Full Text of SB0610 95th General Assembly
SB0610sam004 95TH GENERAL ASSEMBLY
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Sen. A. J. Wilhelmi
Filed: 3/13/2007
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09500SB0610sam004 |
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LRB095 10697 AMC 33489 a |
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| AMENDMENT TO SENATE BILL 610
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| AMENDMENT NO. ______. Amend Senate Bill 610 by replacing | 3 |
| everything after the enacting clause with the following:
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| "Section 5. The Illinois Pension Code is amended by | 5 |
| changing Sections
7-142, 7-144.3, 7-172, and 7-173 and adding | 6 |
| Section 7-173.3 as follows:
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| (40 ILCS 5/7-142) (from Ch. 108 1/2, par. 7-142)
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| Sec. 7-142. Retirement annuities - Amount.
| 9 |
| (a) The amount of a retirement annuity shall be the sum of | 10 |
| the following,
determined in accordance with the actuarial | 11 |
| tables in effect at the time of
the grant of the annuity:
| 12 |
| 1. For employees with 8 or more years of service, an | 13 |
| annuity
computed pursuant to subparagraphs a or b of this | 14 |
| subparagraph 1,
whichever is the higher, and for employees | 15 |
| with less than 8 years of
service the annuity computed | 16 |
| pursuant to subparagraph a:
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| a. The monthly annuity which can be provided from | 2 |
| the total
accumulated normal, municipality and prior | 3 |
| service credits, as of the
attained age of the employee | 4 |
| on the date the annuity begins provided
that such | 5 |
| annuity shall not exceed 75% of the final rate of | 6 |
| earnings of
the employee.
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| b. (i) The monthly annuity amount determined as | 8 |
| follows :
| 9 |
| (i) For unaugmented creditable service,
by | 10 |
| multiplying (a) 1 2/3% for annuitants with not more | 11 |
| than 15 years or
(b) 1 2/3% of the employee's final | 12 |
| rate of earnings for each of the
first 15 years of | 13 |
| creditable service and 2% for each year in excess | 14 |
| of 15
years , with any remaining fraction of a year
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| for annuitants with more
than 15 years by the | 16 |
| number of years plus fractional years, prorated on
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| the
a basis of months of creditable service and | 18 |
| multiply the product
thereof by the employee's | 19 |
| final rate of earnings .
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|
For creditable service by a member employed by | 21 |
| a participating employer that has filed with the | 22 |
| Board of the Fund a resolution or ordinance | 23 |
| expressly authorizing an augmented retirement | 24 |
| annuity that is earned on or after the filing of | 25 |
| the resolution or ordinance and creditable
service | 26 |
| earned before that date that has been augmented as |
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| provided in Section
7-173.3, 1.96% of the | 2 |
| employee's final rate of earnings for each of the | 3 |
| first 15 years of
creditable service, and 2.28% for | 4 |
| each year in excess of 15 years with any remaining | 5 |
| fraction of a year prorated on the
basis of months. | 6 |
| A municipality's authorization for an augmented | 7 |
| retirement annuity under this item (i) is | 8 |
| irrevocable.
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| (ii) For the sole purpose of computing the | 10 |
| formula (and not for the
purposes of the | 11 |
| limitations hereinafter stated) $125 shall be | 12 |
| considered
the final rate of earnings in all cases | 13 |
| where the final rate of earnings
is less than such | 14 |
| amount.
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| (iii) The monthly annuity computed in | 16 |
| accordance with this
subparagraph b , shall not | 17 |
| exceed an amount equal to 75% of the final
rate of | 18 |
| earnings.
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| (iv) For employees who have less than 35 | 20 |
| years of service, the
annuity computed in | 21 |
| accordance with this subparagraph b (as reduced by
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| application of subparagraph (iii)
above) shall be | 23 |
| reduced by 0.25% thereof (0.5% if service was | 24 |
| terminated
before January 1, 1988) for each month | 25 |
| or fraction thereof (1) that the
employee's age is | 26 |
| less than 60 years, or (2) if the employee has at |
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| least
30 years of service credit, that the | 2 |
| employee's service credit is less than
35 years, | 3 |
| whichever is less, on the date the annuity begins.
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| 2. The annuity which can be provided from the total | 5 |
| accumulated
additional credits as of the attained age of | 6 |
| the employee on the date
the annuity begins.
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| (b) If payment of an annuity begins prior to the earliest | 8 |
| age at
which the employee will become eligible for an old age | 9 |
| insurance benefit
under the Federal Social Security Act, he may | 10 |
| elect that the annuity
payments from this fund shall exceed | 11 |
| those payable after his attaining
such age by an amount, | 12 |
| computed as determined by rules of the Board, but
not in excess | 13 |
| of his estimated Social Security Benefit, determined as
of the | 14 |
| effective date of the annuity, provided that in no case shall | 15 |
| the
total annuity payments made by this fund exceed in | 16 |
| actuarial value the
annuity which would have been payable had | 17 |
| no such election been made.
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| (c) The retirement annuity shall be increased each year by | 19 |
| 2%, not
compounded, of the monthly amount of annuity, taking | 20 |
| into consideration
any adjustment under paragraph (b) of this | 21 |
| Section. This increase shall
be effective each January 1 and | 22 |
| computed from the effective date of the
retirement annuity, the | 23 |
| first increase being .167% of the monthly amount
times the | 24 |
| number of months from the effective date to January 1. | 25 |
| Beginning
January 1, 1984 and thereafter, the retirement | 26 |
| annuity shall be increased
by 3% each year, not compounded. |
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| This increase shall not be applicable to
annuitants who are not | 2 |
| in service on or after September 8, 1971.
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| (Source: P.A. 91-357, eff. 7-29-99.)
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| (40 ILCS 5/7-144.3) (from Ch. 108 1/2, par. 7-144.3)
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| Sec. 7-144.3. Supplemental benefit payment.
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| (a) A supplemental benefit payment, consisting of a sum | 7 |
| calculated as
provided in subsection (c), shall be payable to | 8 |
| each eligible retirement
annuitant and surviving spouse | 9 |
| annuitant on July 1, 1993, and on each
subsequent July 1; | 10 |
| except that if this Code is amended to change the
uncompounded | 11 |
| annual increase in retirement annuity granted in subsection
(c) | 12 |
| of Section 7-142 to a compounded annual increase, no | 13 |
| supplemental
benefit shall be paid under this Section on any | 14 |
| July 1 occurring on or
after the effective date of that | 15 |
| amendment. The amount of the supplemental
benefit payment, and | 16 |
| a person's eligibility to receive the supplemental
benefit | 17 |
| payment, shall be redetermined for each year in which the | 18 |
| benefit
is payable.
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| (b) To be eligible to receive a supplemental benefit | 20 |
| payment, a person
must be entitled to receive a retirement | 21 |
| annuity or surviving spouse
annuity from the Fund on the July 1 | 22 |
| supplemental benefit payment date, and
must have been receiving | 23 |
| that annuity during each of the 12 months
immediately preceding | 24 |
| that date; except that a surviving spouse annuitant
whose | 25 |
| surviving spouse annuity began less than one year before the |
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| July 1
supplemental benefit payment date shall be eligible if | 2 |
| the deceased spouse
received a retirement annuity from the Fund | 3 |
| during the period from the
previous July 1 until the start of | 4 |
| the surviving spouse annuity.
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| (c) The amount of the supplemental benefit payment shall be | 6 |
| determined
by the Board as follows:
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| (1) The total amount available for the payment of | 8 |
| supplemental benefit
payments under this Section in any | 9 |
| year shall be 0.62% or, for employers with augmented | 10 |
| benefits, 0.73% of the last annual
participating payroll | 11 |
| for all participating municipalities and participating
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| instrumentalities in the Fund, as determined and | 13 |
| reconciled by the Fund.
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| (2) The amount of the supplemental benefit payment to | 15 |
| each eligible
person shall be a portion of the total amount | 16 |
| available under paragraph
(1), equal to that portion of the | 17 |
| total amount payable by the Fund to all
eligible persons | 18 |
| for retirement and surviving spouse annuities in the June
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| preceding the July 1 supplemental benefit payment date, | 20 |
| that is payable to
the eligible person in that month.
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| (3) Notwithstanding paragraph (2), the amount of any | 22 |
| supplemental
benefit payment paid to an annuitant under | 23 |
| this Section shall not
exceed any benefit limitations | 24 |
| established by the federal government for
qualified public | 25 |
| pension plans.
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| (Source: P.A. 87-850.)
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| (40 ILCS 5/7-172) (from Ch. 108 1/2, par. 7-172)
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| Sec. 7-172. Contributions by participating municipalities | 3 |
| and
participating instrumentalities.
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| (a) Each participating municipality and each participating
| 5 |
| instrumentality shall make payment to the fund as follows:
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| 1. municipality contributions in an amount determined | 7 |
| by applying
the municipality contribution rate to each | 8 |
| payment of earnings paid to
each of its participating | 9 |
| employees;
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| 2. an amount equal to the employee contributions | 11 |
| provided by paragraphs
(a) and (b) of Section 7-173, | 12 |
| whether or not the employee contributions are
withheld as | 13 |
| permitted by that Section;
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| 3. all accounts receivable, together with interest | 15 |
| charged thereon,
as provided in Section 7-209;
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| 4. if it has no participating employees with current | 17 |
| earnings, an
amount payable which, over a period of 20 | 18 |
| years beginning with the year
following an award of | 19 |
| benefit, will amortize, at the effective rate for
that | 20 |
| year, any negative balance in its municipality reserve | 21 |
| resulting
from the award. This amount when established will | 22 |
| be payable as a
separate contribution whether or not it | 23 |
| later has participating employees.
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| (b) A separate municipality contribution rate shall be | 25 |
| determined
for each calendar year for all participating |
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| municipalities together
with all instrumentalities thereof. | 2 |
| The municipality contribution rate
shall be determined for | 3 |
| participating instrumentalities as if they were
participating | 4 |
| municipalities. The municipality contribution rate shall
be | 5 |
| the sum of the following percentages:
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| 1. The percentage of earnings of all the participating | 7 |
| employees of all
participating municipalities and | 8 |
| participating instrumentalities which, if paid
over the | 9 |
| entire period of their service, will be sufficient when | 10 |
| combined with
all employee contributions available for the | 11 |
| payment of benefits, to provide
all annuities for | 12 |
| participating employees, and the $3,000 death benefit
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| payable under Sections 7-158 and 7-164, such percentage to | 14 |
| be known as the
normal cost rate.
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| 2. The percentage of earnings of the participating | 16 |
| employees of each
participating municipality and | 17 |
| participating instrumentalities necessary
to adjust for | 18 |
| the difference between the present value of all benefits,
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| excluding temporary and total and permanent disability and | 20 |
| death benefits, to
be provided for its participating | 21 |
| employees and the sum of its accumulated
municipality | 22 |
| contributions and the accumulated employee contributions | 23 |
| and the
present value of expected future employee and | 24 |
| municipality contributions
pursuant to subparagraph 1 of | 25 |
| this paragraph (b). This adjustment shall be
spread over | 26 |
| the remainder of the period that is allowable under |
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| generally
accepted accounting principles.
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| 3. The percentage of earnings of the participating | 3 |
| employees of all
municipalities and participating | 4 |
| instrumentalities necessary to provide
the present value | 5 |
| of all temporary and total and permanent disability
| 6 |
| benefits granted during the most recent year for which | 7 |
| information is
available.
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| 4. The percentage of earnings of the participating | 9 |
| employees of all
participating municipalities and | 10 |
| participating instrumentalities
necessary to provide the | 11 |
| present value of the net single sum death
benefits expected | 12 |
| to become payable from the reserve established under
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| Section 7-206 during the year for which this rate is fixed.
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| 5. The percentage of earnings necessary to meet any | 15 |
| deficiency
arising in the Terminated Municipality Reserve.
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| (c) A separate municipality contribution rate shall be | 17 |
| computed for
each participating municipality or participating | 18 |
| instrumentality
for its sheriff's law enforcement employees.
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| A separate municipality contribution rate shall be | 20 |
| computed for the
sheriff's law enforcement employees of each | 21 |
| forest preserve district that
elects to have such employees. | 22 |
| For the period from January 1, 1986 to
December 31, 1986, such | 23 |
| rate shall be the forest preserve district's regular
rate plus | 24 |
| 2%.
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| In the event that the Board determines that there is an | 26 |
| actuarial
deficiency in the account of any municipality with |
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| respect to a person who
has elected to participate in the Fund | 2 |
| under Section 3-109.1 of this Code,
the Board may adjust the | 3 |
| municipality's contribution rate so as to make up
that | 4 |
| deficiency over such reasonable period of time as the Board may | 5 |
| determine.
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| (d) The Board may establish a separate municipality | 7 |
| contribution
rate for all employees who are program | 8 |
| participants employed under the
federal Comprehensive | 9 |
| Employment Training Act by all of the
participating | 10 |
| municipalities and instrumentalities. The Board may also
| 11 |
| provide that, in lieu of a separate municipality rate for these
| 12 |
| employees, a portion of the municipality contributions for such | 13 |
| program
participants shall be refunded or an extra charge | 14 |
| assessed so that the
amount of municipality contributions | 15 |
| retained or received by the fund
for all CETA program | 16 |
| participants shall be an amount equal to that which
would be | 17 |
| provided by the separate municipality contribution rate for all
| 18 |
| such program participants. Refunds shall be made to prime | 19 |
| sponsors of
programs upon submission of a claim therefor and | 20 |
| extra charges shall be
assessed to participating | 21 |
| municipalities and instrumentalities. In
establishing the | 22 |
| municipality contribution rate as provided in paragraph
(b) of | 23 |
| this Section, the use of a separate municipality contribution
| 24 |
| rate for program participants or the refund of a portion of the
| 25 |
| municipality contributions, as the case may be, may be | 26 |
| considered.
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| (e) Computations of municipality contribution rates for | 2 |
| the
following calendar year shall be made prior to the | 3 |
| beginning of each
year, from the information available at the | 4 |
| time the computations are
made, and on the assumption that the | 5 |
| employees in each participating
municipality or participating | 6 |
| instrumentality at such time will continue
in service until the | 7 |
| end of such calendar year at their respective rates
of earnings | 8 |
| at such time.
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| (f) Any municipality which is the recipient of State | 10 |
| allocations
representing that municipality's contributions for | 11 |
| retirement annuity
purposes on behalf of its employees as | 12 |
| provided in Section 12-21.16 of
the Illinois Public Aid Code | 13 |
| shall pay the allocations so
received to the Board for such | 14 |
| purpose. Estimates of State allocations to
be received during | 15 |
| any taxable year shall be considered in the
determination of | 16 |
| the municipality's tax rate for that year under Section
7-171. | 17 |
| If a special tax is levied under Section 7-171, none of the
| 18 |
| proceeds may be used to reimburse the municipality for the | 19 |
| amount of State
allocations received and paid to the Board. Any | 20 |
| multiple-county or
consolidated health department which | 21 |
| receives contributions from a county
under Section 11.2 of "An | 22 |
| Act in relation to establishment and maintenance
of county and | 23 |
| multiple-county health departments", approved July 9, 1943,
as | 24 |
| amended, or distributions under Section 3 of the Department of | 25 |
| Public
Health Act, shall use these only for municipality | 26 |
| contributions by the
health department.
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| (g) Municipality contributions for the several purposes | 2 |
| specified
shall, for township treasurers and employees in the | 3 |
| offices of the
township treasurers who meet the qualifying | 4 |
| conditions for coverage
hereunder, be allocated among the | 5 |
| several school districts and parts of
school districts serviced | 6 |
| by such treasurers and employees in the
proportion which the | 7 |
| amount of school funds of each district or part of
a district | 8 |
| handled by the treasurer bears to the total amount of all
| 9 |
| school funds handled by the treasurer.
| 10 |
| From the funds subject to allocation among districts and | 11 |
| parts of
districts pursuant to the School Code, the trustees | 12 |
| shall withhold the
proportionate share of the liability for | 13 |
| municipality contributions imposed
upon such districts by this | 14 |
| Section, in respect to such township treasurers
and employees | 15 |
| and remit the same to the Board.
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| The municipality contribution rate for an educational | 17 |
| service center shall
initially be the same rate for each year | 18 |
| as the regional office of
education or school district
which | 19 |
| serves as its administrative agent. When actuarial data become
| 20 |
| available, a separate rate shall be established as provided in | 21 |
| subparagraph
(i) of this Section.
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| The municipality contribution rate for a public agency, | 23 |
| other than a
vocational education cooperative, formed under the | 24 |
| Intergovernmental
Cooperation Act shall initially be the | 25 |
| average rate for the municipalities
which are parties to the | 26 |
| intergovernmental agreement. When actuarial data
become |
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| available, a separate rate shall be established as provided in
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| subparagraph (i) of this Section.
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| (h) Each participating municipality and participating
| 4 |
| instrumentality shall make the contributions in the amounts | 5 |
| provided in
this Section in the manner prescribed from time to | 6 |
| time by the Board and
all such contributions shall be | 7 |
| obligations of the respective
participating municipalities and | 8 |
| participating instrumentalities to this
fund. The failure to | 9 |
| deduct any employee contributions shall not
relieve the | 10 |
| participating municipality or participating instrumentality
of | 11 |
| its obligation to this fund. Delinquent payments of | 12 |
| contributions
due under this Section may, with interest, be | 13 |
| recovered by civil action
against the participating | 14 |
| municipalities or participating
instrumentalities. | 15 |
| Municipality contributions, other than the amount
necessary | 16 |
| for employee contributions and Social Security contributions, | 17 |
| for
periods of service by employees from whose earnings no | 18 |
| deductions were made
for employee contributions to the fund, | 19 |
| may be charged to the municipality
reserve for the municipality | 20 |
| or participating instrumentality.
| 21 |
| (i) Contributions by participating instrumentalities shall | 22 |
| be
determined as provided herein except that the percentage | 23 |
| derived under
subparagraph 2 of paragraph (b) of this Section, | 24 |
| and the amount payable
under subparagraph 5 of paragraph (a) of | 25 |
| this Section, shall be based on
an amortization period of 10 | 26 |
| years.
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| (j) Notwithstanding the other provisions of this Section, | 2 |
| the additional unfunded liability accruing as a result of this | 3 |
| amendatory Act of the 94th General Assembly
shall be amortized | 4 |
| over a period of 30 years beginning on January 1 of the
second | 5 |
| calendar year following the calendar year in which this | 6 |
| amendatory Act takes effect, except that the employer may | 7 |
| provide for a longer amortization period by adopting a | 8 |
| resolution or ordinance specifying a 35-year or 40-year period | 9 |
| and submitting a certified copy of the ordinance or resolution | 10 |
| to the fund no later than June 1 of the calendar year following | 11 |
| the calendar year in which this amendatory Act takes effect.
| 12 |
| (k) The contribution rate of an employer who authorizes | 13 |
| augmented retirement annuities shall be calculated as provided | 14 |
| in paragraph 1 of subsection (b) of this Section. The moneys in | 15 |
| an employer's municipal reserve for augmented retirement | 16 |
| benefits shall be kept separated from the moneys in the | 17 |
| municipal reserve for unaugmented retirement benefits.
| 18 |
| (Source: P.A. 94-712, eff. 6-1-06 .)
| 19 |
| (40 ILCS 5/7-173) (from Ch. 108 1/2, par. 7-173)
| 20 |
| Sec. 7-173. Contributions by employees.
| 21 |
| (a) Each participating employee shall make contributions | 22 |
| to the fund as
follows:
| 23 |
| 1. For retirement annuity purposes, for unaugmented | 24 |
| service, normal contributions of 3 3/4% of
earnings and, | 25 |
| for augmented service, 3 3/4% of earnings plus an amount |
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| the governing body deems necessary to support the augmented | 2 |
| service authorized by this amendatory Act of the 95th | 3 |
| General Assembly, which may not exceed an additional 3% of | 4 |
| earnings .
| 5 |
| 2. Additional contributions of such percentages of | 6 |
| each payment of
earnings, as shall be elected by the | 7 |
| employee for retirement annuity
purposes, but not in excess | 8 |
| of 10%. The selected rate shall be
applicable to all | 9 |
| earnings beginning on the first day of the second
month | 10 |
| following receipt by the Board of written notice of | 11 |
| election to
make such contributions. Additional | 12 |
| contributions at the selected rate
shall be made | 13 |
| concurrently with normal contributions.
| 14 |
| 3. Survivor contributions, by each participating | 15 |
| employee, of 3/4%
of each payment of earnings.
| 16 |
| (b) Each employee shall make contributions to the fund for | 17 |
| federal
Social Security taxes, for periods during which he is a | 18 |
| covered
employee, as required by the Social Security Enabling | 19 |
| Act. For
participating employees, such contributions shall be | 20 |
| in addition to
those required under paragraph (a) of this | 21 |
| Section.
| 22 |
| (c) Contributions shall be deducted from each | 23 |
| corresponding payment
of earnings paid to each employee and | 24 |
| shall be remitted to the board by
the participating | 25 |
| municipality or participating instrumentality making
such | 26 |
| payment. The remittance, together with a report of the earnings
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| and contributions shall be made as directed by the board. For | 2 |
| township
treasurers and employees of township treasurers | 3 |
| qualifying as employees
hereunder, the contributions herein | 4 |
| required as deductions from salary
shall be withheld by the | 5 |
| school township trustees from funds available
for the payment | 6 |
| of the compensation of such treasurers and employees as
| 7 |
| provided in the School Code and remitted to the board.
| 8 |
| (d) An employee who has made additional contributions under
| 9 |
| paragraph (a)2 of this Section may upon retirement or at any | 10 |
| time prior
thereto, elect to withdraw the total of such | 11 |
| additional contributions
including interest credited thereon | 12 |
| to the end of the preceding calendar
year.
| 13 |
| (e) Failure to make the deductions for employee | 14 |
| contributions
provided in paragraph (c) of this Section shall | 15 |
| not relieve the employee
from liability for such contributions. | 16 |
| The amount of such liability may
be deducted, with interest | 17 |
| charged under Section 7-209, from any
annuities or benefits | 18 |
| payable hereunder to the employee or any other
person receiving | 19 |
| an annuity or benefit by reason of such employee's
| 20 |
| participation.
| 21 |
| (f) A participating employee who has at least 40 years of | 22 |
| creditable
service in the Fund may elect to cease making the | 23 |
| contributions required
under this Section. The status of the | 24 |
| employee under this Article shall be
unaffected by this | 25 |
| election, except that the employee shall not receive any
| 26 |
| additional creditable service for the periods of employment |
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| following the
election. An election under this subsection | 2 |
| relieves the employer from
making additional employer | 3 |
| contributions in relation to that employee.
| 4 |
| (Source: P.A. 87-1265.)
| 5 |
| (40 ILCS 5/7-173.3 new)
| 6 |
| Sec. 7-173.3. Optional contribution for augmented | 7 |
| retirement formula.
| 8 |
| (a) A member of the Fund may qualify for the augmented rate | 9 |
| under
subdivision (a)1.b.(i) of Section 7-142 for all years of | 10 |
| creditable service
earned before the filing of a resolution or | 11 |
| ordinance by his or her employer authorizing augmented service | 12 |
| by making the optional contribution specified in
subsection (b) | 13 |
| of this Section. A member may not elect to qualify for the
| 14 |
| augmented rate for only a portion of his or her creditable | 15 |
| service earned
before the filing of the resolution or | 16 |
| ordinance.
| 17 |
| (b) The contribution shall be an amount the Board deems | 18 |
| necessary to pay the true cost to the Fund of the creditable | 19 |
| service converted to augmented service as authorized by this | 20 |
| amendatory Act of the 95th General Assembly, expressed in a | 21 |
| percentage of the member's
salary rate during the 12 | 22 |
| consecutive months immediately prior to but not
including the | 23 |
| year in which the application occurs, multiplied by the number
| 24 |
| of years of creditable service earned by the member before the | 25 |
| filing of the resolution or ordinance. The Board shall |
|
|
|
09500SB0610sam004 |
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LRB095 10697 AMC 33489 a |
|
| 1 |
| establish the method for calculating true cost taking into | 2 |
| account the appropriate actuarial
assumptions; the employee's | 3 |
| service, age, and salary history; and
any other factors that | 4 |
| the Board determines to be relevant.
| 5 |
| The contribution required by this subsection shall be paid | 6 |
| in one of the
following ways or in a combination of the | 7 |
| following ways that does not extend
over more than 5 years:
| 8 |
| (i) in a lump sum on or before the date of retirement;
| 9 |
| (ii) in substantially equal installments over a period | 10 |
| of time not to
exceed 5 years, as a deduction from salary;
| 11 |
| (iii) in
substantially equal monthly installments over | 12 |
| a 24-month period, by reducing
the annuitant's monthly | 13 |
| benefit over a 24-month period by the amount of the
| 14 |
| otherwise applicable contribution. For federal and | 15 |
| Illinois tax purposes,
the monthly amount by which the | 16 |
| annuitant's benefit is reduced shall not be
treated as a | 17 |
| contribution by the annuitant, but rather as a reduction of | 18 |
| the
annuitant's monthly benefit.
| 19 |
| (c) If the member fails to make the full contribution under | 20 |
| this Section
in a timely fashion, the payments made under this | 21 |
| Section shall be refunded
to the member, without interest. If | 22 |
| the member dies before making the full
contribution, the | 23 |
| payments made under this Section, together with regular
| 24 |
| interest thereon, shall be refunded to the member's designated | 25 |
| beneficiary.
| 26 |
| (d) For purposes of this Section and the retirement formula |
|
|
|
09500SB0610sam004 |
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LRB095 10697 AMC 33489 a |
|
| 1 |
| in Section
7-142, optional creditable service established by a | 2 |
| member shall be deemed to
have been earned at the time of the | 3 |
| employment or other qualifying event upon
which the service is | 4 |
| based, rather than at the time the credit was established
in | 5 |
| this Fund.
| 6 |
| (e) The contributions required under this Section are the | 7 |
| responsibility
of the employee and not the employer. However, | 8 |
| an employer may specifically
agree, through collective | 9 |
| bargaining or otherwise, to make the contributions
required by | 10 |
| this Section on behalf of its employees.
| 11 |
| Section 99. Effective date. This Act takes effect upon | 12 |
| becoming law.".
|
|