Full Text of HB5197 95th General Assembly
HB5197 95TH GENERAL ASSEMBLY
|
|
|
95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB5197
Introduced , by Rep. Daniel V. Beiser SYNOPSIS AS INTRODUCED: |
|
40 ILCS 5/3-110.8 |
|
40 ILCS 5/3-110.10 |
|
40 ILCS 5/7-139.11 |
|
40 ILCS 5/7-139.13 |
|
30 ILCS 805/8.32 new |
|
|
Amends the Illinois Pension Code. In the Downstate Police Article, provides that, until January 1, 2009, an active member of the Illinois Municipal Retirement Fund may transfer up to 8 years of creditable service in a police pension fund under the Article to the Illinois Municipal Retirement Fund. In the Illinois Municipal Retirement Fund Article, provides that, until January 1, 2009, a person who has become an active participant in a police pension fund may transfer up to 8 years of creditable service under the Illinois Municipal Retirement Fund to that police pension fund. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
|
| |
|
|
FISCAL NOTE ACT MAY APPLY |
PENSION IMPACT NOTE ACT MAY APPLY |
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT |
|
|
A BILL FOR
|
|
|
|
|
HB5197 |
|
LRB095 17984 AMC 44067 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 changing | 5 |
| Sections 3-110.8 and 7-139.11 and by renumbering and changing | 6 |
| Section 3-110.9 as added by Public Act 95-530 and Section | 7 |
| 7-139.12 as added by Public Act 95-530 as follows: | 8 |
| (40 ILCS 5/3-110.8)
| 9 |
| Sec. 3-110.8. Transfer to IMRF. | 10 |
| (a) Until January 1, 2009 2008 , any active member of the | 11 |
| Illinois Municipal Retirement Fund may apply to transfer up to | 12 |
| who
has less than 8 years of creditable service in a police | 13 |
| pension fund under this Article , may apply for transfer of his | 14 |
| or her creditable service accumulated
in that fund to the | 15 |
| Illinois Municipal
Retirement Fund. The creditable service | 16 |
| shall be transferred upon payment by
the police pension fund to | 17 |
| the Illinois Municipal Retirement Fund of an amount
equal to: | 18 |
| (1) the amounts accumulated to the credit of the | 19 |
| applicant on the books
of the fund on the date of transfer; | 20 |
| and
| 21 |
| (2) employer contributions in an amount equal to the | 22 |
| amount determined
under subparagraph (1); and
| 23 |
| (3) any interest paid by the applicant in order to |
|
|
|
HB5197 |
- 2 - |
LRB095 17984 AMC 44067 b |
|
| 1 |
| reinstate service.
| 2 |
| Participation in this Fund shall terminate on the date of | 3 |
| transfer.
| 4 |
| (b) Until January 1, 2009 2008 , any member under subsection | 5 |
| (a) may reinstate service which was
terminated by receipt of a | 6 |
| refund, by payment to the police pension fund of the
amount of | 7 |
| the refund with interest thereon at the rate of 6% per year,
| 8 |
| compounded annually, from the date of refund to the date of | 9 |
| payment.
| 10 |
| (Source: P.A. 94-356, eff. 7-29-05; 95-530, eff. 8-28-07.) | 11 |
| (40 ILCS 5/3-110.10)
| 12 |
| Sec. 3-110.10
3-110.9 . Transfer from Article 7. Until | 13 |
| January 1, 2009 2008 , a person may transfer to a fund | 14 |
| established under this Article up to 8 years of creditable | 15 |
| service accumulated under Article 7 of this Code upon payment | 16 |
| to the fund of an amount to be determined by
the board, equal | 17 |
| to (i) the difference between the amount of
employee and | 18 |
| employer contributions transferred to the fund
under Section | 19 |
| 7-139.11 and the amounts that would have been contributed had | 20 |
| such
contributions been made at the rates applicable to an | 21 |
| employee under this Article, plus (ii) interest thereon at the | 22 |
| effective rate for
each year, compounded annually, from the | 23 |
| date of service to the
date of payment.
| 24 |
| (Source: P.A. 95-530, eff. 8-28-07; revised 12-6-07.) |
|
|
|
HB5197 |
- 3 - |
LRB095 17984 AMC 44067 b |
|
| 1 |
| (40 ILCS 5/7-139.11)
| 2 |
| Sec. 7-139.11. Transfer to Article 3 pension fund. | 3 |
| (a) Until January 1, 2009 2008 , a person who has become an | 4 |
| active
participant in a police pension fund established under | 5 |
| Article 3 of this Code may transfer up to who has less than 8 | 6 |
| years of creditable service under this Article and who has | 7 |
| become an active
participant in a police pension fund | 8 |
| established under Article 3 of this Code
may apply for transfer | 9 |
| to that Article 3 fund of his or her creditable service
| 10 |
| accumulated under this Article . At the
time of the transfer the | 11 |
| Fund shall pay to the police pension fund an amount
equal to: | 12 |
| (1) the amounts accumulated to the credit of the | 13 |
| applicant under this Article, including interest; and
| 14 |
| (2) the municipality credits based on that service, | 15 |
| including interest;
and
| 16 |
| (3) any interest paid by the applicant in order to | 17 |
| reinstate that service.
| 18 |
| Participation in this Fund with respect to the transferred | 19 |
| credits shall
terminate on the date of transfer.
| 20 |
| (b) An active member of a pension fund established under | 21 |
| Article 3
of this Code may reinstate creditable service
under | 22 |
| this Article that was terminated by receipt of a refund, by | 23 |
| paying to the
Fund the amount of the refund plus interest | 24 |
| thereon at the rate of 6% per year,
compounded annually, from | 25 |
| the date of refund to the date of payment.
| 26 |
| (Source: P.A. 94-356, eff. 7-29-05; 95-530, eff. 8-28-07.) |
|
|
|
HB5197 |
- 4 - |
LRB095 17984 AMC 44067 b |
|
| 1 |
| (40 ILCS 5/7-139.13)
| 2 |
| Sec. 7-139.13
7-139.12 . Transfer from Article 3. Until | 3 |
| January 1, 2009 2008 , a person may transfer to the Illinois | 4 |
| Municipal Retirement Systems up to 8 years of creditable | 5 |
| service accumulated under Article 3 of this Code upon payment | 6 |
| to the Fund of an amount to be determined by
the board, equal | 7 |
| to (i) the difference between the amount of
employee and | 8 |
| employer contributions transferred to the Fund
under Section | 9 |
| 3-110.8 and the amounts that would have been contributed had | 10 |
| such
contributions been made at the rates applicable to an | 11 |
| employee under this Article, plus (ii) interest thereon at the | 12 |
| effective rate for
each year, compounded annually, from the | 13 |
| date of service to the
date of payment.
| 14 |
| (Source: P.A. 95-530, eff. 8-28-07; revised 12-6-07.) | 15 |
| Section 90. The State Mandates Act is amended by adding | 16 |
| Section 8.32 as follows: | 17 |
| (30 ILCS 805/8.32 new) | 18 |
| Sec. 8.32. Exempt mandate. Notwithstanding Sections 6 and 8 | 19 |
| of this Act, no reimbursement by the State is required for the | 20 |
| implementation of any mandate created by this amendatory Act of | 21 |
| the 95th General Assembly.
| 22 |
| Section 99. Effective date. This Act takes effect upon | 23 |
| becoming law.
|
|