Full Text of SB3785 102nd General Assembly
SB3785eng 102ND GENERAL ASSEMBLY |
| | SB3785 Engrossed | | LRB102 22518 RPS 31659 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 3-110.10 and 7-139.14 as follows: | 6 | | (40 ILCS 5/3-110.10)
| 7 | | Sec. 3-110.10. Transfer from Article 7. Until January 1, | 8 | | 2009, a person may transfer to a fund established under this | 9 | | Article up to 8 years of creditable service accumulated under | 10 | | Article 7 of this Code upon payment to the fund of an amount to | 11 | | be determined by
the board, equal to (i) the difference | 12 | | between the amount of
employee and employer contributions | 13 | | transferred to the fund
under Section 7-139.11 and the amounts | 14 | | that would have been contributed had such
contributions been | 15 | | made at the rates applicable to an employee under this | 16 | | Article, plus (ii) interest thereon at the actuarially assumed | 17 | | rate, compounded annually, from the date of service to the
| 18 | | date of payment.
| 19 | | No later than 6 months after July 23, 2021 ( the effective | 20 | | date of Public Act 102-113) this amendatory Act of the 102nd | 21 | | General Assembly , a person may transfer to a fund established | 22 | | under this Article creditable service accumulated under | 23 | | Article 7 of this Code for service as a sheriff's law |
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| 1 | | enforcement employee, person employed by a participating | 2 | | municipality to perform police duties, or law enforcement | 3 | | officer employed on a full-time basis by a forest preserve | 4 | | district upon payment to the fund of an amount to be determined | 5 | | by the board, equal to (i) the difference between the amount of | 6 | | employee and employer contributions transferred to the fund | 7 | | under Section 7-139.14 and the amounts that would have been | 8 | | contributed had such contributions been made at the rates | 9 | | applicable to an employee under this Article, plus (ii) | 10 | | interest thereon at the actuarially assumed rate, compounded | 11 | | annually, from the date of service to the date of payment. | 12 | | No later than 6 months after the effective date of this | 13 | | amendatory Act of the 102nd General Assembly, a person may | 14 | | transfer to a fund established under this Article creditable | 15 | | service accumulated under Article 7 of this Code for service | 16 | | as a county correctional officer or as a person employed by a | 17 | | participating municipality to perform administrative duties | 18 | | related to law enforcement upon payment to the fund of an | 19 | | amount to be determined by the board, equal to (i) the | 20 | | difference between the amount of employee and employer | 21 | | contributions transferred to the fund under Section 7-139.14 | 22 | | and the amounts that would have been contributed had such | 23 | | contributions been made at the rates applicable to an employee | 24 | | under this Article, plus (ii) interest thereon at the | 25 | | actuarially assumed rate, compounded annually, from the date | 26 | | of service to the date of payment. |
| | | SB3785 Engrossed | - 3 - | LRB102 22518 RPS 31659 b |
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| 1 | | (Source: P.A. 102-113, eff. 7-23-21.) | 2 | | (40 ILCS 5/7-139.14) | 3 | | Sec. 7-139.14. Transfer to Article 3 pension fund. | 4 | | (a) Within 6 months after July 23, 2021 ( the effective | 5 | | date of Public Act 102-113) this amendatory Act of the 102nd | 6 | | General Assembly , an active member of a pension fund | 7 | | established under Article 3 of this Code may apply for | 8 | | transfer to that Article 3 pension fund of his or her credits | 9 | | and creditable service accumulated in this Fund for service as | 10 | | a sheriff's law enforcement employee, person employed by a | 11 | | participating municipality to perform police duties, or law | 12 | | enforcement officer employed on a full-time basis by a forest | 13 | | preserve district. The creditable service shall be transferred | 14 | | only upon payment by this Fund to such Article 3 pension fund | 15 | | of an amount equal to: | 16 | | (1) the amounts accumulated to the credit of the | 17 | | applicant for the service to be transferred, including | 18 | | interest; and | 19 | | (2) an amount representing employer contributions, | 20 | | equal to the total amount determined under item (1); and | 21 | | (3) any interest paid by the applicant to reinstate | 22 | | such service. | 23 | | Within 6 months after the effective date of this | 24 | | amendatory Act of the 102nd General Assembly, an active member | 25 | | of a pension fund established under Article 3 of this Code may |
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| 1 | | apply for transfer to that Article 3 pension fund of his or her | 2 | | credits and creditable service accumulated in this Fund for | 3 | | service as a county correctional officer or as a person | 4 | | employed by a participating municipality to perform | 5 | | administrative duties related to law enforcement. The | 6 | | creditable service shall be transferred only upon payment by | 7 | | this Fund to such Article 3 pension fund of an amount equal to: | 8 | | (1) the amounts accumulated to the credit of the
| 9 | | applicant for the service to be transferred, including | 10 | | interest; and | 11 | | (2) an amount representing employer contributions,
| 12 | | equal to the total amount determined under item (1); and | 13 | | (3) any interest paid by the applicant to reinstate
| 14 | | such service. | 15 | | Participation in this Fund as to any credits transferred | 16 | | under this Section shall terminate on the date of transfer. | 17 | | (b) Notwithstanding any other provision of this Code, any | 18 | | person applying to transfer service under this Section may | 19 | | reinstate credits and creditable service terminated upon | 20 | | receipt of a separation benefit by paying to the Fund the | 21 | | amount of the separation benefit plus interest thereon at the | 22 | | actuarially assumed rate of interest to the date of payment. | 23 | | Such payment must be made within 90 days after notification by | 24 | | the Fund of the cost of such reinstatement.
| 25 | | (Source: P.A. 102-113, eff. 7-23-21.) |
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| 1 | | Section 90. The State Mandates Act is amended by adding | 2 | | Section 8.46 as follows: | 3 | | (30 ILCS 805/8.46 new) | 4 | | Sec. 8.46. Exempt mandate. Notwithstanding Sections 6 and | 5 | | 8 of this Act, no reimbursement by the State is required for | 6 | | the implementation of any mandate created by this amendatory | 7 | | Act of the 102nd General Assembly.
| 8 | | Section 99. Effective date. This Act takes effect upon | 9 | | becoming law.
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