Full Text of HB3664 95th General Assembly
HB3664 95TH GENERAL ASSEMBLY
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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB3664
Introduced 2/28/2007, by Rep. Renee Kosel SYNOPSIS AS INTRODUCED: |
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40 ILCS 5/3-110.8 |
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40 ILCS 5/7-139.11 |
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Amends the Illinois Pension Code. In the Downstate Police Article, provides that, until January 1, 2008, an active member of the Illinois Municipal Retirement Fund that has less than 8 years of creditable service in a police pension fund under the Article may apply for a transfer of his or her creditable service accumulated in that fund to the Illinois Municipal Retirement Fund. In the Illinois Municipal Retirement Fund Article, provides that, until January 1, 2008, a person who has less than 8 years of creditable service under the IMRF Article who has become an active participant in a police pension fund may apply for a transfer of his or her IMRF creditable service to that police pension fund. Effective immediately.
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FISCAL NOTE ACT MAY APPLY |
PENSION IMPACT NOTE ACT MAY APPLY |
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT |
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A BILL FOR
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HB3664 |
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LRB095 07609 AMC 27759 b |
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| AN ACT concerning public employee benefits.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Pension Code is amended by changing | 5 |
| Sections 3-110.8 and 7-139.11 as follows: | 6 |
| (40 ILCS 5/3-110.8)
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| Sec. 3-110.8. Transfer to IMRF. | 8 |
| (a) Until January 1, 2008
2006 , any active member of the | 9 |
| Illinois Municipal Retirement Fund who
has less than 8 years of | 10 |
| creditable service in a police pension fund under this Article, | 11 |
| may apply for transfer of his or her creditable service | 12 |
| accumulated
in that fund to the Illinois Municipal
Retirement | 13 |
| Fund. The creditable service shall be transferred upon payment | 14 |
| by
the police pension fund to the Illinois Municipal Retirement | 15 |
| Fund of an amount
equal to: | 16 |
| (1) the amounts accumulated to the credit of the | 17 |
| applicant on the books
of the fund on the date of transfer; | 18 |
| and
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| (2) employer contributions in an amount equal to the | 20 |
| amount determined
under subparagraph (1); and
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| (3) any interest paid by the applicant in order to | 22 |
| reinstate service.
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| Participation in this Fund shall terminate on the date of |
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HB3664 |
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LRB095 07609 AMC 27759 b |
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| transfer.
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| (b) Until January 1, 2008
2006 , any member under subsection | 3 |
| (a) may reinstate service which was
terminated by receipt of a | 4 |
| refund, by payment to the police pension fund of the
amount of | 5 |
| the refund with interest thereon at the rate of 6% per year,
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| compounded annually, from the date of refund to the date of | 7 |
| payment.
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| (Source: P.A. 94-356, eff. 7-29-05.) | 9 |
| (40 ILCS 5/7-139.11)
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| Sec. 7-139.11. Transfer to Article 3 pension fund. | 11 |
| (a) Until January 1, 2008
2006 , a person who has less than | 12 |
| 8 years of creditable service under this Article and who has | 13 |
| become an active
participant in a police pension fund | 14 |
| established under Article 3 of this Code
may apply for transfer | 15 |
| to that Article 3 fund of his or her creditable service
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| accumulated under this Article. At the
time of the transfer the | 17 |
| Fund shall pay to the police pension fund an amount
equal to: | 18 |
| (1) the amounts accumulated to the credit of the | 19 |
| applicant under this Article, including interest; and
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| (2) the municipality credits based on that service, | 21 |
| including interest;
and
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| (3) any interest paid by the applicant in order to | 23 |
| reinstate that service.
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| Participation in this Fund with respect to the transferred | 25 |
| credits shall
terminate on the date of transfer.
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HB3664 |
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LRB095 07609 AMC 27759 b |
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| (b) An active member of a pension fund established under | 2 |
| Article 3
of this Code may reinstate creditable service
under | 3 |
| this Article that was terminated by receipt of a refund, by | 4 |
| paying to the
Fund the amount of the refund plus interest | 5 |
| thereon at the rate of 6% per year,
compounded annually, from | 6 |
| the date of refund to the date of payment.
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| (Source: P.A. 94-356, eff. 7-29-05.)
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| Section 99. Effective date. This Act takes effect upon | 9 |
| becoming law.
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