Full Text of HB0275 102nd General Assembly
HB0275eng 102ND GENERAL ASSEMBLY |
| | HB0275 Engrossed | | LRB102 10029 RPS 15349 b |
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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 | 5 | | changing Sections 17-140 and 17-151.1 as follows:
| 6 | | (40 ILCS 5/17-140) (from Ch. 108 1/2, par. 17-140)
| 7 | | Sec. 17-140. Board officers. The president, recording | 8 | | secretary and other officers of the Board shall
be elected by | 9 | | and from the members of the Board board at the first meeting of | 10 | | the
Board after the election of trustees.
| 11 | | In case any officer whose signature appears upon any check | 12 | | or draft,
issued pursuant to this Article, ceases (after | 13 | | attaching his signature) to
hold his office , the before the | 14 | | delivery thereof to the payee, his signature
nevertheless | 15 | | shall be valid and sufficient for all purposes with the same
| 16 | | effect as if he had remained in office until delivery thereof .
| 17 | | (Source: P.A. 90-566, eff. 1-2-98.)
| 18 | | (40 ILCS 5/17-151.1) | 19 | | Sec. 17-151.1. Recovery of amount paid in error. | 20 | | (a) The Board may retain out of any annuity or benefit | 21 | | payable to any person any amount that the Board determines is | 22 | | owing to the Fund because (i) required employee contributions |
| | | HB0275 Engrossed | - 2 - | LRB102 10029 RPS 15349 b |
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| 1 | | were not made in whole or in part, (ii) employee or member | 2 | | obligations to return refunds were not met, or (iii) money was | 3 | | paid to any employee, member, or annuitant through | 4 | | misrepresentation, fraud, or error. | 5 | | If the Fund mistakenly sets any benefit at an incorrect | 6 | | amount, the Fund shall recalculate the benefit as soon as may | 7 | | be practicable after the mistake is discovered. The Fund shall | 8 | | provide the recipient, or the survivor or beneficiary of the | 9 | | recipient, as the case may be, with at least 60 days' notice of | 10 | | the corrected amount. | 11 | | If the benefit was mistakenly set too low, the Fund shall | 12 | | make a lump sum payment to the recipient, or the survivor or | 13 | | beneficiary of the recipient, as the case may be, of an amount | 14 | | equal to the difference between the benefits that should have | 15 | | been paid and those actually paid, plus interest at the rate of | 16 | | 3% from the date the unpaid amounts accrued to the date of | 17 | | payment. | 18 | | If the benefit was mistakenly set too high, the Fund may | 19 | | recover the amount overpaid from the recipient, or the | 20 | | survivor or beneficiary of the recipient, as the case may be, | 21 | | plus interest at 3% from the date of overpayment to the date of | 22 | | recovery. The recipient, or the survivor or beneficiary of the | 23 | | recipient, as the case may be, may elect to repay the sum owed | 24 | | either directly by a lump sum payment, in agreed-upon monthly | 25 | | payments over a period not to exceed 5 years, or through an | 26 | | actuarial equivalent reduction of the corrected benefit. |
| | | HB0275 Engrossed | - 3 - | LRB102 10029 RPS 15349 b |
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| 1 | | However, if (1) the amount of the benefit was mistakenly set | 2 | | too high, (2) the error was undiscovered for 3 years or longer | 3 | | from the date of the first mistaken benefit payment, and (3) | 4 | | the error was not the result of incorrect information supplied | 5 | | by the affected member, then upon discovery of the mistake the | 6 | | benefit shall be adjusted to the correct level, but the | 7 | | recipient of the benefit shall not be required to repay to the | 8 | | Fund the excess amounts received in error. | 9 | | (b) The Board and the Fund shall be held free from any | 10 | | liability for any money retained or paid in accordance with | 11 | | this Section, and the employee, member, or pensioner shall be | 12 | | assumed to have assented and agreed to the disposition of | 13 | | money due. | 14 | | (c) The changes made by this amendatory Act of the 94th | 15 | | General Assembly are not limited to persons in service on or | 16 | | after the effective date of this amendatory Act.
| 17 | | (Source: P.A. 94-425, eff. 8-2-05.)
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