Full Text of HB5142 95th General Assembly
HB5142ham001 95TH GENERAL ASSEMBLY
|
Personnel and Pensions Committee
Adopted in House Comm. on Mar 13, 2008
|
|
09500HB5142ham001 |
|
LRB095 18517 AMC 48294 a |
|
| 1 |
| AMENDMENT TO HOUSE BILL 5142
| 2 |
| AMENDMENT NO. ______. Amend House Bill 5142 by replacing | 3 |
| line 22 on page 10 through line 23 on page 13 with the | 4 |
| following:
| 5 |
| "(40 ILCS 5/16-128) (from Ch. 108 1/2, par. 16-128)
| 6 |
| Sec. 16-128. Creditable service - required contributions.
| 7 |
| (a) In order to receive the creditable service specified | 8 |
| under
subsection (b) of Section 16-127 (other than paragraph | 9 |
| (5.1) of subsection (b)) , a member is required to make the
| 10 |
| following contributions: (i) an amount equal to the | 11 |
| contributions
which would have been required had such service | 12 |
| been rendered as a member
under this System; (ii)
for military | 13 |
| service not immediately following
employment and for service | 14 |
| established under subdivision (b)(10) of
Section 16-127, an | 15 |
| amount determined by the Board to be equal to the
employer's | 16 |
| normal cost of the benefits accrued for such service; and (iii)
| 17 |
| interest from the date the contributions would have been due |
|
|
|
09500HB5142ham001 |
- 2 - |
LRB095 18517 AMC 48294 a |
|
| 1 |
| (or, in the case
of a person establishing credit for military | 2 |
| service under subdivision (b)(3)
of Section 16-127, the date of | 3 |
| first membership in the System, if that date
is later) to the | 4 |
| date of payment, at the following rate of interest,
compounded | 5 |
| annually: for periods prior to July 1, 1965, regular interest; | 6 |
| from
July 1, 1965 to June 30, 1977, 4% per year; on and after | 7 |
| July 1, 1977, regular
interest.
| 8 |
| (a-5) In order to receive the creditable service specified | 9 |
| in paragraph (5.1) of subsection (b) of Section 16-127, a | 10 |
| member is required to make the
following contributions: (i) an | 11 |
| amount equal to the contributions
which would have been | 12 |
| required had such service been rendered as a member
under this | 13 |
| System; (ii)
an amount determined by the Board to be equal to | 14 |
| the
employer's normal cost of the benefits accrued for such | 15 |
| service; and (iii)
interest from the date the contributions | 16 |
| would have been due to the date of payment at the actuarially | 17 |
| assumed interest rate. | 18 |
| (b) In order to receive creditable service under paragraph | 19 |
| (2) of
subsection (b) of Section 16-127 for those who were not | 20 |
| members on June 30,
1963, the minimum required contribution | 21 |
| shall be $420 per year of service
together with interest at 4% | 22 |
| per year compounded annually from July 1,
preceding the date of | 23 |
| membership until June 30, 1977 and at regular
interest | 24 |
| compounded annually thereafter to the date of payment.
| 25 |
| (c) In determining the contribution required in order to | 26 |
| receive creditable
service under paragraph (3) of subsection |
|
|
|
09500HB5142ham001 |
- 3 - |
LRB095 18517 AMC 48294 a |
|
| 1 |
| (b) of Section 16-127, the salary
rate for the remainder of the | 2 |
| school term in which a member enters military
service shall be | 3 |
| assumed to be equal to the member's salary rate at the
time of | 4 |
| entering military service. However, for military service not
| 5 |
| immediately following employment, the salary rate on the last | 6 |
| date as a
participating teacher prior to such military service, | 7 |
| or on the first date
as a participating teacher after such | 8 |
| military service, whichever is
greater, shall be assumed to be | 9 |
| equal to the member's salary rate at the
time of entering | 10 |
| military service. For each school term thereafter, the
member's | 11 |
| salary rate shall be assumed to be 5% higher than the salary | 12 |
| rate
in the previous school term.
| 13 |
| (d) In determining the contribution required in order to | 14 |
| receive creditable
service under paragraph (5) and (5.1) of | 15 |
| subsection (b) of Section 16-127, a member's
salary rate during | 16 |
| the period for which credit is being established shall be
| 17 |
| assumed to be equal to the member's last salary
rate | 18 |
| immediately preceding that period.
| 19 |
| (d-5) For each year of service credit to be established | 20 |
| under subsection
(b-1) of Section 16-127, a member is required | 21 |
| to contribute to the System (i)
16.5% of the annual salary rate | 22 |
| during the first year of full-time employment
as a teacher | 23 |
| under this Article following the private school service, plus
| 24 |
| (ii) interest thereon from the date of first full-time | 25 |
| employment as a teacher
under this Article following the | 26 |
| private school service to the date of payment,
compounded |
|
|
|
09500HB5142ham001 |
- 4 - |
LRB095 18517 AMC 48294 a |
|
| 1 |
| annually, at the rate of 8.5% per year for periods before the
| 2 |
| effective date of this amendatory Act of the 92nd General | 3 |
| Assembly, and for
subsequent periods at a rate equal to the | 4 |
| System's actuarially assumed rate of
return on investments.
| 5 |
| (d-10) For service credit established under paragraph (6) | 6 |
| of subsection (b) of Section 16-127 for days granted by an | 7 |
| employer in excess of the member's normal annual sick leave | 8 |
| allotment, the employer is required to pay the normal cost of | 9 |
| benefits based upon such service credit. This subsection (d-10) | 10 |
| does not apply to sick leave granted to teachers under | 11 |
| contracts or collective bargaining agreements entered into, | 12 |
| amended, or renewed before June 1, 2005 (the effective date of | 13 |
| Public Act 94-4).
The employer contributions required under | 14 |
| this subsection (d-10) shall be paid in the form of a lump sum | 15 |
| within 30 days after receipt of the bill after the teacher | 16 |
| begins receiving benefits under this Article.
| 17 |
| (e) Except for contributions under subsection (d-10), the | 18 |
| contributions required under this Section may be made from the
| 19 |
| date the statement for such creditable service is issued until | 20 |
| retirement
date. All such required contributions must be made | 21 |
| before any retirement
annuity is granted.
| 22 |
| (Source: P.A. 94-4, eff. 6-1-05; 94-1057, eff. 7-31-06.)".
|
|