[ Search ] [ Legislation ] [ Bill Summary ]
[ Home ] [ Back ] [ Bottom ]
| [ Introduced ] | [ Engrossed ] | [ Enrolled ] |
| [ Senate Amendment 001 ] | [ Senate Amendment 002 ] |
90_HB0593ham001
LRB9001461EGfgam03
1 AMENDMENT TO HOUSE BILL 593
2 AMENDMENT NO. . Amend House Bill 593 on page 5, by
3 replacing lines 10 through 26 with the following:
4 "(d)(1) Creditable service also includes periods of
5 service originally established in another police pension fund
6 under this Article or in the Fund established under Article 7
7 of this Code for which (i) the contributions have been
8 transferred under Section 3-110.7 or Section 7-139.9 and (ii)
9 any additional contribution required under paragraph (2) of
10 this subsection has been paid in full in accordance with the
11 requirements of this subsection (d).
12 (2) If the board of the pension fund to which creditable
13 service and related contributions are transferred under
14 Section 3-110.7 or 7-139.9 determines that the amount
15 transferred is less than the true cost to the pension fund of
16 allowing that creditable service to be established, then in
17 order to establish that creditable service the police officer
18 must pay to the pension fund, within the payment period
19 specified in paragraph (3) of this subsection, an additional
20 contribution equal to the difference, as determined by the
21 board in accordance with the rules and procedures adopted
22 under paragraph (6) of this subsection.
23 (3) Except as provided in paragraph (4), the additional
24 contribution must be paid to the board (i) within 5 years
-2- LRB9001461EGfgam03
1 from the date of the transfer of contributions under Section
2 3-110.7 or 7-139.9 and (ii) before the police officer
3 terminates service with the fund. The additional
4 contribution may be paid in a lump sum or in accordance with
5 a schedule of installment payments authorized by the board.
6 (4) If the police officer dies in service before payment
7 in full has been made and before the expiration of the 5-year
8 payment period, the surviving spouse of the officer may elect
9 to pay the unpaid amount on the officer's behalf within 6
10 months after the date of death, in which case the creditable
11 service shall be granted as though the deceased police
12 officer had paid the remaining balance on the day before the
13 the date of death.
14 (5) If the additional contribution is not paid in full
15 within the required time, the creditable service shall not be
16 granted and the police officer (or the officer's surviving
17 spouse or estate) shall be entitled to receive a refund of
18 (i) any partial payment of the additional contribution that
19 has been made by the police officer and (ii) those portions
20 of the amounts transferred under subdivision (a)(1) of
21 Section 3-110.7 or subdivisions (a)(1) and (a)(3) of Section
22 7-139.9 that represent employee contributions paid by the
23 police officer (but not the accumulated interest on those
24 contributions) and interest paid by the police officer to the
25 prior pension fund in order to reinstate service terminated
26 by acceptance of a refund.
27 Transferred credit that is not granted due to failure to
28 pay the additional contribution within the required time is
29 lost; it may not be transferred to another pension fund and
30 may not be reinstated in the pension fund from which it was
31 transferred.
32 (6) The Public Employee Pension Fund Division of the
33 Department of Insurance shall establish by rule the manner of
34 making the calculation required under paragraph (2) of this
-3- LRB9001461EGfgam03
1 subsection, taking into account the appropriate actuarial
2 assumptions; the police officer's service, age, and salary
3 history; the level of funding of the pension fund to which
4 the credits are being transferred; and any other factors that
5 the Division determines to be relevant. The rules may
6 require that all calculations made under paragraph (2) be
7 reported to the Division by the board performing the
8 calculation, together with documentation of the creditable
9 service to be transferred, the amounts of contributions and
10 interest to be transferred, the manner in which the
11 calculation was performed, the numbers relied upon in making
12 the calculation, the results of the calculation, and any
13 other information the Division may deem useful."; and
14 on page 6, in line 1, by inserting ", except that a police
15 officer may not transfer creditable service under this
16 Section from the pension fund established by the municipality
17 that was his or her first police employer unless (i) the
18 police officer actively served in the police department of
19 that municipality for at least 4 years or (ii) the police
20 officer is not in service with that employer on or after the
21 effective date of this Section" before the period.