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90_HB2049
40 ILCS 5/16-131.1 from Ch. 108 1/2, par. 16-131.1
Amends the Downstate Teacher Article of the Pension Code.
Removes obsolete provisions relating to the transfer of
credit to the General Assembly Retirement System. Effective
immediately.
LRB9004282EGfg
LRB9004282EGfg
1 AN ACT to amend the Illinois Pension Code by changing
2 Section 16-131.1.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Pension Code is amended by
6 changing Section 16-131.1 as follows:
7 (40 ILCS 5/16-131.1) (from Ch. 108 1/2, par. 16-131.1)
8 Sec. 16-131.1. Transfer of creditable service to the
9 General Assembly Retirement System.
10 (a) An active member of the General Assembly Retirement
11 System, and until May 1, 1993, any person having service
12 credit therein, may apply to transfer all or any part of his
13 or her creditable service accumulated under this system to
14 the General Assembly Retirement System. The specified
15 creditable service shall be transferred upon application.
16 Payment by this system to the General Assembly Retirement
17 System shall be made at the same time and shall consist of:
18 (1) the amounts credited to the member through
19 member contributions for the service to be transferred,
20 including interest if applicable, as of the date of
21 transfer, but excluding any additional or optional
22 contributions, which shall be refunded to the member; and
23 (2) employer contributions equal in amount to the
24 accumulated member contributions as determined in
25 subparagraph (1).
26 Participation in this system with respect to the transferred
27 credits shall terminate on the date of transfer.
28 (b) An active member of the General Assembly who has
29 creditable service under the system may establish additional
30 creditable service for periods during which he or she was an
31 elected official and could have elected to participate but
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1 did not so elect. Creditable service may be established by
2 payment to the system of an amount equal to the contributions
3 that would have been made if the person had elected to
4 participate, plus interest at the rate specified under
5 subsection (a) of Section 16-128 to the date of payment.
6 (c) An active member of the General Assembly, and until
7 May 1, 1993, any person having service credit in the General
8 Assembly Retirement System, may reinstate creditable service
9 terminated upon receipt of a refund, by payment to the system
10 of the amount of the refund together with interest thereon at
11 the rate specified under subsection (a) of Section 16-128 to
12 the date of payment.
13 (Source: P.A. 87-1265.)
14 Section 99. Effective date. This Act takes effect upon
15 becoming law.