[ Search ] [ PDF text ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
92_HB1857 LRB9205416EGfg 1 AN ACT in relation to public employee benefits. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Illinois Pension Code is amended by 5 adding Section 3-110.8 and changing Section 5-234 as follows: 6 (40 ILCS 5/3-110.8 new) 7 Sec. 3-110.8. Transfer to Article 5 Fund. 8 (a) Until January 1, 2004, any active member of the 9 Article 5 pension fund may apply for transfer of his or her 10 creditable service accumulated in any police pension fund 11 under this Article to that Article 5 fund. The creditable 12 service shall be transferred upon payment by the police 13 pension fund to the Article 5 fund of an amount equal to: 14 (1) the amounts accumulated to the credit of the 15 applicant on the books of the fund on the date of 16 transfer; and 17 (2) employer contributions in an amount equal to 18 the amount determined under item (1); and 19 (3) any interest paid by the applicant in order to 20 reinstate service. 21 Participation in this Fund shall terminate on the date of 22 transfer. 23 (b) Until January 1, 2004, any active member of the 24 Article 5 pension fund may reinstate service in any police 25 pension fund under this Article that was terminated by 26 receipt of a refund, by payment to the police pension fund of 27 the amount of the refund, together with interest thereon at 28 the rate of 6% per year, compounded annually, from the date 29 of the refund to the date of repayment. 30 (40 ILCS 5/5-234) (from Ch. 108 1/2, par. 5-234) -2- LRB9205416EGfg 1 Sec. 5-234. Transfer of credits. 2 (a) Any police officer who has at least 10 years of 3 creditable service in the Fund may transfer to this Fund 4 credits and creditable service accumulated under any other 5 pension fund or retirement system established under Article 8 6 or 12 of this Code, by making application and paying to the 7 Fund before January 1, 1990 the amount by which the employee 8 contributions that would have been required if he had 9 participated in this Fund during the period for which credit 10 is being transferred, plus interest, exceeds the amount 11 actually transferred from such other fund or system to this 12 Fund under item (1) of Section 8-226.5 or item (1) of Section 13 12-127.5. 14 (b) A policeman may transfer to this Fund credits and 15 creditable service accumulated under any police pension fund 16 established under Article 3 of this Code, by making written 17 application to the Fund before January 1, 2004. For the 18 transfer to be effective, the policeman must pay to the Fund 19 before withdrawal from service the amount, if any, by which 20 the employee contributions that would have been required if 21 he or she had participated in this Fund during the period for 22 which credit is being transferred, plus interest, exceeds the 23 amount actually transferred from the Article 3 fund to this 24 Fund under item (1) of subsection (a) of Section 3-110.8. 25 (Source: P.A. 86-272.) 26 Section 90. The State Mandates Act is amended by adding 27 Section 8.25 as follows: 28 (30 ILCS 805/8.25 new) 29 Sec. 8.25. Exempt mandate. Notwithstanding Sections 6 30 and 8 of this Act, no reimbursement by the State is required 31 for the implementation of any mandate created by this 32 amendatory Act of the 92nd General Assembly. -3- LRB9205416EGfg 1 Section 99. Effective date. This Act takes effect upon 2 becoming law.
[ Top ]