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92_SB0498
LRB9207497EGfg
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 Section 18-112.4 as follows:
6 (40 ILCS 5/18-112.4) (from Ch. 108 1/2, par. 18-112.4)
7 Sec. 18-112.4. Service credit for elected or appointed
8 village official. An active participant in this System who
9 has at least 3 years 6 years of service as a judge and as a
10 participant of this System on August 23, 2000 1989, and who
11 has no creditable service as a participating employee under
12 Article 7 of this Code, may establish service credit in this
13 System: (i) for periods during which the participant held
14 elective office as a member of the board of trustees of a
15 village, and (ii) for any consecutive period not exceeding 5
16 years during which the participant held appointive office as
17 a member of the zoning board of appeals of the same village
18 in which the participant later held elective office as
19 village trustee, provided such period of appointive office
20 terminated within 12 months prior to the date such period of
21 elective office commenced.
22 Service credit in this System may be established pursuant
23 to this Section only if the participant did not contribute to
24 the retirement and benefit fund established under Article 7
25 of this Code for the service sought to be established by the
26 participant in this System, and only if the participant has
27 no equity or rights in that fund because of such service.
28 Credit for such service may be established in this System
29 by the participant paying to this System an amount equal to
30 (1) contributions at the rate in effect for a judge on the
31 date of becoming a participant in this System multiplied by
-2- LRB9207497EGfg
1 the salary of the judge on such date for each year of service
2 for which credit is being established, plus (2) the
3 employer's share of the normal cost of benefits under this
4 System, expressed as a percent of payroll, as determined by
5 the System's actuary as of the date of the participant's
6 membership in the System, multiplied by the salary of the
7 judge on such date for each year of service for which credit
8 is being established, plus (3) interest on (1) and (2) above
9 at 6% per annum compounded annually from the date of
10 membership to the date of payment by the participant.
11 However, if application for this credit is made between the
12 effective date of this amendatory Act of the 92nd General
13 Assembly and April 1, 2002, the applicant need not pay the
14 amount indicated in item (2), but only the sum of items (1)
15 and (3).
16 (Source: P.A. 86-273; 86-1028.)
17 Section 99. Effective date. This Act takes effect upon
18 becoming law.