97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB2485

 

Introduced 5/27/2011, by Sen. Tim Bivins

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/2-117  from Ch. 108 1/2, par. 2-117

    Amends the General Assembly Article of the Illinois Pension Code. Allows members of the General Assembly to elect out of the General Assembly Retirement System within 48 months (rather than 24 months) after becoming a member. Effective July 1, 2012.


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FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB2485LRB097 12047 JDS 55804 b

1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by changing
5Section 2-117 as follows:
 
6    (40 ILCS 5/2-117)  (from Ch. 108 1/2, par. 2-117)
7    Sec. 2-117. Participants - Election not to participate.
8    (a) Every person who was a member on November 1, 1947, or
9in military service on such date, is subject to the provisions
10of this system beginning upon such date, unless prior to such
11date he or she filed with the board a written notice of
12election not to participate.
13    Every person who becomes a member after November 1, 1947,
14and who is then not a participant becomes a participant
15beginning upon the date of becoming a member unless, within 24
1648 months from that date, he or she has filed with the board a
17written notice of election not to participate.
18    (b) A member who has filed notice of an election not to
19participate (and a former member who has not yet begun to
20receive a retirement annuity under this Article) may become a
21participant with respect to the period for which the member
22elected not to participate upon filing with the board, before
23April 1, 1993, a written rescission of the election not to

 

 

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1participate. Upon contributing an amount equal to the
2contributions he or she would have made as a participant from
3November 1, 1947, or the date of becoming a member, whichever
4is later, to the date of becoming a participant, with interest
5at the rate of 4% per annum until the contributions are paid,
6the participant shall receive credit for service as a member
7prior to the date of the rescission, both before and after
8November 1, 1947. The required contributions shall be made
9before commencement of the retirement annuity; otherwise no
10credit for service prior to the date of participation shall be
11granted.
12(Source: P.A. 86-273; 87-1265.)
 
13    Section 99. Effective date. This Act takes effect July 1,
142012.