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| Public Act 097-0326 | ||||
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AN ACT concerning public employee benefits.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Pension Code is amended by adding | ||||
Section 3-110.11 and 5-237.5 as follows: | ||||
(40 ILCS 5/3-110.11 new) | ||||
Sec. 3-110.11. Transfer of creditable service from Article | ||||
5 fund. For a period of 60 days after the effective date of | ||||
this Section, a person may transfer to a fund established under | ||||
this Article up to 10 years of creditable service accumulated | ||||
under Article 5 of this Code upon payment to the fund of an | ||||
amount to be determined by the board, equal to (i) the | ||||
difference between the amount of employee and employer | ||||
contributions transferred to the fund under Section 5-237.5 and | ||||
the amounts that would have been contributed had such | ||||
contributions been made at the rates applicable to an employee | ||||
under this Article, plus (ii) interest thereon at the | ||||
actuarially assumed rate, compounded annually, from the date of | ||||
service to the date of payment. | ||||
(40 ILCS 5/5-237.5 new) | ||||
Sec. 5-237.5. Transfer of creditable service to Article 3 | ||||
fund. | ||||
(a) Any person who is an active participant in a pension | ||
fund established under Article 3 of this Code may, for a period | ||
of 60 days after the effective date of this Section, apply for | ||
transfer of his or her credits and creditable service | ||
accumulated in this Fund to that Article 3 fund. Upon receipt | ||
of a written application to make this transfer, the Fund shall | ||
pay to the Article 3 fund an amount consisting of: | ||
(1) the amounts credited to the applicant through
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employee contributions, plus accumulated interest; plus | ||
(2) an amount representing municipality
contributions, | ||
equal to the amount determined under item (1); plus | ||
(3) any interest paid to the Fund in order to
reinstate | ||
credits and creditable service under subsection (b). | ||
Participation in this Fund shall terminate on the date of the | ||
transfer. | ||
(b) As part of a transfer under subsection (a), a person | ||
may reinstate credits and creditable service that was | ||
terminated upon receipt of a refund, by paying to the Fund the | ||
amount of the refund plus interest thereon at the actuarially | ||
assumed rate, compounded annually, from the date of the refund | ||
to the date of payment. | ||
Section 90. The State Mandates Act is amended by adding | ||
Section 8.35 as follows: | ||
(30 ILCS 805/8.35 new) | ||
Sec. 8.35. Exempt mandate. Notwithstanding Sections 6 and 8 | ||
of this Act, no reimbursement by the State is required for the | ||
implementation of any mandate created by this amendatory Act of | ||
the 97th General Assembly.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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