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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014 HB4691 Introduced , by Rep. Brandon W. Phelps SYNOPSIS AS INTRODUCED: |
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40 ILCS 5/3-101 | from Ch. 108 1/2, par. 3-101 |
30 ILCS 805/8.38 new | |
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Amends the Downstate Firefighter Article of the Illinois Pension Code. Provides that, upon creation of a newly established police pension fund by referendum or census, the following funds shall be transferred from IMRF to the newly created fund within 30 days: (1) the amounts actually contributed by or on behalf of the officer to the Article 7 Fund as municipal police officer employee contributions, plus interest on those amounts at the rate of 6% per year, compounded annually, from the date of contribution to the date of transfer to the Article 3 Fund and (2) an amount representing employer contributions, equal to the total amount determined under subdivision (1), plus interest on those amounts at the rate of 6% per year, compounded annually, from the date of contribution to the date of transfer. Provides that participation in IMRF shall terminate on the date of transfer. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
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| | FISCAL NOTE ACT MAY APPLY | PENSION IMPACT NOTE ACT MAY APPLY | STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT |
| | A BILL FOR |
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| | HB4691 | | LRB098 17176 EFG 52264 b |
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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,
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3 | | represented in the General Assembly:
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4 | | Section 5. The Illinois Pension Code is amended by changing |
5 | | Section 3-101 as follows:
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6 | | (40 ILCS 5/3-101) (from Ch. 108 1/2, par. 3-101)
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7 | | Sec. 3-101. Creation of fund. |
8 | | (a) In each municipality, as defined in Section 3-103, the |
9 | | city council or
the board of trustees, as the case may be, |
10 | | shall establish and administer a
police pension fund, as |
11 | | prescribed in this Article, for the
benefit of its police |
12 | | officers and of their surviving spouses,
children, and certain |
13 | | other dependents. The duty of the corporate authorities of a |
14 | | municipality to establish and administer a police pension fund |
15 | | shall be suspended during any period during which the fund is |
16 | | dissolved under Section 3-144.6 of this Code.
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17 | | (b) Upon creation of a newly established fund by referendum |
18 | | under Section 3-145 or census under Section 3-105, the |
19 | | following funds shall be transferred from IMRF to the newly |
20 | | created fund, within 30 days of creation of that fund: (1) the |
21 | | amounts actually contributed by or on behalf of the officer to |
22 | | the Article 7 Fund as municipal police officer employee |
23 | | contributions, plus interest on those amounts at the rate of 6% |