State of Illinois
90th General Assembly
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90_SB0665

      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.
                                                     LRB9000602EGfg
                                               LRB9000602EGfg
 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
                            -2-                LRB9000602EGfg
 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.

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