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92_SB0328 LRB9207859EGfg 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 changing Sections 2-117 and 14-105.1 as follows: 6 (40 ILCS 5/2-117) (from Ch. 108 1/2, par. 2-117) 7 Sec. 2-117. Participants - Election not to participate. 8 (a) Every person who was a member on November 1, 1947, 9 or in military service on such date, is subject to the 10 provisions of this system beginning upon such date, unless 11 prior to such date he or she filed with the board a written 12 notice of election not to participate. 13 Every person who becomes a member after November 1, 1947, 14 and who is then not a participant becomes a participant 15 beginning upon the date of becoming a member unless, within 16 24 months from that date, he or she has filed with the board 17 a written notice of election not to participate. 18 (b) A member who has filed notice of an election not to 19 participate (and a former member who has not yet begun to 20 receive a retirement annuity under this Article) may become a 21 participant with respect to the period for which the member 22 elected not to participate upon filing with the board, before 23 April 1, 20021993, a written rescission of the election not 24 to participate. Upon contributing an amount equal to the 25 contributions he or she would have made as a participant from 26 November 1, 1947, or the date of becoming a member, whichever 27 is later, to the date of becoming a participant, with 28 interest at the rate of 4% per annum until the contributions 29 are paid, the participant shall receive credit for service as 30 a member prior to the date of the rescission, both before and 31 after November 1, 1947. The required contributions shall be -2- LRB9207859EGfg 1 made before commencement of the retirement annuity; otherwise 2 no credit for service prior to the date of participation 3 shall be granted. 4 (Source: P.A. 86-273; 87-1265.) 5 (40 ILCS 5/14-105.1) (from Ch. 108 1/2, par. 14-105.1) 6 Sec. 14-105.1. General Assembly transfers of credit. 7 (a) Any active (and until April 1, 2002February 1,81993, any former) member of the General Assembly Retirement 9 System may apply for transfer of his credits and creditable 10 service accumulated under this System to the General Assembly 11 System or a Fund established under Article 5 or 12 of this 12 Code. Such credits and creditable service shall be 13 transferred forthwith. Payment by this System to the General 14 Assembly Retirement System or the Fund established under 15 Article 5 or 12 shall be made at the same time and shall 16 consist of: 17 (1) the amounts accumulated to the credit of the 18 applicant, including regular interest, on the books of 19 the System on the date of transfer; and 20 (2) employer contributions in an amount equal to 21 the amount of member contributions as determined under 22 subparagraph (1). 23 Participation in this System as to any credits transferred 24 under this Section shall terminate on the date of transfer. 25 (b) An active (and until February 1, 1993, a former) 26 member of the General Assembly who has service credits and 27 creditable service under the System may establish additional 28 service credits and creditable service for periods during 29 which he was an elected official and could have elected to 30 participate but did not so elect. Service credits and 31 creditable service may be established by payment to the 32 System of an amount equal to the contributions he would have 33 made if he had elected to participate, plus regular interest -3- LRB9207859EGfg 1 to the date of payment. 2 (c) An active (and until February 1, 1993, a former) 3 member of the General Assembly Retirement System may 4 reinstate service and service credits terminated upon receipt 5 of a separation benefit, by payment to the System of the 6 amount of the separation benefit plus regular interest 7 thereon to the date of payment. 8 (Source: P.A. 86-27; 86-273; 86-1028; 86-1488; 87-794.) 9 Section 99. Effective date. This Act takes effect upon 10 becoming law.