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LRB093 17799 LRD 43479 b |
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| (2) For service as an elected county officer before the |
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| option is
elected, an additional contribution of 3% of the |
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| salary for the applicable
period of service, plus interest |
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| at the effective rate from the date of
service to the date |
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| of payment, plus any additional amount required by
the |
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| county board under paragraph (3). All payments for past |
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| service must
be paid in full before credit is given.
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| (3) With respect to service as an elected county |
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| officer before the
option is elected, if payment is made |
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| after the county board has filed with
the Board of the Fund |
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| a resolution or ordinance requiring an additional
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| contribution under this paragraph, then the contribution |
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| required under
paragraph (2) shall include an amount to be |
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| determined by the Fund, equal
to the actuarial present |
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| value of the additional employer cost that would
otherwise |
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| result from the alternative credits being established for |
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| that
service. A county board's resolution or ordinance |
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| requiring additional
contributions under this paragraph |
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| (3) is irrevocable.
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| No additional optional contributions may be made for any |
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| period of service
for which credit has been previously |
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| forfeited by acceptance of a refund,
unless the refund is |
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| repaid in full with interest at the effective rate from
the |
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| date of refund to the date of repayment.
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| (b) In lieu of the retirement annuity otherwise payable |
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| under this Article,
an elected county officer who (1) has |
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| elected to participate in the Fund and
make additional optional |
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| contributions in accordance with this Section, (2)
has held and |
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| made additional optional contributions with respect to the same
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| elected county office for at least 8 years, and (3) has |
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| attained
age 55 with at least 8 years of service credit (or has |
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| attained age 50 with at
least 20 years of service as a |
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| sheriff's law enforcement employee) may elect
to have his |
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| retirement annuity computed as follows: 3% of the participant's
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| salary for each of the first 8 years
of service credit, plus 4% |
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| of that salary for each of the next 4 years of
service credit, |
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LRB093 17799 LRD 43479 b |
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| plus 5% of that salary for each year of service credit in
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| excess of 12 years, subject to a maximum of 80% of that salary.
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| This formula applies only to service in an elected county |
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| office that the
officer held for at least 8 years, and only to |
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| service for which additional
optional contributions have been |
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| paid under this Section. If an elected county
officer qualifies |
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| to have this formula applied to service in more than one
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| elected county office, the qualifying service shall be |
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| accumulated for purposes
of determining the applicable accrual |
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| percentages, but the salary used for each
office shall be the |
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| separate salary calculated for that office, as defined in
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| subsection (g).
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| To the extent that the elected county officer has service |
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| credit that does
not qualify for this formula, his retirement |
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| annuity will first be determined
in accordance with this |
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| formula with respect to the service to which this
formula |
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| applies, and then in accordance with the remaining Sections of |
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| this
Article with respect to the service to which this formula |
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| does not apply.
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| (c) In lieu of the disability benefits otherwise payable |
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| under this
Article, an elected county officer who (1) has
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| elected to participate in the Fund, and (2) has become
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| permanently disabled and as a consequence is unable to perform |
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| the duties
of his office, and (3) was making optional |
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| contributions in accordance with
this Section at the time the |
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| disability was incurred, may elect to receive
a disability |
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| annuity calculated in accordance with the formula in subsection
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| (b). For the purposes of this subsection, an elected county |
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| officer shall be
considered permanently disabled only if: (i) |
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| disability occurs while in
service as an elected county officer |
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| and is of such a nature as to prevent him
from reasonably |
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| performing the duties of his office at the time; and (ii) the
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| board has received a written certification by at least 2 |
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| licensed physicians
appointed by it stating that the officer is |
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| disabled and that the disability
is likely to be permanent.
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| (d) Refunds of additional optional contributions shall be |
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LRB093 17799 LRD 43479 b |
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| made on the
same basis and under the same conditions as |
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| provided under Section 7-166,
7-167 and 7-168. Interest shall |
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| be credited at the effective rate on the
same basis and under |
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| the same conditions as for other contributions.
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| If an elected county officer fails to hold that same |
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| elected county
office for at least 8 years, he or she shall be |
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| entitled after leaving office
to receive a refund of the |
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| additional optional contributions made with respect
to that |
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| office, plus interest at the effective rate.
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| (e) The plan of optional alternative benefits and |
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| contributions shall be
available to persons who are elected |
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| county officers and active contributors
to the Fund on or after |
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| November 15, 1994. A person who was an elected county
officer |
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| and an active contributor to the Fund on November 15, 1994 but |
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| is
no longer an active contributor may apply to make additional |
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| optional
contributions under this Section at any time within 90 |
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| days after the
effective date of this amendatory Act of 1997; |
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| if the person is an annuitant,
the resulting increase in |
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| annuity shall begin to accrue on the first day of
the month |
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| following the month in which the required payment is received |
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| by the
Fund.
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| (f) For the purposes of this Section and Section 7-145.2, |
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| the terms
"elected county officer" and "elected county office" |
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| include, but are not
limited to: (1) the county clerk, |
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| recorder, treasurer, coroner, assessor
(if elected) , auditor, |
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| sheriff, and State's Attorney; members of the
county board; and |
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| the clerk of the circuit court; and (2) a person who has
been |
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| appointed to fill a vacancy in an office that is normally |
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| filled by
election on a countywide basis, for the duration of |
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| his or her service in
that office. The terms "elected county |
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| officer" and "elected county office"
do not include any officer |
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| or office of a county that has not consented to
the |
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| availability of benefits under this Section and Section |
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| 7-145.2.
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| (g) For the purposes of this Section and Section 7-145.2, |
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| the term
"salary" means the final rate of earnings for the |
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LRB093 17799 LRD 43479 b |
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| elected county office held,
calculated in a manner consistent |
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| with Section 7-116, but for that office
only. If an elected |
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| county officer qualifies to have the formula in subsection
(b) |
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| applied to service in more than one elected county office, a |
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| separate
salary shall be calculated and applied with respect to |
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| each such office.
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| (h) The changes to this Section made by this amendatory Act |
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| of the 91st
General Assembly apply to persons who first make an |
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| additional optional
contribution under this Section on or after |
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| the effective date of this
amendatory Act.
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| (Source: P.A. 90-32, eff. 6-27-97; 91-685, eff. 1-26-00; |
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| 91-887, eff.
7-6-00.)
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law. |