Full Text of HB2422 96th General Assembly
HB2422ham002 96TH GENERAL ASSEMBLY
|
Rep. Michael J. Zalewski
Filed: 3/31/2009
|
|
09600HB2422ham002 |
|
LRB096 08603 MJR 24880 a |
|
| 1 |
| AMENDMENT TO HOUSE BILL 2422
| 2 |
| AMENDMENT NO. ______. Amend House Bill 2422, AS AMENDED, | 3 |
| with reference to page and line numbers of House Amendment No. | 4 |
| 1, on page 1, by replacing line 5 with the following: | 5 |
| "changing Sections 5-234, 6-210.1, 6-210.2, and 8-172.1 and by | 6 |
| adding Section 9-121.18 as follows:
| 7 |
| (40 ILCS 5/5-234) (from Ch. 108 1/2, par. 5-234)
| 8 |
| Sec. 5-234. Transfer of credits. | 9 |
| (a) Any police officer who has at least 10
years of | 10 |
| creditable service in the Fund may transfer to this Fund | 11 |
| credits
and creditable service accumulated under any other | 12 |
| pension fund or
retirement system established under Article 8 | 13 |
| or 12 of this Code, by making
application and paying to the | 14 |
| Fund before January 1, 1990 the amount by
which the employee | 15 |
| contributions that would have been required if he had
| 16 |
| participated in this Fund during the period for which credit is | 17 |
| being
transferred, plus interest, exceeds the amount
actually |
|
|
|
09600HB2422ham002 |
- 2 - |
LRB096 08603 MJR 24880 a |
|
| 1 |
| transferred from such other fund or system to this Fund under | 2 |
| item
(1) of Section 8-226.5 or item (1) of Section 12-127.5.
| 3 |
| (b) Any police officer who has at least 10 years of | 4 |
| creditable service in the Fund may transfer to this Fund up to | 5 |
| 48 months of creditable service accumulated under Article 9 of | 6 |
| this Code as a correctional officer with the county department | 7 |
| of corrections prior to January 1, 1994, by making application | 8 |
| to the Fund within 6 months after the effective date of this | 9 |
| amendatory Act of the 96th General Assembly and by paying to | 10 |
| the Fund an amount to be determined by the Board, equal to (i) | 11 |
| the difference between the amount of employee and employer | 12 |
| contributions transferred to the Fund under Section 9-121.17 | 13 |
| and the amounts that would have been contributed had such | 14 |
| contributions been made at the rates applicable to members of | 15 |
| this Fund, plus (ii) interest thereon at the actuarially | 16 |
| assumed rate for each year, compounded annually, from the date | 17 |
| of service to the date of payment. | 18 |
| (Source: P.A. 86-272.)"; and
| 19 |
| on page 5, immediately below line 25, by inserting the | 20 |
| following: | 21 |
| "(40 ILCS 5/9-121.18 new) | 22 |
| Sec. 9-121.18. Transfer to Article 5. | 23 |
| (a) Any active member of Article 5 of this Code may apply | 24 |
| for transfer of some or all of his creditable service as a |
|
|
|
09600HB2422ham002 |
- 3 - |
LRB096 08603 MJR 24880 a |
|
| 1 |
| correctional officer with the county department of corrections | 2 |
| accumulated under this Article to the Article 5 Fund in | 3 |
| accordance with paragraph (b) of Section 5-234. At the time of | 4 |
| the transfer the Fund shall pay to the Article 5 Fund an amount | 5 |
| equal to: | 6 |
| (1) the amounts accumulated to the credit of the | 7 |
| applicant on the books of the Fund on the date of transfer | 8 |
| for the service to be transferred; | 9 |
| (2) the corresponding employer credits, including | 10 |
| interest, on the books of the Fund on the date of transfer; | 11 |
| and | 12 |
| (3) any interest paid by the applicant in order to | 13 |
| reinstate such service. | 14 |
| Participation in this Fund with respect to the credits | 15 |
| transferred shall terminate on the date of transfer. | 16 |
| (b) Any person applying to transfer service under this | 17 |
| Section may reinstate credit for service as a member of the | 18 |
| county department of corrections that was terminated by receipt | 19 |
| of a refund, by paying to the Fund the amount of the refund | 20 |
| with interest thereon at the actuarially assumed rate, | 21 |
| compounded annually, from the date of refund to the date of | 22 |
| payment. ".
|
|