Full Text of HB5774 95th General Assembly
HB5774 95TH GENERAL ASSEMBLY
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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB5774
Introduced , by Rep. Renée Kosel SYNOPSIS AS INTRODUCED: |
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40 ILCS 5/3-110.8 |
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40 ILCS 5/3-110.10 |
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40 ILCS 5/7-139.11 |
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40 ILCS 5/7-139.14 new |
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30 ILCS 805/8.32 new |
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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 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, 2009, 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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HB5774 |
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LRB095 15240 AMC 41222 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, by changing and renumbering | 6 |
| Section 3-110.9 as added by Public Act 95-530, and by adding | 7 |
| Section 7-139.14 as follows: | 8 |
| (40 ILCS 5/3-110.8)
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| Sec. 3-110.8. Transfer to IMRF. | 10 |
| (a) Until January 1, 2009 2008 , any active member of the | 11 |
| Illinois Municipal Retirement Fund who
has less than 8 years of | 12 |
| creditable service in a police pension fund under this Article, | 13 |
| may apply for transfer of his or her creditable service | 14 |
| accumulated
in that fund to the Illinois Municipal
Retirement | 15 |
| Fund. The creditable service shall be transferred upon payment | 16 |
| by
the police pension fund to the Illinois Municipal Retirement | 17 |
| 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
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| (2) employer contributions in an amount equal to the | 22 |
| amount determined
under subparagraph (1); and
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| (3) any interest paid by the applicant in order to |
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HB5774 |
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LRB095 15240 AMC 41222 b |
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| reinstate service.
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| Participation in this Fund shall terminate on the date of | 3 |
| transfer.
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| (b) Until January 1, 2009 2008 , any active member of the | 5 |
| Illinois Municipal Retirement Fund wishing to transfer | 6 |
| creditable service under subsection (a) may reinstate all or | 7 |
| any portion of his or her service which was
terminated by | 8 |
| receipt of a refund, by payment to the police pension fund of | 9 |
| the
amount of the refund with interest thereon at the rate of | 10 |
| 6% per year,
compounded annually, from the date of refund to | 11 |
| the date of payment.
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| (Source: P.A. 94-356, eff. 7-29-05; 95-530, eff. 8-28-07.) | 13 |
| (40 ILCS 5/3-110.10)
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| Sec. 3-110.10
3-110.9 . Transfer from Article 7. Until | 15 |
| January 1, 2009 2008 , a person may transfer to a fund | 16 |
| established under this Article up to 8 years of creditable | 17 |
| service accumulated under Article 7 of this Code upon payment | 18 |
| to the fund of an amount to be determined by
the board, equal | 19 |
| to (i) the difference between the amount of
employee and | 20 |
| employer contributions transferred to the fund
under Section | 21 |
| 7-139.11 and the amounts that would have been contributed had | 22 |
| such
contributions been made at the rates applicable to an | 23 |
| employee under this Article, plus (ii) interest thereon at the | 24 |
| effective rate for
each year, compounded annually, from the | 25 |
| date of service to the
date of payment.
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HB5774 |
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LRB095 15240 AMC 41222 b |
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| (Source: P.A. 95-530, eff. 8-28-07; revised 12-6-07.) | 2 |
| (40 ILCS 5/7-139.11)
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| Sec. 7-139.11. Transfer to Article 3 pension fund. | 4 |
| (a) Until January 1, 2009 2008 , a person who has less than | 5 |
| 8 years of creditable service under this Article and who has | 6 |
| become an active
participant in a police pension fund | 7 |
| established under Article 3 of this Code
may apply for transfer | 8 |
| 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 | 10 |
| Fund shall pay to the police pension fund an amount
equal to: | 11 |
| (1) the amounts accumulated to the credit of the | 12 |
| applicant under this Article, including interest; and
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| (2) the municipality credits based on that service, | 14 |
| including interest;
and
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| (3) any interest paid by the applicant in order to | 16 |
| reinstate that service.
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| Participation in this Fund with respect to the transferred | 18 |
| credits shall
terminate on the date of transfer.
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| (b) An active member of a pension fund established under | 20 |
| Article 3
of this Code wishing to transfer creditable service | 21 |
| may reinstate all or any portion of his or her creditable | 22 |
| service
under this Article that was terminated by receipt of a | 23 |
| refund, by paying to the
Fund the amount of the refund plus | 24 |
| interest thereon at the rate of 6% per year,
compounded | 25 |
| annually, from the date of refund to the date of payment.
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HB5774 |
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LRB095 15240 AMC 41222 b |
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| (Source: P.A. 94-356, eff. 7-29-05; 95-530, eff. 8-28-07.) | 2 |
| (40 ILCS 5/7-139.14 new)
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| Sec. 7-139.14. Transfer under Section 3-110.8. Creditable | 4 |
| service transferred to this Fund under Section 3-110.8 of this | 5 |
| Code is subject to subdivision (a)10 of Section 7-139. If | 6 |
| creditable service is transferred under Section 3-110.8 by an | 7 |
| active member who is a sheriff's law enforcement employee, the | 8 |
| creditable service so transferred shall be deemed service as a | 9 |
| sheriff's law enforcement employee for all purposes under this | 10 |
| Article. If the transfer occurs during a return to service as a | 11 |
| sheriff's law enforcement employee, the member may elect to | 12 |
| have the retirement annuity recalculated in lieu of receiving | 13 |
| supplemental annuity under Section 7-144. | 14 |
| Section 90. The State Mandates Act is amended by adding | 15 |
| Section 8.32 as follows: | 16 |
| (30 ILCS 805/8.32 new) | 17 |
| Sec. 8.32. Exempt mandate. Notwithstanding Sections 6 and 8 | 18 |
| of this Act, no reimbursement by the State is required for the | 19 |
| implementation of any mandate created by this amendatory Act of | 20 |
| the 95th General Assembly.
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| Section 99. Effective date. This Act takes effect upon | 22 |
| becoming law.
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