Full Text of HB2993 98th General Assembly
HB2993ham001 98TH GENERAL ASSEMBLY | Rep. Elaine Nekritz Filed: 3/19/2013
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| 1 | | AMENDMENT TO HOUSE BILL 2993
| 2 | | AMENDMENT NO. ______. Amend House Bill 2993 on page 1, in | 3 | | line 7, by changing "15-163, 15-168,", to "15-168, 15-169,"; | 4 | | and | 5 | | on page 1, in line 8, by changing "and 15-177" to "15-177, and | 6 | | 16-152"; and | 7 | | on page 1, in line 9, by changing "and 15-177.1" to "15-177.1, | 8 | | and 16-106.6"; and | 9 | | on page 22, in line 1, after "Rule 1.", by inserting " A Tier 2 | 10 | | member is eligible for a retirement annuity calculated under | 11 | | Rule 4 only if that Tier 2 member meets the service | 12 | | requirements for that benefit calculation as prescribed under | 13 | | this Rule 4 in addition to the applicable age requirement under | 14 | | subsection (a-5) of Section 15-135. "; and
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| 1 | | on page 77, by deleting lines 6 through 15; and | 2 | | on page 77, below line 23, by inserting the following:
| 3 | | "(40 ILCS 5/15-169) (from Ch. 108 1/2, par. 15-169)
| 4 | | Sec. 15-169. To elect officers and appoint employees. To | 5 | | elect officers; to appoint a secretary and treasurer; to have a | 6 | | seal;
to employ and fix the rate of pay of such actuarial, | 7 | | legal, or medical
services, or corporate trustee
organized | 8 | | under the laws of this State with a capital of not less than
| 9 | | $1,000,000, or investment counsel and other persons as shall be | 10 | | required
for the efficient administration of the system.
All | 11 | | actions brought by or against the board shall be prosecuted or
| 12 | | defended by the Attorney General or by other counsel,
as the | 13 | | board may decide.
| 14 | | (Source: P.A. 83-1440.)"; and
| 15 | | on page 79, below line 13, by inserting the following: | 16 | | "(40 ILCS 5/16-106.6 new) | 17 | | Sec. 16-106.6. Teacher certification. For purposes of this | 18 | | Article, a teacher shall be deemed to be certificated if he or | 19 | | she is required to be licensed by the Illinois State Board of | 20 | | Education.
| 21 | | (40 ILCS 5/16-152) (from Ch. 108 1/2, par. 16-152)
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| 1 | | Sec. 16-152. Contributions by members.
| 2 | | (a) Each member shall make contributions for membership | 3 | | service to this
System as follows:
| 4 | | (1) Effective July 1, 1998, contributions of 7.50% of | 5 | | salary towards the
cost of the retirement annuity. Such | 6 | | contributions shall be deemed "normal
contributions".
| 7 | | (2) Effective July 1, 1969, contributions of 1/2 of 1% | 8 | | of salary toward
the cost of the automatic annual increase | 9 | | in retirement annuity provided
under Section 16-133.1.
| 10 | | (3) Effective July 24, 1959, contributions of 1% of | 11 | | salary towards the
cost of survivor benefits. Such | 12 | | contributions shall not be credited to
the individual | 13 | | account of the member and shall not be subject to refund
| 14 | | except as provided under Section 16-143.2.
| 15 | | (4) Effective July 1, 2005, contributions of 0.40% of | 16 | | salary toward the cost of the early retirement without | 17 | | discount option provided under Section 16-133.2. This | 18 | | contribution shall cease upon termination of the early | 19 | | retirement without discount option as provided in Section | 20 | | 16-176.
| 21 | | (b) The minimum required contribution for any year of | 22 | | full-time
teaching service shall be $192.
| 23 | | (c) Contributions shall not be required of any annuitant | 24 | | receiving
a retirement annuity who is given employment as | 25 | | permitted under Section 16-118 or 16-150.1.
| 26 | | (d) A person who (i) was a member before July 1, 1998, (ii) |
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| 1 | | retires with
more than 34 years of creditable service, and | 2 | | (iii) does not elect to qualify
for the augmented rate under | 3 | | Section 16-129.1 shall be entitled, at the time
of retirement, | 4 | | to receive a partial refund of contributions made under this
| 5 | | Section for service occurring after the later of June 30, 1998 | 6 | | or attainment
of 34 years of creditable service, in an amount | 7 | | equal to 1.00% of the salary
upon which those contributions | 8 | | were based.
| 9 | | (e) A member's contributions toward the cost of early | 10 | | retirement without discount made under item (a)(4) of this | 11 | | Section shall not be refunded if the member has elected early | 12 | | retirement without discount under Section 16-133.2 and has | 13 | | begun to receive a retirement annuity under this Article | 14 | | calculated in accordance with that election. Otherwise, a | 15 | | member's contributions toward the cost of early retirement | 16 | | without discount made under item (a)(4) of this Section shall | 17 | | be refunded according to whichever one of the following | 18 | | circumstances occurs first: | 19 | | (1) The contributions shall be refunded to the member, | 20 | | without interest, within 120 days after the member's | 21 | | retirement annuity commences, if the member does not elect | 22 | | early retirement without discount under Section 16-133.2. | 23 | | (2) The contributions shall be included, without | 24 | | interest, in any refund claimed by the member under Section | 25 | | 16-151. | 26 | | (3) The contributions shall be refunded to the member's |
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| 1 | | designated beneficiary (or if there is no beneficiary, to | 2 | | the member's estate), without interest, if the member dies | 3 | | without having begun to receive a retirement annuity under | 4 | | this Article. | 5 | | (4) The contributions shall be refunded to the member, | 6 | | without interest, if within 120 days after the early | 7 | | retirement without discount option provided under Section | 8 | | 16-133.2 is terminated under Section 16-176.
In that event, | 9 | | the System shall provide to the member, within 120 days | 10 | | after the option is terminated, an application for a refund | 11 | | of those contributions. | 12 | | (Source: P.A. 93-320, eff. 7-23-03; 94-4, eff. 6-1-05.)".
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