093_HB0401 LRB093 02467 EFG 02477 b 1 AN ACT in relation to public employee benefits. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Illinois Pension Code is amended by 5 adding Sections 6-127.5, 6-209.2, and 14-105.8 as follows: 6 (40 ILCS 5/6-127.5 new) 7 Sec. 6-127.5. Alternative payment option. 8 (a) This Section applies only to a fireman who (i) has 9 at least 23 years of creditable service, (ii) has attained 10 age 50, and (iii) withdraws from service on or after the 11 effective date of this Section. 12 (b) A qualifying fireman may elect, at the time of 13 applying for an age and service annuity under this Article, 14 to receive a lump sum payment at the time of retirement, in 15 exchange for which he or she agrees to forfeit one, 2, or 3 16 years of service credit. The lump sum payment shall be an 17 amount equal to 30% of the average salary used in the 18 calculation of the fireman's age and service annuity, 19 multiplied by the number of years of service credit that the 20 fireman has elected to forfeit. 21 (c) Service credit forfeited under this Section shall 22 not be included in the calculation of the fireman's age and 23 service annuity, nor used for any other purpose. 24 Contributions relating to the forfeited service credit are 25 not refundable. 26 (d) Election of the alternative payment option under 27 this Section becomes irrevocable upon receipt of the lump sum 28 payment. 29 (40 ILCS 5/6-209.2 new) 30 Sec. 6-209.2. Credit for certain State Fire Marshal -2- LRB093 02467 EFG 02477 b 1 Service. Service credits transferred to this Fund under 2 Section 14-105.8 of this Code shall be included in the 3 computation of service for annuity purposes under this 4 Article, provided that the sums to be transferred to the Fund 5 under that Section have been received by the Fund. 6 (40 ILCS 5/14-105.8 new) 7 Sec. 14-105.8. Transfer to Article 6 fund. A member of 8 this System who has at least 20 years of service credit in 9 the Article 6 fund may apply for transfer to the Article 6 10 fund of his or her creditable service in this System for 11 service as an employee of the Office of the State Fire 12 Marshal. Such creditable service shall be transferred 13 forthwith. Payment by this System to the Article 6 fund 14 shall be made at the same time and shall consist of: 15 (1) the amounts accumulated to the credit of the 16 applicant for that service, including regular interest, 17 on the books of the System on the date of transfer; and 18 (2) an amount representing employer contributions, 19 equal to the amount determined under item (1). 20 Participation in this System as to the credits transferred 21 under this Section shall terminate on the date of transfer. 22 Section 90. The State Mandates Act is amended by adding 23 Section 8.27 as follows: 24 (30 ILCS 805/8.27 new) 25 Sec. 8.27. Exempt mandate. Notwithstanding Sections 6 26 and 8 of this Act, no reimbursement by the State is required 27 for the implementation of any mandate created by this 28 amendatory Act of the 93rd General Assembly. 29 Section 99. Effective date. This Act takes effect upon 30 becoming law.