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| Public Act 098-0729 | ||||
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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 changing | ||||
Section 7-210 as follows:
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(40 ILCS 5/7-210) (from Ch. 108 1/2, par. 7-210)
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Sec. 7-210. Funds. (a) All money received by the board | ||||
shall immediately be deposited
with the State Treasurer for the | ||||
account of the fund, or in the case of
funds received under | ||||
Section 7-199.1, in a separate account maintained for
that | ||||
purpose. All disbursements
of funds held by the State Treasurer | ||||
shall be made only upon warrants
of the State Comptroller drawn | ||||
upon the
Treasurer as custodian of this fund upon vouchers | ||||
signed by the person
or persons designated for such purpose by | ||||
resolution of the board. The
Comptroller is authorized to draw | ||||
such warrants upon vouchers so signed,
including warrants | ||||
payable to the Fund for deposit in a revolving account
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authorized by Section 7-195.1. The Treasurer shall accept all | ||||
warrants
so signed and shall be released from liability for all | ||||
payments made
thereon. Vouchers shall be drawn only upon proper | ||||
authorization by the
board as properly recorded in the official | ||||
minute books of the meetings
of the board.
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(b) All securities of the fund when received shall be | ||||
deposited with
the State Treasurer who shall provide adequate | ||
safe deposit facilities
for their preservation and have custody | ||
of them.
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(c) The assets of the fund shall be invested as one fund, | ||
and no
particular person, municipality, or instrumentality | ||
thereof or
participating instrumentality shall have any right | ||
in any specific
security or in any item of cash other than an | ||
undivided interest in the
whole.
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(d) Except as provided in subsection (d-5), whenever | ||
Whenever any employees of a municipality or participating
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instrumentality have been or shall be excluded from | ||
participation in
this fund by virtue of the application of | ||
paragraph b of Section 7-109
(2), the board shall issue a | ||
voucher authorizing the Comptroller to draw
his warrant upon | ||
the Treasurer as custodian of this fund in an amount
equal to | ||
the accumulated contributions of such employees. Such warrant
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shall be drawn in favor of the appropriate fund of the | ||
retirement fund
in which such employees have or shall become | ||
participants. Such transfer
shall terminate any further rights | ||
of such employees under this fund.
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(d-5) Upon creation of a newly established Article 3 police | ||
pension fund by referendum under Section 3-145 or by census | ||
under Section 3-105, the following amounts shall be transferred | ||
from this Fund to the new police pension fund, within 30 days | ||
after an application therefor is received from the new pension | ||
fund: | ||
(1) the amounts actually contributed to this Fund as | ||
employee contributions by or on behalf of the police | ||
officers transferring to the new pension fund for their | ||
service as police officers of the municipality that is | ||
establishing the new pension fund, plus interest on those | ||
amounts at the rate of 6% per year, compounded annually, | ||
from the date of contribution to the date of transfer to | ||
the new pension fund, and | ||
(2) an amount representing employer contributions, | ||
equal to the total amount determined under item (1). | ||
This transfer
terminates any further rights of such police | ||
officers in this Fund arising out of their service as police | ||
officers of the municipality that is establishing the new | ||
pension fund. | ||
(e) If a participating instrumentality terminates | ||
participation
because it fails to meet the requirements of | ||
Section 7-108, it shall
pay to the fund the amount equal to any | ||
net debit balance in its
municipality reserve account and | ||
account receivable. Its successors, and
assigns and | ||
transferees of its assets shall be obligated to make this
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payment to the extent of the value of assets transferred to | ||
them. The
fund shall pay an amount equal to any net credit | ||
balance to the
participating instrumentality, its successors | ||
or assigns. Any remaining
net debit or credit balance not | ||
collectible or payable shall be
transferred to the terminated | ||
municipality reserve account. The fund
shall pay to each | ||
employee of the participating instrumentality an
amount equal | ||
to his credits in the employee reserves. The employees
shall | ||
have no further rights to any benefits from the fund, except | ||
that
annuities awarded prior to the date of termination shall | ||
continue to be
paid.
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(Source: P.A. 84-812.)
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Section 90. The State Mandates Act is amended by adding | ||
Section 8.38 as follows: | ||
(30 ILCS 805/8.38 new) | ||
Sec. 8.38. 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 98th General Assembly.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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