Full Text of SB3309 98th General Assembly
SB3309eng 98TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning public employee benefits.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Pension Code is amended by changing | 5 | | Sections 2-114, 14-103.19, 18-116, and 21-105.1 and by adding | 6 | | Sections 2-155.1, 2-163, 14-148.1, 14-153.3, 18-162.1, and | 7 | | 18-170 as follows:
| 8 | | (40 ILCS 5/2-114) (from Ch. 108 1/2, par. 2-114)
| 9 | | Sec. 2-114. Actuarial tables.
| 10 | | "Actuarial tables": Tabular listings of assumed rates of | 11 | | death,
disability, retirement and withdrawal from service and | 12 | | mathematical
functions derived from such rates combined with an | 13 | | assumed rate of interest
based upon the experience of the | 14 | | system as adopted by the board upon
recommendation of the | 15 | | actuary.
| 16 | | The adopted actuarial tables shall be used to determine the | 17 | | amount of all benefits under this Article, including any | 18 | | optional forms of benefits. Optional forms of benefits must be | 19 | | the actuarial equivalent of the normal benefit payable under | 20 | | this Article. | 21 | | (Source: Laws 1963, p. 161.)
| 22 | | (40 ILCS 5/2-155.1 new) |
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| 1 | | Sec. 2-155.1. Mistake in benefit. If the System mistakenly | 2 | | sets any benefit at an incorrect amount, it shall recalculate | 3 | | the benefit as soon as may be practicable after the mistake is | 4 | | discovered. | 5 | | If the benefit was mistakenly set too low, the System shall | 6 | | make a lump sum payment to the recipient of an amount equal to | 7 | | the difference between the benefits that should have been paid | 8 | | and those actually paid. | 9 | | If the benefit was mistakenly set too high, the System may | 10 | | recover the amount overpaid from the recipient thereof, either | 11 | | directly or by deducting such amount from the remaining | 12 | | benefits payable to the recipient. However, if (1) the amount | 13 | | of the benefit was mistakenly set too high, and (2) the error | 14 | | was undiscovered for 3 years or longer, and (3) the error was | 15 | | not the result of incorrect information supplied by the | 16 | | affected member or beneficiary, then upon discovery of the | 17 | | mistake the benefit shall be adjusted to the correct level, but | 18 | | the recipient of the benefit need not repay to the System the | 19 | | excess amounts received in error. | 20 | | (40 ILCS 5/2-163 new) | 21 | | Sec. 2-163. Termination of plan. Upon plan termination, a | 22 | | participant's interest in the pension fund will be | 23 | | nonforfeitable.
| 24 | | (40 ILCS 5/14-103.19) (from Ch. 108 1/2, par. 14-103.19)
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| 1 | | Sec. 14-103.19. Actuarial tables. "Actuarial tables": | 2 | | Tables of mathematical functions derived from
mortality, | 3 | | disability and turn-over rates, combined with interest
| 4 | | discount factors as adopted by the board on recommendation of | 5 | | the
actuary.
| 6 | | The adopted actuarial tables shall be used to determine the | 7 | | amount of all benefits under this Article, including any | 8 | | optional forms of benefits. Optional forms of benefits must be | 9 | | the actuarial equivalent of the normal benefit payable under | 10 | | this Article. | 11 | | (Source: P.A. 80-841.)
| 12 | | (40 ILCS 5/14-148.1 new) | 13 | | Sec. 14-148.1. Mistake in benefit. If the System mistakenly | 14 | | sets any benefit at an incorrect amount, it shall recalculate | 15 | | the benefit as soon as may be practicable after the mistake is | 16 | | discovered. | 17 | | If the benefit was mistakenly set too low, the System shall | 18 | | make a lump sum payment to the recipient of an amount equal to | 19 | | the difference between the benefits that should have been paid | 20 | | and those actually paid. | 21 | | If the benefit was mistakenly set too high, the System may | 22 | | recover the amount overpaid from the recipient thereof, either | 23 | | directly or by deducting such amount from the remaining | 24 | | benefits payable to the recipient. However, if (1) the amount | 25 | | of the benefit was mistakenly set too high, and (2) the error |
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| 1 | | was undiscovered for 3 years or longer, and (3) the error was | 2 | | not the result of incorrect information supplied by the | 3 | | affected member or beneficiary, then upon discovery of the | 4 | | mistake the benefit shall be adjusted to the correct level, but | 5 | | the recipient of the benefit need not repay to the System the | 6 | | excess amounts received in error. | 7 | | (40 ILCS 5/14-153.3 new) | 8 | | Sec. 14-153.3. Termination of plan. Upon plan termination, | 9 | | a member's interest in the pension fund will be nonforfeitable.
| 10 | | (40 ILCS 5/18-116) (from Ch. 108 1/2, par. 18-116)
| 11 | | Sec. 18-116. Actuarial tables.
| 12 | | "Actuarial tables": Such tabular listings of assumed rates | 13 | | of death,
disability, retirement and withdrawal from service | 14 | | and mathematical
functions derived from such rates combined | 15 | | with an assumed rate of
interest, based upon the experience of | 16 | | the system, as adopted by the board
upon recommendation by the | 17 | | actuary.
| 18 | | The adopted actuarial tables shall be used to determine the | 19 | | amount of all benefits under this Article, including any | 20 | | optional forms of benefits. Optional forms of benefits must be | 21 | | the actuarial equivalent of the normal benefit payable under | 22 | | this Article. | 23 | | (Source: Laws 1963, p. 161.)
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| 1 | | (40 ILCS 5/18-162.1 new) | 2 | | Sec. 18-162.1. Mistake in benefit. If the System mistakenly | 3 | | sets any benefit at an incorrect amount, it shall recalculate | 4 | | the benefit as soon as may be practicable after the mistake is | 5 | | discovered. | 6 | | If the benefit was mistakenly set too low, the System shall | 7 | | make a lump sum payment to the recipient of an amount equal to | 8 | | the difference between the benefits that should have been paid | 9 | | and those actually paid. | 10 | | If the benefit was mistakenly set too high, the System may | 11 | | recover the amount overpaid from the recipient thereof, either | 12 | | directly or by deducting such amount from the remaining | 13 | | benefits payable to the recipient. However, if (1) the amount | 14 | | of the benefit was mistakenly set too high, and (2) the error | 15 | | was undiscovered for 3 years or longer, and (3) the error was | 16 | | not the result of incorrect information supplied by the | 17 | | affected member or beneficiary, then upon discovery of the | 18 | | mistake the benefit shall be adjusted to the correct level, but | 19 | | the recipient of the benefit need not repay to the System the | 20 | | excess amounts received in error. | 21 | | (40 ILCS 5/18-170 new) | 22 | | Sec. 18-170. Termination of plan. Upon plan termination, a | 23 | | participant's interest in the pension fund will be | 24 | | nonforfeitable.
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| 1 | | (40 ILCS 5/21-105.1) (from Ch. 108 1/2, par. 21-105.1)
| 2 | | Sec. 21-105.1. Election of optional medicare coverage. The | 3 | | State or
any political subdivision or noncorporate public | 4 | | entity may elect to
provide optional medicare coverage for its | 5 | | personnel in the same manner and
subject to the same conditions | 6 | | as are set forth in Sections 21-103, 21-104
and 21-105 for the | 7 | | election of Social Security coverage , including a retirement | 8 | | system established under Article 3, 4, 5, or 6 of this Code, | 9 | | notwithstanding the provisions contained in Section 21-105 of | 10 | | this Article .
| 11 | | (Source: P.A. 84-1472.)
| 12 | | Section 99. Effective date. This Act takes effect upon | 13 | | becoming law.
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