.40, 14-103.41, |
| 6 | | 14-114.1, 15-107.1, 15-107.2, 15-135.5, 16-106.4, 16-106.5, |
| 7 | | and 16-133.6 as follows:
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| 8 | | (40 ILCS 5/2-105.1 new) |
| 9 | | Sec. 2-105.1. Tier I participant. "Tier I participant": A |
| 10 | | participant who first became a participant before January 1, |
| 11 | | 2011.
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| 12 | | (40 ILCS 5/2-105.2 new) |
| 13 | | Sec. 2-105.2. Tier I retiree. "Tier I retiree": a former |
| 14 | | Tier I participant who is receiving a retirement annuity.
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| 1 | | (40 ILCS 5/2-119.2 new) |
| 2 | | Sec. 2-119.2. Termination of annual increases. |
| 3 | | Notwithstanding any other provision of this Article, no |
| 4 | | automatic annual increase in annuity shall be granted in any |
| 5 | | year in which the System is less than 80% funded as of the last |
| 6 | | preceding valuation date to (i) any Tier I retiree or (ii) any |
| 7 | | person receiving a survivor's annuity based on the death of a |
| 8 | | current or former Tier I participant or Tier I retiree. Annual |
| 9 | | increases granted before that effective date shall continue in |
| 10 | | force. |
| 11 | | For purposes of Section 1-103.1, this Section applies |
| 12 | | without regard to whether the Tier I participant or Tier I |
| 13 | | retiree was in service on or after the effective date of this |
| 14 | | Section.
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| 15 | | (40 ILCS 5/14-103.40 new) |
| 16 | | Sec. 14-103.40. Tier I member. "Tier I member": A member of |
| 17 | | this System who first became a member or participant before |
| 18 | | January 1, 2011 under any reciprocal retirement system or |
| 19 | | pension fund established under this Code other than a |
| 20 | | retirement system or pension fund established under Article 2, |
| 21 | | 3, 4, 5, 6, or 18 of this Code.
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| 22 | | (40 ILCS 5/14-103.41 new) |
| 23 | | Sec. 14-103.41. Tier I retiree. "Tier I retiree": A former |
| 24 | | Tier I member who is receiving a retirement annuity.
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| 1 | | (40 ILCS 5/14-114.1 new) |
| 2 | | Sec. 14-114.1. Termination of Tier I annual increases. |
| 3 | | Notwithstanding any other provision of this Article, no |
| 4 | | automatic annual increase in annuity shall be granted in any |
| 5 | | year in which the System is less than 80% funded as of the last |
| 6 | | preceding valuation date to (i) any Tier I retiree, (ii) any |
| 7 | | current or former Tier I member receiving a disability benefit, |
| 8 | | or (iii) any person receiving a reversionary annuity or a |
| 9 | | widow's or survivor's annuity based on the death of a current |
| 10 | | or former Tier I member or Tier I retiree. Annual increases |
| 11 | | granted before that effective date shall continue in force. |
| 12 | | This Section does not apply to any annuity payable to a |
| 13 | | person subject to Section 1-160 with respect to service under |
| 14 | | this Article, nor to any annuity payable under this Article to |
| 15 | | the eligible survivor of such a person. For purposes of Section |
| 16 | | 1-103.1, this Section applies without regard to whether the |
| 17 | | Tier I member or Tier I retiree was in service on or after the |
| 18 | | effective date of this Section.
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| 19 | | (40 ILCS 5/15-107.1 new) |
| 20 | | Sec. 15-107.1. Tier I participant. "Tier I participant": A |
| 21 | | participant under this Article, other than a participant in the |
| 22 | | self-managed plan under Section 15-158.2, who first became a |
| 23 | | member or participant before January 1, 2011 under any |
| 24 | | reciprocal retirement system or pension fund established under |
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| 1 | | this Code other than a retirement system or pension fund |
| 2 | | established under Article 2, 3, 4, 5, 6, or 18 of this Code.
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| 3 | | (40 ILCS 5/15-107.2 new) |
| 4 | | Sec. 15-107.2. Tier I retiree. "Tier I retiree": A former |
| 5 | | Tier I participant who is receiving a retirement annuity. |
| 6 | | A person does not become a Tier I retiree by virtue of |
| 7 | | receiving a reversionary, survivors, beneficiary, or |
| 8 | | disability annuity.
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| 9 | | (40 ILCS 5/15-135.5 new) |
| 10 | | Sec. 15-135.5. Termination of Tier I annual increases. |
| 11 | | Notwithstanding any other provision of this Article, no |
| 12 | | automatic annual increase in annuity shall be granted in any |
| 13 | | year in which the System is less than 80% funded as of the last |
| 14 | | preceding valuation date to (i) any Tier I retiree, (ii) any |
| 15 | | current or former Tier I participant receiving a disability |
| 16 | | benefit, or (iii) any person receiving a survivors insurance |
| 17 | | benefit, reversionary annuity, or other type of annuity based |
| 18 | | on the death of a current or former Tier I participant or Tier |
| 19 | | I retiree. Annual increases granted before that effective date |
| 20 | | shall continue in force. |
| 21 | | This Section does not apply to any annuity payable to a |
| 22 | | person subject to Section 1-160 with respect to service under |
| 23 | | this Article, nor to any annuity payable under this Article to |
| 24 | | the eligible survivor of such a person. This Section does not |
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| 1 | | apply to benefits, including disability benefits, payable |
| 2 | | under the self-managed plan. For purposes of Section 1-103.1, |
| 3 | | this Section applies without regard to whether the Tier I |
| 4 | | participant or Tier I retiree was in service on or after the |
| 5 | | effective date of this Section.
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| 6 | | (40 ILCS 5/16-106.4 new) |
| 7 | | Sec. 16-106.4. Tier I member. "Tier I member": A member |
| 8 | | under this Article who first became a member or participant |
| 9 | | before January 1, 2011 under any reciprocal retirement system |
| 10 | | or pension fund established under this Code other than a |
| 11 | | retirement system or pension fund established under Article 2, |
| 12 | | 3, 4, 5, 6, or 18 of this Code.
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| 13 | | (40 ILCS 5/16-106.5 new) |
| 14 | | Sec. 16-106.5. Tier I retiree. "Tier I retiree": A former |
| 15 | | Tier I member who is receiving a retirement annuity.
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| 16 | | (40 ILCS 5/16-133.6 new) |
| 17 | | Sec. 16-133.6. Termination of Tier I annual increases. |
| 18 | | Notwithstanding any other provision of this Article, no |
| 19 | | automatic annual increase in annuity shall be granted in any |
| 20 | | year in which the System is less than 80% funded as of the last |
| 21 | | preceding valuation date to (i) any Tier I retiree, (ii) any |
| 22 | | current or former Tier I member receiving a disability benefit, |
| 23 | | or (iii) any person receiving a reversionary annuity or |
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| 1 | | survivor's benefit based on the death of a current or former |
| 2 | | Tier I member or Tier I retiree. Annual increases granted |
| 3 | | before that effective date shall continue in force. |
| 4 | | This Section does not apply to any annuity payable to a |
| 5 | | person subject to Section 1-160 with respect to service under |
| 6 | | this Article, nor to any annuity payable under this Article to |
| 7 | | the eligible survivor of such a person. For purposes of Section |
| 8 | | 1-103.1, this Section applies without regard to whether the |
| 9 | | Tier I member or Tier I retiree was in service on or after the |
| 10 | | effective date of this Section.
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| 11 | | Section 99. Effective date. This Act takes effect upon |
| 12 | | becoming law.".
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