Full Text of SB2485 97th General Assembly
SB2485 97TH GENERAL ASSEMBLY |
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012 SB2485 Introduced 5/27/2011, by Sen. Tim Bivins SYNOPSIS AS INTRODUCED: |
| 40 ILCS 5/2-117 | from Ch. 108 1/2, par. 2-117 |
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Amends the General Assembly Article of the Illinois Pension Code. Allows members of the General Assembly to elect out of the General Assembly Retirement System within 48 months (rather than 24 months) after becoming a member. Effective July 1, 2012.
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| | FISCAL NOTE ACT MAY APPLY | | PENSION IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | | SB2485 | | LRB097 12047 JDS 55804 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 changing | 5 | | Section 2-117 as follows:
| 6 | | (40 ILCS 5/2-117) (from Ch. 108 1/2, par. 2-117)
| 7 | | Sec. 2-117. Participants - Election not to participate.
| 8 | | (a) Every person who was a member on November 1, 1947, or | 9 | | in military
service on such date, is subject to the provisions | 10 | | of this system beginning
upon such date, unless prior to such | 11 | | date he or she filed with the board a
written notice of | 12 | | election not to participate.
| 13 | | Every person who becomes a member after November 1, 1947, | 14 | | and who is
then not a participant becomes a participant | 15 | | beginning upon the date of
becoming a member unless, within 24 | 16 | | 48 months from that date, he or she has
filed with the board a | 17 | | written notice of election not to participate.
| 18 | | (b) A member who has filed notice of an election not to | 19 | | participate
(and a former member who has not yet begun to | 20 | | receive a retirement
annuity under this Article) may become a | 21 | | participant with respect to the period
for which the member | 22 | | elected not to participate upon filing with the board,
before | 23 | | April 1, 1993, a written rescission of the election not to |
| | | SB2485 | - 2 - | LRB097 12047 JDS 55804 b |
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| 1 | | participate.
Upon contributing an amount equal to the | 2 | | contributions he or she would have
made as a participant from | 3 | | November 1, 1947, or the date of becoming a member,
whichever | 4 | | is later, to the date of becoming a participant, with interest | 5 | | at the
rate of 4% per annum until the contributions are paid, | 6 | | the participant shall
receive credit for service as a member | 7 | | prior to the date of the rescission,
both before and after | 8 | | November 1, 1947. The required contributions shall be
made | 9 | | before commencement of the retirement annuity; otherwise no | 10 | | credit for
service prior to the date of participation shall be | 11 | | granted.
| 12 | | (Source: P.A. 86-273; 87-1265.)
| 13 | | Section 99. Effective date. This Act takes effect July 1, | 14 | | 2012.
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