Full Text of HB3655 096th General Assembly
HB3655 96TH GENERAL ASSEMBLY
|
|
|
96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010 HB3655
Introduced 2/24/2009, by Rep. Daniel J. Burke SYNOPSIS AS INTRODUCED: |
|
40 ILCS 5/4-108.6 new |
|
40 ILCS 5/6-227 new |
|
40 ILCS 5/8-226.8 new |
|
40 ILCS 5/11-125.9 new |
|
30 ILCS 805/8.33 new |
|
|
Amends the Downstate Firefighters, Chicago Firefighters, Chicago Municipal, and Chicago Laborers Articles of the Illinois Pension Code. Allows an active fireman who is a member of the Firemen's Annuity and Benefit Fund of Chicago to transfer up to a total of 10 years of service credit in 6-month increments for service for covered employment under the Downstate Firefighters, Chicago Municipal, and Chicago Laborers Articles. Amends the State Mandates Act to require implementation without reimbursement.
|
| |
|
|
FISCAL NOTE ACT MAY APPLY |
PENSION IMPACT NOTE ACT MAY APPLY |
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT |
|
|
A BILL FOR
|
|
|
|
|
HB3655 |
|
LRB096 08605 AMC 18728 b |
|
| 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 adding | 5 |
| Sections 4-108.6, 6-227, 8-226.8, and 11-125.9 as follows: | 6 |
| (40 ILCS 5/4-108.6 new) | 7 |
| Sec. 4-108.6. Transfer of creditable service to the | 8 |
| Firemen's Annuity and Benefit Fund of Chicago. | 9 |
| (a) Until January 1, 2010, any active member of the | 10 |
| Firemen's Annuity and Benefit Fund of Chicago may apply for | 11 |
| transfer of up to 10 years of creditable service accumulated in | 12 |
| any pension fund established under this Article to the | 13 |
| Firemen's Annuity and Benefit Fund of Chicago. Such creditable | 14 |
| service shall be transferred only upon payment by such pension | 15 |
| fund to the Firemen's Annuity and Benefit Fund of Chicago of an | 16 |
| amount equal to: | 17 |
| (1) the amounts accumulated to the credit of the | 18 |
| applicant on the books of the fund on the date of transfer; | 19 |
| (2) employer contributions in an amount equal to the | 20 |
| amount determined under subparagraph (1); and | 21 |
| (3) any interest paid by the applicant in order to | 22 |
| reinstate service. | 23 |
| Participation in such pension fund as to any credits |
|
|
|
HB3655 |
- 2 - |
LRB096 08605 AMC 18728 b |
|
| 1 |
| transferred under this Section shall terminate on the date of | 2 |
| transfer. | 3 |
| (40 ILCS 5/6-227 new) | 4 |
| Sec. 6-227. Transfer of creditable service from Articles 4, | 5 |
| 8, and 11. Until January 1, 2010, any active member of the | 6 |
| Firemen's Annuity and Benefit Fund of Chicago may transfer to | 7 |
| the Fund up to a total of 10 years of creditable service | 8 |
| accumulated under Articles 4, 8, and 11 of this Code upon | 9 |
| payment to the Fund of an amount to be determined by the Board, | 10 |
| equal to (i) the difference between the amount of employee and | 11 |
| employer contributions transferred to the Fund under Section | 12 |
| 4-108.6, 8-226.8, or 11-125.9 and the amounts that would have | 13 |
| been contributed had such contributions been made at the rates | 14 |
| applicable to an employee under this Article, taking into | 15 |
| account the appropriate actuarial assumptions, including | 16 |
| without limitation the member's service, age, and salary | 17 |
| history, plus (ii) interest thereon at the actuarially assumed | 18 |
| rate of interest for each year, compounded annually, from the | 19 |
| date of service to the date of payment. | 20 |
| (40 ILCS 5/8-226.8 new) | 21 |
| Sec. 8-226.8. Transfer of creditable service to the | 22 |
| Firemen's Annuity and Benefit Fund of Chicago. | 23 |
| (a) Until January 1, 2010, any active member of the | 24 |
| Firemen's Annuity and Benefit Fund of Chicago may apply for |
|
|
|
HB3655 |
- 3 - |
LRB096 08605 AMC 18728 b |
|
| 1 |
| transfer of up to 10 years of his or her credits and creditable | 2 |
| service accumulated under this Fund to the Firemen's Annuity | 3 |
| and Benefit Fund of Chicago. Such creditable service shall be | 4 |
| transferred only upon payment by such pension fund to the | 5 |
| Firemen's Annuity and Benefit Fund of Chicago of an amount | 6 |
| equal to: | 7 |
| (1) the amounts accumulated to the credit of the
| 8 |
| applicant for that service, including interest, on the | 9 |
| books of the Fund on the date of transfer; and | 10 |
| (2) the corresponding employer credits computed and
| 11 |
| credited for that service under this Article, including | 12 |
| interest, on the books of the Fund on the date of transfer. | 13 |
| Participation in this Fund as to any credits transferred | 14 |
| under this Section shall terminate on the date of transfer. | 15 |
| (40 ILCS 5/11-125.9 new) | 16 |
| Sec. 11-125.9. Transfer of creditable service to the | 17 |
| Firemen's Annuity and Benefit Fund of Chicago. | 18 |
| (a) Until January 1, 2010, any active member of the | 19 |
| Firemen's Annuity and Benefit Fund of Chicago may apply for | 20 |
| transfer of up to 10 years of creditable service accumulated in | 21 |
| this Fund to the Firemen's Annuity and Benefit Fund of Chicago. | 22 |
| Such creditable service shall be transferred only upon payment | 23 |
| by this Fund to the Firemen's Annuity and Benefit Fund of | 24 |
| Chicago of an amount equal to: | 25 |
| (1) the amounts accumulated to the credit of the
|
|
|
|
HB3655 |
- 4 - |
LRB096 08605 AMC 18728 b |
|
| 1 |
| applicant for that service, including interest, on the | 2 |
| books of the Fund on the date of transfer; and | 3 |
| (2) the corresponding employer credits computed and
| 4 |
| credited for that service under this Article, including | 5 |
| interest, on the books of the Fund on the date of transfer. | 6 |
| Participation in this Fund as to any credits transferred | 7 |
| under this Section shall terminate on the date of transfer. | 8 |
| Section 90. The State Mandates Act is amended by adding | 9 |
| Section 8.33 as follows: | 10 |
| (30 ILCS 805/8.33 new) | 11 |
| Sec. 8.33. Exempt mandate. Notwithstanding Sections 6 and 8 | 12 |
| of this Act, no reimbursement by the State is required for the | 13 |
| implementation of any mandate created by this amendatory Act of | 14 |
| the 96th General Assembly.
|
|