Full Text of SB0550 96th General Assembly
SB0550sam001 96TH GENERAL ASSEMBLY
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Sen. James A. DeLeo
Filed: 3/15/2010
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LRB096 06603 AMC 39007 a |
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| AMENDMENT TO SENATE BILL 550
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| AMENDMENT NO. ______. Amend Senate Bill 550 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 5-234 and by adding Section 6-229 as follows: | 6 |
| (40 ILCS 5/5-234) (from Ch. 108 1/2, par. 5-234) | 7 |
| Sec. 5-234. Transfer of credits. | 8 |
| (a) Any police officer who has at least 10
years of | 9 |
| creditable service in the Fund may transfer to this Fund | 10 |
| credits
and creditable service accumulated under any other | 11 |
| pension fund or
retirement system established under Article 8 | 12 |
| or 12 of this Code, by making
application and paying to the | 13 |
| Fund before January 1, 1990 the amount by
which the employee | 14 |
| contributions that would have been required if he had
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| participated in this Fund during the period for which credit is | 16 |
| being
transferred, plus interest, exceeds the amount
actually |
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| 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 |
| (c) A policeman may transfer to this Fund up to 10 years of | 19 |
| credits and
creditable service
accumulated under the pension | 20 |
| fund established under Article 6 of this
Code, by making | 21 |
| written application to the Fund within 6 months after the
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| effective date of this amendatory Act of the 96th General | 23 |
| Assembly. For
the transfer to be effective, the policeman must | 24 |
| pay to the Fund before
withdrawal from service the amount, if | 25 |
| any, by which the employee contributions
that would have been | 26 |
| required if he or she had participated in this Fund during
the |
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| period for which credit is being transferred, plus interest, | 2 |
| exceeds the
amount actually transferred from the Article 6 fund | 3 |
| to this Fund under Section
6-229. | 4 |
| (Source: P.A. 96-727, eff. 8-25-09.) | 5 |
| (40 ILCS 5/6-229 new) | 6 |
| Sec. 6-229. Transfer of creditable service to Article 5 | 7 |
| fund.
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| (a) Any policeman, as defined in Section 5-109 of this | 9 |
| Code, who is a
participant in the pension fund established | 10 |
| under Article 5 of this Code may
apply for transfer of up to 10 | 11 |
| years of his or her credits and creditable service
accumulated | 12 |
| in this Fund to that Article 5 fund, if he or she applies to
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| transfer those credits and creditable service within 6 months | 14 |
| of the effective
date of this amendatory Act of the 96th | 15 |
| General Assembly. Such creditable
service shall be transferred
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| forthwith. Payment by this Fund to the Article 5 fund shall be | 17 |
| made at the
same time and shall consist of:
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| (1) the amounts accumulated to the credit of the | 19 |
| applicant, including
interest, on the books of the Fund on | 20 |
| the date of transfer, but
excluding any additional or | 21 |
| optional credits, which credits shall be
refunded to the | 22 |
| applicant; and
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| (2) municipality credits computed and credited under | 24 |
| this Article,
including interest, on the books of the Fund | 25 |
| on the date the member
terminated service under the Fund.
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| Participation in this Fund as to any credits transferred | 2 |
| under this Section
shall terminate on the date of transfer.
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| (b) Any such elected policeman may reinstate credits and | 4 |
| creditable service
terminated upon receipt of a separation | 5 |
| benefit, by payment to the Fund of
the amount of the separation | 6 |
| benefit plus interest thereon to the
date of payment. | 7 |
| Section 90. The State Mandates Act is amended by adding | 8 |
| Section 8.34 as follows: | 9 |
| (30 ILCS 805/8.34 new) | 10 |
| Sec. 8.34. Exempt mandate. Notwithstanding Sections 6 and 8 | 11 |
| of this Act, no reimbursement by the State is required for the | 12 |
| implementation of any mandate created by this amendatory Act of | 13 |
| the 96th General Assembly.
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| Section 99. Effective date. This Act takes effect upon | 15 |
| becoming law.".
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