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92_SB1067
LRB9208136EGfg
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 Sections 8-230.8, 12-127.6, and 14-104.12 as follows:
6 (40 ILCS 5/8-230.8 new)
7 Sec. 8-230.8. Credit for employment with the Metropolitan
8 Pier and Exposition Authority.
9 (a) A person who has service credit in the Fund and has
10 not yet begun to receive a retirement annuity may establish
11 service credit in this Fund for periods before the effective
12 date of this Section during which he or she was employed by
13 the Metropolitan Pier and Exposition Authority or its
14 predecessor entities, provided that the person does not have
15 credit for those periods in any other public employee pension
16 fund or retirement system and has terminated participation
17 with respect to those periods of employment in any pension or
18 retirement program established by the Authority or its
19 predecessor entities. A person need not establish credit for
20 all such periods and may not establish more than 10 years of
21 service credit under this subsection. The credit established
22 shall be deemed to relate to the earliest period for which
23 the credit may be established.
24 In order to establish this credit, the person must apply
25 in writing to the Board and pay to the Fund an amount equal
26 to the sum of: (i) employee contributions based upon the
27 period of credit to be established, the employee contribution
28 rate in effect at the time of application, and the
29 applicant's salary rate on the last day of service in the
30 Fund before his or her employment with the Authority, or the
31 first day of service in the Fund after that employment,
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1 whichever is higher; (ii) an employer contribution equal to
2 the amount determined under item (i) multiplied by the
3 employer multiple under Section 8-173(a); and (iii) interest
4 on items (i) and (ii) at the rate of 6% per year, compounded
5 annually, from the date of the service to the date of
6 payment. The applicant may pay the required contribution in
7 a lump sum at any time before the retirement annuity begins
8 or, subject to subsection (c), within 90 days after
9 withdrawal from city service.
10 (b) A person wishing to establish service credit under
11 subsection (a) may reinstate creditable service terminated
12 upon receipt of a refund in accordance with the provisions of
13 Section 8-167.
14 (c) An eligible person may establish service credit
15 under subsection (a) without returning to active service as
16 an employee under this Article, but the required
17 contributions must be received by the Fund before the person
18 begins to receive a retirement annuity under this Article.
19 (40 ILCS 5/12-127.6 new)
20 Sec. 12-127.6. Credit for employment with the
21 Metropolitan Pier and Exposition Authority.
22 (a) A person who has service credit in the Fund and has
23 not yet begun to receive a retirement annuity may establish
24 service credit in this Fund for periods before the effective
25 date of this Section during which he or she was employed by
26 the Metropolitan Pier and Exposition Authority or its
27 predecessor entities, provided that the person does not have
28 credit for those periods in any other public employee pension
29 fund or retirement system and has terminated participation
30 with respect to those periods of employment in any pension or
31 retirement program established by the Authority or its
32 predecessor entities. A person need not establish credit for
33 all such periods and may not establish more than 10 years of
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1 service credit under this subsection. The credit established
2 shall be deemed to relate to the earliest period for which
3 the credit may be established.
4 In order to establish this credit, the person must apply
5 in writing to the Board and pay to the Fund an amount equal
6 to the sum of: (i) employee contributions based upon the
7 period of credit to be established, the employee contribution
8 rate in effect at the time of application, and the
9 applicant's salary rate on the last day of service in the
10 Fund before his or her employment with the Authority, or the
11 first day of service in the Fund after that employment,
12 whichever is higher; (ii) an employer contribution equal to
13 the amount determined under item (i) multiplied by the
14 employer multiple under Section 12-149; and (iii) interest on
15 items (i) and (ii) at the rate of 6% per year, compounded
16 annually, from the date of the service to the date of
17 payment. The applicant may pay the required contribution in
18 a lump sum at any time before the retirement annuity begins
19 or, subject to subsection (c), within 90 days after
20 withdrawal from service.
21 (b) A person wishing to establish service credit under
22 subsection (a) may reinstate creditable service terminated
23 upon receipt of a refund in accordance with the provisions of
24 Section 12-145.
25 (c) An eligible person may establish service credit
26 under subsection (a) without returning to active service as
27 an employee under this Article, but the required
28 contributions must be received by the Fund before the person
29 begins to receive a retirement annuity under this Article.
30 (40 ILCS 5/14-104.12 new)
31 Sec. 14-104.12. Credit for employment with the
32 Metropolitan Pier and Exposition Authority.
33 (a) A person who has service credit in the System and
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1 has not yet begun to receive a retirement annuity may
2 establish service credit in this System for periods before
3 the effective date of this Section during which he or she was
4 employed by the Metropolitan Pier and Exposition Authority or
5 its predecessor entities, provided that the person does not
6 have credit for those periods in any other public employee
7 pension fund or retirement system and has terminated
8 participation with respect to those periods of employment in
9 any pension or retirement program established by the
10 Authority or its predecessor entities. A person need not
11 establish credit for all such periods and may not establish
12 more than 10 years of service credit under this subsection.
13 The credit established shall be deemed to relate to the
14 earliest period for which the credit may be established.
15 In order to establish this credit, the person must apply
16 in writing to the Board and pay to the System an amount equal
17 to the sum of: (i) employee contributions based upon the
18 period of credit to be established, the employee contribution
19 rate in effect at the time of application, and the
20 applicant's salary rate on the last day of service in the
21 System before his or her employment with the Authority, or
22 the first day of service in the System after that employment,
23 whichever is higher; (ii) the employer's normal cost of the
24 benefits accrued for the credit being established, as
25 determined by the Board; and (iii) regular interest on items
26 (i) and (ii) from the date of the service for which credit is
27 being established to the date of payment. The applicant must
28 pay the required contribution to the System before the
29 retirement annuity begins.
30 (b) A person wishing to establish service credit under
31 subsection (a) may reinstate creditable service terminated
32 upon receipt of a refund in accordance with the provisions of
33 Section 14-130(b).
34 (c) An eligible person may establish service credit
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1 under subsection (a) without returning to active service as
2 an employee under this Article, but the required
3 contributions must be received by the System before the
4 person begins to receive a retirement annuity under this
5 Article.
6 Section 90. The State Mandates Act is amended by adding
7 Section 8.25 as follows:
8 (30 ILCS 805/8.25 new)
9 Sec. 8.25. Exempt mandate. Notwithstanding Sections 6
10 and 8 of this Act, no reimbursement by the State is required
11 for the implementation of any mandate created by this
12 amendatory Act of the 92nd General Assembly.
13 Section 99. Effective date. This Act takes effect upon
14 becoming law.