Illinois General Assembly - Full Text of HB0688
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Full Text of HB0688  100th General Assembly




HB0688 EngrossedLRB100 06102 RPS 16134 b

1    AN ACT concerning public employee benefits.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Illinois Pension Code is amended by changing
5Section 4-108.6 and Section 6-227 as follows:
6    (40 ILCS 5/4-108.6)
7    Sec. 4-108.6. Transfer of creditable service to the
8Firemen's Annuity and Benefit Fund of Chicago.
9    (a) Until 6 months after the effective date of this
10amendatory Act of the 100th General Assembly, January 1, 2010,
11any active member of the Firemen's Annuity and Benefit Fund of
12Chicago may apply for transfer of up to 10 years of creditable
13service accumulated in any pension fund established under this
14Article to the Firemen's Annuity and Benefit Fund of Chicago.
15Such creditable service shall be transferred only upon payment
16by such pension fund to the Firemen's Annuity and Benefit Fund
17of Chicago of an amount equal to:
18        (1) the amounts accumulated to the credit of the
19    applicant on the books of the fund on the date of transfer;
20        (2) employer contributions in an amount equal to the
21    amount determined under subparagraph (1); and
22        (3) any interest paid by the applicant in order to
23    reinstate service.



HB0688 Engrossed- 2 -LRB100 06102 RPS 16134 b

1    Participation in such pension fund as to any credits
2transferred under this Section shall terminate on the date of
4    (b) An active member of the Firemen's Annuity and Benefit
5Fund of Chicago applying for a transfer of creditable service
6under subsection (a) may reinstate credits and creditable
7service terminated upon receipt of a refund by payment to the
8Firemen's Annuity and Benefit Fund of Chicago of the amount of
9the refund with interest thereon at the actuarially assumed
10rate, compounded annually, from the date of the refund to the
11date of payment.
12(Source: P.A. 96-727, eff. 8-25-09.)
13    (40 ILCS 5/6-227)
14    Sec. 6-227. Transfer of creditable service from Article 4.
15Until 6 months after the effective date of this amendatory Act
16of the 100th General Assembly, January 1, 2010, any active
17member of the Firemen's Annuity and Benefit Fund of Chicago may
18transfer to the Fund up to a total of 10 years of creditable
19service accumulated under Article 4 of this Code upon payment
20to the Fund within 5 years after the date of application of an
21amount equal to the difference between the amount of employee
22and employer contributions transferred to the Fund under
23Section 4-108.6 and the amounts determined by the Fund in
24accordance with this Section, plus interest on that difference
25at the actuarially assumed rate, compounded annually, from the



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1date of service to the date of payment.
2    The Fund must determine the fireman's payment required to
3establish creditable service under this Section by taking into
4account the appropriate actuarial assumptions, including
5without limitation the fireman's service, age, and salary
6history; the level of funding of the Fund; and any other
7factors that the Fund determines to be relevant. For this
8purpose, the fireman's required payment should result in no
9significant increase to the Fund's unfunded actuarial accrued
10liability determined as of the most recent actuarial valuation,
11based on the same assumptions and methods used to develop and
12report the Fund's actuarial accrued liability and actuarial
13value of assets under Statement No. 25 of Governmental
14Accounting Standards Board or any subsequent applicable
16(Source: P.A. 96-727, eff. 8-25-09.)
17    Section 90. The State Mandates Act is amended by adding
18Section 8.41 as follows:
19    (30 ILCS 805/8.41 new)
20    Sec. 8.41. Exempt mandate. Notwithstanding Sections 6 and 8
21of this Act, no reimbursement by the State is required for the
22implementation of any mandate created by this amendatory Act of
23the 100th General Assembly.
24    Section 99. Effective date. This Act takes effect upon



HB0688 Engrossed- 4 -LRB100 06102 RPS 16134 b

1becoming law.