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90_SB0499eng
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Amends the State Universities Article of the Pension
Code. Increases the System's authority to issue bonds,
allowing up to $20,000,000 to be outstanding at any one time.
Limits existing benefits by: (i) excluding certain earnings
after June 30, 1997 from the calculation of the final rate of
earnings; (ii) imposing additional requirements on return to
service following a leave of absence; (iii) requiring a
return to service within one year after discharge in order to
obtain credit for military service; and (iv) removing a
provision allowing beneficiaries to elect to receive death
benefits in multiple payments. (Article 13, Section 5 of the
Illinois Constitution may prevent these limitations from
applying to certain current or former members.) For new
participants only, limits credit for unused sick leave to a
maximum of one year. Changes the definition of "effective
rate of interest" by adding additional factors to be included
in determining the rate, including the desirability of
minimizing volatility in the rate from year to year; states
that the change is a clarification of existing law. Changes
provisions relating to the calculation of interest when
purchasing military service credit. Deletes provisions that
suspend or reduce the annuity of certain persons who return
to employment after retirement. Grants the Secretary of the
Board the power to issue subpoenas. Allows annuitants and
beneficiaries to authorize withholding from their annuities
and benefits. Allows the System to pay benefits to the
trustee of a trust created for the benefit of a minor or
person under legal disability; provides that the System is
not responsible for determining the validity of the trust and
must conclusively rely on the representations of the trustee.
Also makes technical changes. Effective immediately.
LRB9002319EGsb
SB499 Engrossed LRB9002319EGsb
1 AN ACT to amend the Illinois Pension Code.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 (40 ILCS 5/16-153.2 rep.)
5 Section 10. The Illinois Pension Code is amended by
6 repealing Section 16-153.2.
7 Section 99. Effective date. This Act takes effect upon
8 becoming law.