Full Text of HB0425 102nd General Assembly
HB0425eng 102ND GENERAL ASSEMBLY |
| | HB0425 Engrossed | | LRB102 05183 RPS 15204 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 Section 5-163 as follows:
| 6 | | (40 ILCS 5/5-163) (from Ch. 108 1/2, par. 5-163)
| 7 | | Sec. 5-163. Refund - General. | 8 | | (a) A policeman, without regard to his period of service , | 9 | | who
withdraws before age 50, and a policeman with less than 10 | 10 | | years of
service who withdraws before age 57, is entitled to a | 11 | | refund of the
amount deducted from his salary
for age and | 12 | | service annuity or Tier 2 monthly retirement annuity, for | 13 | | automatic annual increase in annuity as provided in Section | 14 | | 5-167.1, and for widow's
annuity or Tier 2 surviving spouse's | 15 | | annuity, together with interest at 1-1/2% per year on each
| 16 | | deduction from the date of each deduction
until the date of his
| 17 | | withdrawal from the service.
| 18 | | (b) Any refund under this Article shall be calculated | 19 | | based on the policeman's contributions to the fund, less the | 20 | | amount of any annuity benefit previously received by the | 21 | | policeman and his beneficiaries. A policeman shall have no | 22 | | such right of refund if the sum of the annuity benefits the | 23 | | policeman and his beneficiaries have received exceeds the sum |
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| 1 | | to which the policeman has contributed to the fund. A | 2 | | policeman may receive a refund until the annuity to which he
is | 3 | | entitled has been fixed. Thereafter, he shall have no such | 4 | | right of
refund.
| 5 | | (c) A policeman who withdraws the amount credited to him | 6 | | surrenders
and forfeits all rights to any annuity or other | 7 | | benefit from the fund,
for himself and for any other person or | 8 | | persons who might otherwise have
benefited through him. The | 9 | | rights so forfeited shall be restored to him,
his wife or widow | 10 | | and his children upon full repayment as provided in
Section | 11 | | 5-164.
| 12 | | If the policeman subsequently re-enters service before age | 13 | | 57, and
has not so repaid in full the amounts refunded the | 14 | | rights forfeited
shall not be restored, but the policeman | 15 | | shall retain the right (which
is also secured to the widow) to | 16 | | have the period of service represented
by the refunds counted | 17 | | in the compensation of length of service, except
as otherwise | 18 | | provided in Section 5-164.
| 19 | | (d) A policeman who has served less than 10 years who has | 20 | | not
received a refund shall have all amounts to his credit for | 21 | | purposes on
the date of his withdrawal improved by interest | 22 | | while he is out of
service until he attains age 57, if he | 23 | | subsequently re-enters the
service and attains a right to | 24 | | annuity.
| 25 | | (e) If a policeman elects to make additional contribution | 26 | | for past
service as provided in Section 5-174 and fails to pay |
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| 1 | | such contributions
in full within the time specified in said | 2 | | section, a refund of the
amount so paid, with interest at | 3 | | 1-1/2% per year, compounded annually,
shall be refunded as | 4 | | provided in said section.
| 5 | | (f) If a policeman makes contributions in accordance with | 6 | | the
provisions of Section 5-174(b) and subsequently returns to | 7 | | the position
he holds by certification and appointment as the | 8 | | result of competitive
civil service examination, he shall | 9 | | receive a refund of such
contributions, upon application | 10 | | therefor, together with interest at
1-1/2% per year on each | 11 | | such deduction from the date
it was made to the
date of refund. | 12 | | Application for refund must be made before the annuity
to | 13 | | which he has a right has been fixed.
| 14 | | (Source: P.A. 99-905, eff. 11-29-16.)
| 15 | | Section 90. The State Mandates Act is amended by adding | 16 | | Section 8.45 as follows: | 17 | | (30 ILCS 805/8.45 new) | 18 | | Sec. 8.45. Exempt mandate. Notwithstanding Sections 6 and | 19 | | 8 of this Act, no reimbursement by the State is required for | 20 | | the implementation of any mandate created by this amendatory | 21 | | Act of the 102nd General Assembly.
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