Full Text of HB1702 95th General Assembly
HB1702 95TH GENERAL ASSEMBLY
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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB1702
Introduced 2/22/2007, by Rep. Robert S. Molaro SYNOPSIS AS INTRODUCED: |
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Amends the Cook County Article of the Illinois Pension Code. Deletes provisions concerning the expense reserve, county contribution reserve, employee's contribution reserve, annuity payment reserve, prior service annuity reserve, child's annuity reserve, duty disability reserve, ordinary disability reserve, gift reserve, investment and interest reserve, supplementary payment reserve, and optional contribution reserve. Makes corresponding changes. Provides that an adequate system of accounts and records shall be established to report the financial condition of the County Employees' and Officers' Annuity and Benefit Fund and that such additional data as is necessary for required calculations, actuarial valuations, and operation of the fund shall be maintained. Effective immediately.
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FISCAL NOTE ACT MAY APPLY | |
PENSION IMPACT NOTE ACT MAY APPLY |
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A BILL FOR
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HB1702 |
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LRB095 07885 AMC 28046 b |
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| AN ACT concerning public employee benefits.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Pension Code is amended by changing | 5 |
| Sections 9-121.6, 9-133, 9-133.1, 9-166, 9-169, 9-179.3, | 6 |
| 9-182, 9-199, and 9-204 as follows:
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| (40 ILCS 5/9-121.6) (from Ch. 108 1/2, par. 9-121.6)
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| Sec. 9-121.6. Alternative annuity for county officers. (a) | 9 |
| Any
county officer elected by vote of the people may elect to | 10 |
| establish
alternative credits for an alternative annuity by | 11 |
| electing in writing to
make additional optional contributions | 12 |
| in accordance with this Section and
procedures established by | 13 |
| the board. Such elected county officer
may discontinue making | 14 |
| the additional optional contributions by notifying
the Fund in | 15 |
| writing in accordance with this Section and procedures
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| established by the board.
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| Additional optional contributions for the alternative | 18 |
| annuity shall
be as follows:
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| (1) For service after the option is elected, an additional | 20 |
| contribution
of 3% of salary shall be contributed to the Fund | 21 |
| on the same basis and
under the same conditions as | 22 |
| contributions required under Sections 9-170
and 9-176.
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| (2) For service before the option is elected, an additional
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| contribution of 3% of the salary for the applicable period of | 2 |
| service, plus
interest at the effective rate from the date of | 3 |
| service to the date of
payment. All payments for past service | 4 |
| must be paid in full before credit
is given. No additional | 5 |
| optional contributions may be made for any period
of service | 6 |
| for which credit has been previously forfeited by acceptance of
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| a refund, unless the refund is repaid in full with interest at | 8 |
| the
effective rate from the date of refund to the date of | 9 |
| repayment.
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| (b) In lieu of the retirement annuity otherwise payable | 11 |
| under this
Article, any county officer elected by vote of the | 12 |
| people who (1) has
elected to participate in the Fund and make | 13 |
| additional optional
contributions in accordance with this | 14 |
| Section, and (2)
has attained age 60 with at least 10 years of | 15 |
| service credit,
or has attained age 65 with at least 8 years of | 16 |
| service credit, may elect
to have his retirement annuity | 17 |
| computed as follows: 3% of the
participant's salary at the time | 18 |
| of termination of service for each of the
first 8 years of | 19 |
| service credit, plus 4% of such salary for each of the
next 4 | 20 |
| years of service credit, plus
5% of such salary for each year | 21 |
| of service credit in excess of 12 years,
subject to a maximum | 22 |
| of 80% of such salary. To the extent such elected
county | 23 |
| officer has made additional optional contributions with | 24 |
| respect to
only a portion of his years of service credit, his | 25 |
| retirement annuity will
first be determined in accordance with | 26 |
| this Section to the extent such
additional optional |
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| contributions were made, and then in accordance with
the | 2 |
| remaining Sections of this Article to the extent of years of | 3 |
| service
credit with respect to which additional optional | 4 |
| contributions were not made.
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| (c) In lieu of the disability benefits otherwise payable | 6 |
| under this
Article, any county officer elected by vote of the | 7 |
| people who (1) has
elected to participate in the Fund, and (2) | 8 |
| has become
permanently disabled and as a consequence is unable | 9 |
| to perform the duties
of his office, and (3) was making | 10 |
| optional contributions in accordance with
this Section at the | 11 |
| time the disability was incurred, may elect to receive
a | 12 |
| disability annuity calculated in
accordance with the formula in | 13 |
| subsection (b). For the purposes of this
subsection, such | 14 |
| elected county officer shall be considered permanently
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| disabled only if: (i) disability occurs while in service as an | 16 |
| elected
county officer and is of such a nature as to prevent | 17 |
| him from reasonably
performing the duties of his office at the | 18 |
| time; and (ii) the board has
received a written certification | 19 |
| by at least 2 licensed physicians
appointed by it stating that | 20 |
| such officer is disabled and that the
disability is likely to | 21 |
| be permanent.
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| (d) Refunds of additional optional contributions shall be | 23 |
| made on the
same basis and under the same conditions as | 24 |
| provided under Section 9-164,
9-166 and 9-167. Interest shall | 25 |
| be credited at the effective rate on the
same basis and under | 26 |
| the same conditions as for other contributions.
Optional |
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| contributions shall be accounted for in a separate Elected | 2 |
| County
Officer Optional Contribution Reserve. Optional | 3 |
| contributions under this
Section shall be included in the | 4 |
| amount of employee contributions used to
compute the tax levy | 5 |
| under Section 9-169.
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| (e) The effective date of this plan of optional alternative | 7 |
| benefits
and contributions shall be January 1, 1988, or the | 8 |
| date upon which
approval is received from the U.S. Internal | 9 |
| Revenue Service, whichever is
later. The plan of optional | 10 |
| alternative benefits and contributions shall
not be available | 11 |
| to any former county officer or employee receiving an
annuity | 12 |
| from the Fund on the effective date of the plan, unless he
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| re-enters service as an elected county officer and renders at | 14 |
| least 3 years
of additional service after the date of re-entry.
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| (Source: P.A. 85-964.)
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| (40 ILCS 5/9-133) (from Ch. 108 1/2, par. 9-133)
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| Sec. 9-133. Automatic increase in annuity.
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| (a) An employee who retired or retires from service after | 19 |
| December 31, 1959,
having attained age 60 or more or, beginning | 20 |
| January 1, 1991, having attained
30 or more years of creditable | 21 |
| service, shall, in the month of January of the
year following | 22 |
| the year in which the first anniversary of retirement occurs,
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| have his then fixed and payable monthly annuity increased by 1 | 24 |
| 1/2%, and such
first fixed annuity as granted at retirement | 25 |
| increased by a further 1 1/2% in
January of each year |
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| thereafter. Beginning with January of the year 1972, such
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| increases shall be at the rate of 2% in lieu of the aforesaid | 3 |
| specified 1 1/2%.
Beginning with January of the year 1982, such | 4 |
| increases shall be at the rate
of 3% in lieu of the aforesaid | 5 |
| specified 2%. Beginning January 1, 1998,
these increases shall | 6 |
| be at the rate of 3% of the current amount of the
annuity, | 7 |
| including any previous increases received under this Article,
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| without regard to whether the annuitant is in service on or | 9 |
| after the
effective date of this amendatory Act of 1997.
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| An employee who retires on
annuity before age 60 and, | 11 |
| beginning January 1, 1991, with less than 30 years
of | 12 |
| creditable service shall receive such increases beginning with | 13 |
| January of
the year immediately following the year in which he | 14 |
| attains the age of 60
years. An employee who retires on annuity | 15 |
| before age 60 and before January 1,
1991, with at least 30 | 16 |
| years of creditable service, shall be entitled to
receive the | 17 |
| first increase under this subsection no later than January 1, | 18 |
| 1993.
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| For an employee who, in accordance with the provisions of | 20 |
| Section
9-108.1 of this Act, shall have become a member of the | 21 |
| State System
established under Article 14 on February 1, 1974, | 22 |
| the first such
automatic increase shall begin in January of | 23 |
| 1975.
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| (b) Subsection (a) is not applicable to an employee | 25 |
| retiring and receiving a
term annuity, as defined in this Act, | 26 |
| nor to any otherwise qualified employee
who retires before he |
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| makes employee contributions (at the 1/2 of 1% rate as
provided | 2 |
| in this Section) for this additional annuity for not less than | 3 |
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equivalent of one full year. Such employee, however, shall | 4 |
| make arrangement to
pay to the fund a balance of such | 5 |
| contributions, based on his final salary, as
will bring such | 6 |
| 1/2 of 1% contributions, computed without interest, to the
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| equivalent of one year's contributions.
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| Beginning with the month of January, 1960, each employee | 9 |
| shall
contribute by means of salary deductions 1/2 of 1% of | 10 |
| each salary
payment, concurrently with and in addition to the | 11 |
| employee contributions
otherwise provided for annuity | 12 |
| purposes.
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| Each such additional contribution shall be credited to an | 14 |
| account in
the prior service annuity reserve, to be used, | 15 |
| together with county
contributions, to defray the cost of the | 16 |
| specified annuity increments.
Any balance in such account as of | 17 |
| the beginning of each calendar year
shall be credited with | 18 |
| interest at the rate of 3% per annum.
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| Such additional employee contributions are not refundable, | 20 |
| except to
an employee who withdraws and applies for refund | 21 |
| under this Article, or
applies for annuity, and also in cases | 22 |
| where a term annuity becomes
payable. In such cases his | 23 |
| contributions shall be refunded, without
interest , and charged | 24 |
| to the prior service annuity reserve .
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| (Source: P.A. 90-32, eff. 6-27-97.)
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| (40 ILCS 5/9-133.1) (from Ch. 108 1/2, par. 9-133.1)
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| Sec. 9-133.1. Automatic increases in annuity for certain | 3 |
| heretofore retired
participants. A retired employee retired at | 4 |
| age 55 or over and who (a) is
receiving annuity based on a | 5 |
| service credit of 20 or more years, and (b) does
not qualify | 6 |
| for the automatic increases in annuity provided for in Sec. | 7 |
| 9-133
of this Article, and (c) elects to make a contribution to | 8 |
| the Fund at a
time and manner prescribed by the Retirement | 9 |
| Board, of a sum equal to 1% of
the final average monthly salary | 10 |
| forming the basis of the calculation of
their annuity | 11 |
| multiplied by years of credited service, or 1% of their final
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| monthly salary multiplied by years of credited service in any | 13 |
| case where
the final average salary is not used in the | 14 |
| calculation, shall have his
original fixed and payable monthly | 15 |
| amount of annuity increased in January
of the year following | 16 |
| the year in which he attains the age of 65 years, if
such age of | 17 |
| 65 years is attained in the year 1969 or later, by an amount
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| equal to 1 1/2%, and by an equal additional 1 1/2% in January | 19 |
| of each year
thereafter. Beginning with January of the year | 20 |
| 1972, such increases shall
be at the rate of 2% in lieu of the | 21 |
| aforesaid specified 1 1/2%. Beginning
with January of the year | 22 |
| 1982, such increases shall be at the rate of 3%
in lieu of the | 23 |
| aforesaid specified 2%. Beginning January 1, 1998,
these | 24 |
| increases shall be at the rate of 3% of the current amount of | 25 |
| the
annuity, including any previous increases received under | 26 |
| this Article,
without regard to whether the annuitant is in |
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| service on or after the
effective date of this amendatory Act | 2 |
| of 1997.
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| In those cases in which the retired employee receiving | 4 |
| annuity has
attained the age of 66 or more years in the year | 5 |
| 1969, he shall have such
annuity increased in January of the | 6 |
| year 1970 by an amount equal to 1 1/2%
multiplied by the number | 7 |
| equal to the number of months of January elapsing
from and | 8 |
| including January of the year immediately following the year he
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| attained the age of 65 years if retired at or prior to age 65, | 10 |
| or from and
including January of the year immediately following | 11 |
| the year of retirement
if retired at an age greater than 65 | 12 |
| years, to and including January of the
year 1970, and by an | 13 |
| equal additional 1 1/2% in January of each year
thereafter. | 14 |
| Beginning with January of the year 1972, such increases shall
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| be at the rate of 2% in lieu of the aforesaid specified 1 1/2%. | 16 |
| Beginning
with January of the year 1982, such increases shall | 17 |
| be at the rate of 3%
in lieu of the aforesaid specified 2%. | 18 |
| Beginning January 1, 1998,
these increases shall be at the rate | 19 |
| of 3% of the current amount of the
annuity, including any | 20 |
| previous increases received under this Article,
without regard | 21 |
| to whether the annuitant is in service on or after the
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| effective date of this amendatory Act of 1997.
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| To defray the annual cost of such increases, the annual | 24 |
| interest income
of the Fund, accruing from investments held by | 25 |
| the Fund, exclusive of gains
or losses on sales or exchanges of | 26 |
| assets during the year, over and above
4% a year, shall be used |
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| to the extent necessary and available to finance
the cost of | 2 |
| such increases for the following year , and such amount shall be
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| transferred as of the end of each year, beginning with the year | 4 |
| 1969, to a
Fund account designated as the Supplementary Payment | 5 |
| Reserve from the
Investment and Interest Reserve set forth in | 6 |
| Sec. 9-214. The sums
contributed by annuitants as provided for | 7 |
| in this Section shall also be
placed in the aforesaid | 8 |
| Supplementary Payment Reserve and shall be applied
for and used | 9 |
| for the purposes of such Fund account, together with the
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| aforesaid interest .
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| In the event the monies in the Supplementary Payment | 12 |
| Reserve in any year
arising from: (1) the available interest | 13 |
| income as defined hereinbefore and
accruing in the preceding | 14 |
| year above 4% a year and (2) the contributions by
retired | 15 |
| persons, as set forth hereinbefore, are insufficient to make | 16 |
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total payments to all persons estimated to be entitled to | 17 |
| the annuity
increases specified hereinbefore, then (3) any | 18 |
| interest earnings over 4% a
year beginning with the year 1969 | 19 |
| which were not previously used to finance
such increases and | 20 |
| which were transferred to the Prior Service Annuity
Reserve may | 21 |
| be used to the extent necessary and available to provide
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| sufficient funds to finance such increases for the current | 23 |
| year, and such
sums shall be transferred from the Prior Service | 24 |
| Annuity Reserve.
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| In the event the total monies available in the | 26 |
| Supplementary Payment
Reserve from the preceding indicated |
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| sources are insufficient to make the
total payments to all | 2 |
| persons entitled to such increases for the year, a
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| proportionate amount computed as the ratio of the monies | 4 |
| available to the
total of the total payments for that year | 5 |
| shall be paid to each person for
that year.
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| The Fund shall be obligated for the payment of the | 7 |
| increases in annuity
as provided for in this Section only to | 8 |
| the extent that the assets for such
purpose, as specified | 9 |
| herein, are available.
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| (Source: P.A. 90-32, eff. 6-27-97.)
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| (40 ILCS 5/9-166) (from Ch. 108 1/2, par. 9-166)
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| Sec. 9-166. Refunds - When paid to beneficiary, children or | 13 |
| estate. Whenever the total amount accumulated to the account of | 14 |
| a deceased
employee from employee contributions for
annuity | 15 |
| purposes, and from
employee contributions applied to any county | 16 |
| pension fund superseded by
this fund, have not been paid to | 17 |
| him, and in the case of a married male
employee to the employee | 18 |
| and his widow together, in form of annuity or
refund before the | 19 |
| death of the last of such persons, a refund shall be
payable as | 20 |
| follows:
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| An amount equal to the excess of such amounts over the | 22 |
| amounts paid
on any annuity or annuities or refund, without | 23 |
| interest upon either of
such amounts, shall be refunded to a | 24 |
| beneficiary theretofore designated
by the employee in writing, | 25 |
| signed by him before an officer authorized
to administer oaths, |
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| and filed with the board before the employee's
death.
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| If there is no designated beneficiary or the beneficiary | 3 |
| does not
survive the employee, the amount shall be refunded to | 4 |
| the employee's
children, in equal parts with the children of a | 5 |
| deceased child taking
the share of their parent. If there is no | 6 |
| designated beneficiary or
children, the refund shall be paid to | 7 |
| the administrator or executor of
the employee's estate.
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| If an administrator or executor of the estate has not been | 9 |
| appointed
within 90 days from the date the refund became | 10 |
| payable the refund may be
applied in the discretion of the | 11 |
| board toward the payment of the
employee's burial expenses. Any | 12 |
| remaining balance shall be paid to the
heirs of the employee | 13 |
| according to the law of descent and distribution
of this state | 14 |
| but assuming for the purpose of such payment of refund and
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| determination of heirs that the deceased male employee left no | 16 |
| widow
surviving in those cases where a widow eligible for | 17 |
| widow's annuity as
his widow survived him and subsequently | 18 |
| died; provided,
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| (a) that if any child or children of the employee are | 20 |
| less than age
18, such part or all of any such amount | 21 |
| necessary to pay annuities to
them shall not be refunded as | 22 |
| hereinbefore stated but shall be
transferred to the child's | 23 |
| annuity reserve and used therein for the
payment of such | 24 |
| annuities ; and provided further,
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| (b) that if a reversionary annuity becomes payable as | 26 |
| provided in
Section 9-135 such refund shall not be paid |
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| until the death of the
reversionary annuitant, and the | 2 |
| refund otherwise payable under this
section shall then | 3 |
| first further be reduced by the total amount of the
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| reversionary annuity paid.
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| (Source: P.A. 81-1536.)
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| (40 ILCS 5/9-169) (from Ch. 108 1/2, par. 9-169)
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| Sec. 9-169. Financing - Tax levy. (a) The county board | 8 |
| shall levy a
tax annually upon all taxable property in the | 9 |
| county at the rate that
will produce a sum which, when added to | 10 |
| the amounts deducted from the salaries
of the employees or | 11 |
| otherwise contributed by them is sufficient
for the | 12 |
| requirements of this Article.
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| For the years before 1962 the tax rate shall be as provided | 14 |
| in "The
1925 Act". For the years 1962 and 1963 the tax rate | 15 |
| shall be not more
than .0200 per cent; for the years 1964 and | 16 |
| 1965 the tax rate shall be
not more than .0202 per cent; for | 17 |
| the years 1966 and 1967 the tax rate
shall be not more than | 18 |
| .0207 per cent; for the year 1968 the tax rate
shall be not | 19 |
| more than .0220 per cent; for the year 1969 the tax rate
shall | 20 |
| be not more than .0233 per cent; for the year 1970 the tax rate
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| shall be not more than .0255 per cent; for the year 1971 the | 22 |
| tax rate
shall be not more than .0268 per cent of the value, as | 23 |
| equalized or
assessed by the Department of Revenue upon all | 24 |
| taxable
property in the county. Beginning with the year 1972 | 25 |
| and for each year
thereafter the county shall levy a tax |
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| annually at a rate on the dollar
of the value, as equalized or | 2 |
| assessed by the Department of Revenue
of all taxable property | 3 |
| within the county that will
produce, when extended, not to | 4 |
| exceed an amount equal to the total
amount of contributions | 5 |
| made by the employees to the
fund in the calendar year 2 years | 6 |
| prior to the year for which the annual
applicable tax is levied | 7 |
| multiplied by .8 for the years 1972 through
1976; by .8 for the | 8 |
| year 1977; by .87 for the year 1978; by .94 for the
year 1979; | 9 |
| by 1.02 for the year 1980 and by 1.10 for the year 1981 and
by | 10 |
| 1.18 for the year 1982 and by 1.36 for the year 1983 and by 1.54 | 11 |
| for
the year 1984 and for each year thereafter.
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| This tax shall be levied and collected in like manner with | 13 |
| the
general taxes of the county, and shall be in addition to | 14 |
| all other taxes
which the county is authorized to levy upon the | 15 |
| aggregate valuation of
all taxable property within the county | 16 |
| and shall be exclusive of and in
addition to the amount of tax | 17 |
| the county is authorized to levy for
general purposes under any | 18 |
| laws which may limit the amount of tax which
the county may | 19 |
| levy for general purposes. The county clerk, in reducing
tax | 20 |
| levies under any Act concerning the levy and extension of | 21 |
| taxes,
shall not consider this tax as a part of the general tax | 22 |
| levy for county
purposes, and shall not include it within any | 23 |
| limitation of the per cent
of the assessed valuation upon which | 24 |
| taxes are required to be extended
for the county. It is lawful | 25 |
| to extend this tax in addition to the
general county rate fixed | 26 |
| by statute, without being authorized as
additional by a vote of |
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| the people of the county.
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| Revenues derived from this tax shall be paid to the | 3 |
| treasurer of the
county and held by him for the benefit of the | 4 |
| fund.
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| If the payments on account of taxes are insufficient during | 6 |
| any year
to meet the requirements of this Article, the county | 7 |
| may issue tax
anticipation warrants against the current tax | 8 |
| levy.
| 9 |
| (b) By January 10, annually, the board shall notify the | 10 |
| county board
of the requirement of this Article that this tax | 11 |
| shall be levied. The
board shall compute the amounts necessary | 12 |
| for the purposes of the fund
for that current year to be | 13 |
| credited to the reserves established and
maintained as provided | 14 |
| in this Act, shall make an annual determination
of the required | 15 |
| county contributions, and shall certify the results
thereof to | 16 |
| the county board.
| 17 |
| (c) The various sums to be contributed by the county board | 18 |
| and
allocated for the purposes of this Article and any interest | 19 |
| to be
contributed by the county shall be taken from the revenue | 20 |
| derived from
this tax and no money of the county derived from | 21 |
| any source other than
the levy and collection of this tax or | 22 |
| the sale of tax anticipation
warrants, except state or federal | 23 |
| funds contributed for annuity and
benefit purposes for | 24 |
| employees of a county department of public aid
under "The | 25 |
| Illinois Public Aid Code", approved April 11, 1967, as now or
| 26 |
| hereafter amended, may be used to provide revenue for the fund.
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| If it is not possible or practicable for the county to make
| 2 |
| contributions for age and service annuity and widow's annuity
| 3 |
| concurrently with the employee contributions made for such | 4 |
| purposes,
such county shall make such contributions as soon as | 5 |
| possible and
practicable thereafter with interest thereon at | 6 |
| the effective rate until
the time it shall be made.
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| (d) With respect to employees whose wages are funded as | 8 |
| participants
under the Comprehensive Employment and Training | 9 |
| Act of 1973, as amended
(P.L. 93-203, 87 Stat. 839, P.L. | 10 |
| 93-567, 88 Stat. 1845), hereinafter
referred to as CETA, | 11 |
| subsequent to October 1, 1978, and in instances
where the board | 12 |
| has elected to establish a manpower program reserve, the
board | 13 |
| shall compute the amounts necessary to be credited to the | 14 |
| manpower
program reserves established and maintained as herein | 15 |
| provided, and
shall make a periodic determination of the amount | 16 |
| of required
contributions from the County to the reserve to be | 17 |
| reimbursed by the
federal government in accordance with rules | 18 |
| and regulations established
by the Secretary of the United | 19 |
| States Department of Labor or his
designee, and certify the | 20 |
| results thereof to the County Board. Any such
amounts shall | 21 |
| become a credit to the County and will be used to reduce
the | 22 |
| amount which the County would otherwise contribute during | 23 |
| succeeding
years for all employees.
| 24 |
| (e) In lieu of establishing a manpower program reserve with | 25 |
| respect
to employees whose wages are funded as participants | 26 |
| under the
Comprehensive Employment and Training Act of 1973, as |
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| authorized by
subsection (d), the board may elect to establish | 2 |
| a special County
contribution rate for all such employees. If | 3 |
| this option is elected, the
County shall contribute to the Fund | 4 |
| from federal funds provided under
the Comprehensive Employment | 5 |
| and Training Act program at the special
rate so established and | 6 |
| such contributions shall become a credit to the
County and be | 7 |
| used to reduce the amount which the County would otherwise
| 8 |
| contribute during succeeding years for all employees.
| 9 |
| (Source: P.A. 83-1362.)
| 10 |
| (40 ILCS 5/9-179.3) (from Ch. 108 1/2, par. 9-179.3)
| 11 |
| Sec. 9-179.3. Optional plan of additional benefits and | 12 |
| contributions.
| 13 |
| (a) While this plan is in effect, an employee may establish | 14 |
| additional
optional credit for additional optional benefits by | 15 |
| electing in writing at
any time to make additional optional | 16 |
| contributions. The employee may
discontinue making the | 17 |
| additional optional contributions at any time by
notifying the | 18 |
| fund in writing.
| 19 |
| (b) Additional optional contributions for the additional | 20 |
| optional
benefits shall be as follows:
| 21 |
| (1) For service after the option is elected, an | 22 |
| additional contribution
of 3% of salary shall be | 23 |
| contributed to the fund on the same basis and
under the | 24 |
| same conditions as contributions required under Sections | 25 |
| 9-170
and 9-176.
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| (2) For service before the option is elected, an | 2 |
| additional contribution
of 3% of the salary for the | 3 |
| applicable period of service, plus interest at
the | 4 |
| effective rate from the date of service to the date of | 5 |
| payment. All
payments for past service must be paid in full | 6 |
| before credit is given. No
additional optional | 7 |
| contributions may be made for any period of service for
| 8 |
| which credit has been previously forfeited by acceptance of | 9 |
| a refund,
unless the refund is repaid in full with interest | 10 |
| at the effective rate
from the date of refund to the date | 11 |
| of repayment.
| 12 |
| (c) Additional optional benefits shall accrue for all | 13 |
| periods of
eligible service for which additional contributions | 14 |
| are paid in full. The
additional benefit shall consist of an | 15 |
| additional 1% for each year of
service for which optional | 16 |
| contributions have been paid, based on the
highest average | 17 |
| annual salary for any 4 consecutive years within the last
10 | 18 |
| years of service immediately preceding the date of withdrawal, | 19 |
| to be
added to the employee retirement annuity benefits as | 20 |
| otherwise computed
under this Article. The calculation of these | 21 |
| additional benefits shall be
subject to the same terms and | 22 |
| conditions as are used in the calculation of
retirement annuity | 23 |
| under Section 9-134. The additional benefit shall be
included | 24 |
| in the calculation of the automatic annual increase in annuity,
| 25 |
| and in the calculation of widow's annuity, where applicable. | 26 |
| However no
additional benefits will be granted which produce a |
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| total annuity greater
than the applicable maximum established | 2 |
| for that type of annuity in this
Article, and additional | 3 |
| benefits shall not apply to any benefit computed
under Section | 4 |
| 9-128.1.
| 5 |
| (d) Refunds of additional optional contributions shall be | 6 |
| made on the
same basis and under the same conditions as | 7 |
| provided under Sections 9-164,
9-166 and 9-167. Interest shall | 8 |
| be credited at the effective rate on the
same basis and under | 9 |
| the same conditions as for other contributions.
| 10 |
| (e) (Blank)
Optional contributions shall be accounted for | 11 |
| in a separate Optional
Contribution Reserve .
| 12 |
| (f) The tax levy, computed under Section 9-169, shall be | 13 |
| based on
employee contributions including the amount of | 14 |
| optional additional employee
contributions.
| 15 |
| (g) Service eligible under this Section may include only | 16 |
| service as an
employee of the County as defined in Section | 17 |
| 9-108, and subject to Sections
9-219 and 9-220. No service | 18 |
| granted under Section 9-121.1, 9-121.4 or
9-179.2 shall be | 19 |
| eligible for optional service credit. No optional service
| 20 |
| credit may be established for any military service, or for any | 21 |
| service
under any other Article of this Code. Optional service | 22 |
| credit may be
established for any period of disability paid | 23 |
| from this fund, if the employee
makes additional optional | 24 |
| contributions for such periods of disability.
| 25 |
| (h) This plan of optional benefits and contributions shall | 26 |
| not apply to
any former county employee receiving an annuity |
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| from the fund, who
re-enters service as a County employee, | 2 |
| unless he renders at least 3 years
of additional service after | 3 |
| the date of re-entry.
| 4 |
| (i) The effective date of the optional plan of additional | 5 |
| benefits and
contributions shall be July 1, 1985, or the date | 6 |
| upon which approval is
received from the Internal Revenue | 7 |
| Service, whichever is later.
| 8 |
| (j) This plan of additional benefits and contributions | 9 |
| shall expire
July 1, 2005. No additional contributions may be | 10 |
| made after
that date, and no additional benefits will accrue | 11 |
| after that date.
| 12 |
| (Source: P.A. 92-599, eff. 6-28-02.)
| 13 |
| (40 ILCS 5/9-182) (from Ch. 108 1/2, par. 9-182)
| 14 |
| Sec. 9-182. Contributions by county for prior service | 15 |
| annuities and
pensions under former acts.
| 16 |
| (a) The county, State or federal contributions authorized | 17 |
| in
Section 9-169 shall be applied first for the purposes of | 18 |
| this
Article 9 other than those stated in this Section.
| 19 |
| The balance of the sum produced from such contributions | 20 |
| shall be applied
for the following purposes:
| 21 |
| 1. "An Act to provide for the formation and | 22 |
| disbursement of a pension
fund in counties having a | 23 |
| population of 150,000 or more inhabitants, for
the benefit | 24 |
| of officers and employees in the service of such counties",
| 25 |
| approved June 29, 1915, as amended;
|
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| 2. Section 9-225 of this Article;
| 2 |
| 3. To meet such part of any minimum annuity as shall be | 3 |
| in excess of the
age and service annuity and prior service | 4 |
| annuity, and to meet such part of
any minimum widow's | 5 |
| annuity in excess of the amount of widow's annuity and
| 6 |
| widow's prior service annuity also for the purpose of | 7 |
| providing the county
cost of automatic increases in annuity | 8 |
| after retirement in accordance with
Section 9-133 and for | 9 |
| any other purpose for which moneys are not otherwise
| 10 |
| provided in this Article;
| 11 |
| 4. (Blank)
To provide a sufficient balance in the | 12 |
| investment and interest
reserve to permit a transfer from | 13 |
| that reserve to other reserves of the
fund ;
| 14 |
| 5. (Blank)
To credit to the county contribution reserve | 15 |
| such amounts required
from the county but not contributed | 16 |
| by it for age and service and prior
service annuities, and | 17 |
| widows' and widows' prior service annuities .
| 18 |
| (b) (Blank)
All such contributions shall be credited to the | 19 |
| prior service
annuity reserve. When the balance of this reserve | 20 |
| equals its liabilities
(including in addition to all other | 21 |
| liabilities, the present values of all
annuities, present or | 22 |
| prospective, according to the applicable mortality
tables and | 23 |
| rates of interest), the county shall cease to contribute the | 24 |
| sum
stated in this Section. Whenever the balance of the | 25 |
| investment and interest
reserve is not sufficient to permit a | 26 |
| transfer from that reserve to any
other reserve, the county |
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| shall contribute sums sufficient to make possible
such | 2 |
| transfer; provided, that if annexation of territory and the | 3 |
| employment
by the county of any county employee of any such | 4 |
| territory at the time of
annexation, after the county has | 5 |
| ceased to contribute as herein provided
results in additional | 6 |
| liabilities for prior service annuity and widow's
prior service | 7 |
| annuity for any such employee, contributions by the county
for | 8 |
| such purposes shall be resumed .
| 9 |
| (Source: P.A. 90-655, eff. 7-30-98.)
| 10 |
| (40 ILCS 5/9-199) (from Ch. 108 1/2, par. 9-199)
| 11 |
| Sec. 9-199. To submit an annual report.
| 12 |
| To submit a report in July of each year to the county board | 13 |
| of the
county as of the close of business on December 31st of | 14 |
| the preceding year.
The report shall contain a detailed | 15 |
| statement of the affairs of the fund,
its income and | 16 |
| expenditures, and assets and liabilities , and the status of
the | 17 |
| several reserves . The county board shall have power to require | 18 |
| and
compel the board to prepare and submit such reports.
| 19 |
| (Source: Laws 1963, p. 161.)
| 20 |
| (40 ILCS 5/9-204) (from Ch. 108 1/2, par. 9-204)
| 21 |
| Sec. 9-204. Accounting.
| 22 |
| An adequate system of accounts and records shall be | 23 |
| established to give
effect to the requirements of this Article | 24 |
| and to report the financial condition of the fund . Such |
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| additional data as is necessary for required calculations, | 2 |
| actuarial valuations, and operation of the fund shall be | 3 |
| maintained.
The reserves designated in
Sections 9--205 to | 4 |
| 9--214, inclusive, shall be maintained. At the end of
each year | 5 |
| and at any other time when necessary the amounts in such | 6 |
| reserves
shall be improved by proper interest accretions.
| 7 |
| (Source: Laws 1963, p. 161.)
| 8 |
| (40 ILCS 5/9-168 rep.)
| 9 |
| (40 ILCS 5/9-205 rep.)
| 10 |
| (40 ILCS 5/9-206 rep.)
| 11 |
| (40 ILCS 5/9-207 rep.)
| 12 |
| (40 ILCS 5/9-208 rep.)
| 13 |
| (40 ILCS 5/9-209 rep.)
| 14 |
| (40 ILCS 5/9-210 rep.)
| 15 |
| (40 ILCS 5/9-211 rep.)
| 16 |
| (40 ILCS 5/9-212 rep.)
| 17 |
| (40 ILCS 5/9-213 rep.)
| 18 |
| (40 ILCS 5/9-214 rep.)
| 19 |
| (40 ILCS 5/9-215 rep.)
| 20 |
| Section 10. The Illinois Pension Code is amended by | 21 |
| repealing Sections 9-168, 9-205, 9-206, 9-207, 9-208, 9-209, | 22 |
| 9-210, 9-211, 9-212, 9-213, 9-214, and 9-215.
| 23 |
| Section 99. Effective date. This Act takes effect upon | 24 |
| becoming law.
|
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|
INDEX
| 2 |
|
Statutes amended in order of appearance
|
| 3 |
| 40 ILCS 5/9-121.6 |
from Ch. 108 1/2, par. 9-121.6 |
| 4 |
| 40 ILCS 5/9-133 |
from Ch. 108 1/2, par. 9-133 |
| 5 |
| 40 ILCS 5/9-133.1 |
from Ch. 108 1/2, par. 9-133.1 |
| 6 |
| 40 ILCS 5/9-166 |
from Ch. 108 1/2, par. 9-166 |
| 7 |
| 40 ILCS 5/9-169 |
from Ch. 108 1/2, par. 9-169 |
| 8 |
| 40 ILCS 5/9-179.3 |
from Ch. 108 1/2, par. 9-179.3 |
| 9 |
| 40 ILCS 5/9-182 |
from Ch. 108 1/2, par. 9-182 |
| 10 |
| 40 ILCS 5/9-199 |
from Ch. 108 1/2, par. 9-199 |
| 11 |
| 40 ILCS 5/9-204 |
from Ch. 108 1/2, par. 9-204 |
| 12 |
| 40 ILCS 5/9-168 rep. |
|
| 13 |
| 40 ILCS 5/9-205 rep. |
|
| 14 |
| 40 ILCS 5/9-206 rep. |
|
| 15 |
| 40 ILCS 5/9-207 rep. |
|
| 16 |
| 40 ILCS 5/9-208 rep. |
|
| 17 |
| 40 ILCS 5/9-209 rep. |
|
| 18 |
| 40 ILCS 5/9-210 rep. |
|
| 19 |
| 40 ILCS 5/9-211 rep. |
|
| 20 |
| 40 ILCS 5/9-212 rep. |
|
| 21 |
| 40 ILCS 5/9-213 rep. |
|
| 22 |
| 40 ILCS 5/9-214 rep. |
|
| 23 |
| 40 ILCS 5/9-215 rep. |
|
| |
|