SB2283 93RD GENERAL ASSEMBLY

LRB093 20210 LRD 45962 b

93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
SB2283

Introduced 1/22/2004, by James A. DeLeo

SYNOPSIS AS INTRODUCED:

40 ILCS 5/5-234	from Ch. 108 1/2, par. 5-234
40 ILCS 5/6-227 new
30 ILCS 805/8.28 new

Amends the Chicago Police and Chicago Firefighter Articles of the Illinois Pension Code. Allows a transfer of up to 10 years of credits and creditable service from the Chicago firefighters pension fund to the Chicago police pension fund. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

FISCAL NOTE ACT MAY APPLY

PENSION IMPACT NOTE ACT MAY APPLY

STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

A BILL FOR

AN ACT in relation to public employee benefits.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Pension Code is amended by changing Section 5-234 and adding Section 6-227 as follows:

(40 ILCS 5/5-234) (from Ch. 108 1/2, par. 5-234)

Sec. 5-234. Transfer of credits.

(a) Any police officer who has at least 10 years of creditable service in the Fund may transfer to this Fund credits and creditable service accumulated under any other pension fund or retirement system established under Article 8 or 12 of this Code, by making application and paying to the Fund before January 1, 1990 the amount by which the employee contributions that would have been required if he had participated in this Fund during the period for which credit is being transferred, plus interest, exceeds the amount actually transferred from such other fund or system to this Fund under item (1) of Section 8-226.5 or item (1) of Section 12-127.5.

(b) A policeman may transfer to this Fund up to 10 years of credits and creditable service accumulated under the pension fund established under Article 6 of this Code, by making written application to the Fund within 6 months of the effective date of this amendatory Act of the 93rd General Assembly. For the transfer to be effective, the policeman must pay to the Fund before withdrawal from service the amount, if any, by which the employee contributions that would have been required if he or she had participated in this Fund during the period for which credit is being transferred, plus interest, exceeds the amount actually transferred from the Article 6 fund to this Fund under Section 6-227.

(Source: P.A. 86-272.)

(40 ILCS 5/6-227 new)

Sec. 6-227. Transfer of creditable service to Article 5 fund.

(a) Any policeman as defined in Section 5-109 of this Code who is a participant in the pension fund established under Article 5 of this Code, may apply for transfer of up to 10 years of his or her credits and creditable service accumulated in this Fund to that Article 5 fund, if he or she applies to transfer those credits and creditable service within 6 months of the effective date of this amendatory Act of the 93rd General Assembly. Such creditable service shall be transferred forthwith. Payment by this Fund to the Article 5 fund shall be made at the same time and shall consist of:

(1) the amounts accumulated to the credit of the applicant, including interest, on the books of the Fund on the date of transfer, but excluding any additional or optional credits, which credits shall be refunded to the applicant; and

(2) municipality credits computed and credited under this Article, including interest, on the books of the Fund on the date the member terminated service under the Fund.

Participation in this Fund as to any credits transferred under this Section shall terminate on the date of transfer.

(b) Any such elected policeman may reinstate credits and creditable service terminated upon receipt of a separation benefit, by payment to the Fund of the amount of the separation benefit plus interest thereon to the date of payment.

Section 90. The State Mandates Act is amended by adding Section 8.28 as follows:

(30 ILCS 805/8.28 new)

Sec. 8.28. Exempt mandate. Notwithstanding Sections 6 and 8 of this Act, no reimbursement by the State is required for the implementation of any mandate created by this amendatory Act of the 93rd General Assembly.

Section 99. Effective date. This Act takes effect upon becoming law.