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Public Act 102-0857
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| SB3785 Enrolled | LRB102 22518 RPS 31659 b |
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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 Sections 3-110.10 and 7-139.14 as follows:
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(40 ILCS 5/3-110.10)
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Sec. 3-110.10. Transfer from Article 7. Until January 1, |
2009, a person may transfer to a fund established under this |
Article up to 8 years of creditable service accumulated under |
Article 7 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 7-139.11 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
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date of payment.
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No later than 6 months after July 23, 2021 (the effective |
date of Public Act 102-113) this amendatory Act of the 102nd |
General Assembly, a person may transfer to a fund established |
under this Article creditable service accumulated under |
Article 7 of this Code for service as a sheriff's law |
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enforcement employee, person employed by a participating |
municipality to perform police duties, or law enforcement |
officer employed on a full-time basis by a forest preserve |
district 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 7-139.14 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. |
No later than 6 months after the effective date of this |
amendatory Act of the 102nd General Assembly, a person may |
transfer to a fund established under this Article creditable |
service accumulated under Article 7 of this Code for service |
as a county correctional officer or as a person employed by a |
participating municipality to perform administrative duties |
related to law enforcement 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 7-139.14 |
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. |
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(Source: P.A. 102-113, eff. 7-23-21.)
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(40 ILCS 5/7-139.14) |
Sec. 7-139.14. Transfer to Article 3 pension fund. |
(a) Within 6 months after July 23, 2021 (the effective |
date of Public Act 102-113) this amendatory Act of the 102nd |
General Assembly, an active member of a pension fund |
established under Article 3 of this Code may apply for |
transfer to that Article 3 pension fund of his or her credits |
and creditable service accumulated in this Fund for service as |
a sheriff's law enforcement employee, person employed by a |
participating municipality to perform police duties, or law |
enforcement officer employed on a full-time basis by a forest |
preserve district. The creditable service shall be transferred |
only upon payment by this Fund to such Article 3 pension fund |
of an amount equal to: |
(1) the amounts accumulated to the credit of the |
applicant for the service to be transferred, including |
interest; and |
(2) an amount representing employer contributions, |
equal to the total amount determined under item (1); and |
(3) any interest paid by the applicant to reinstate |
such service. |
Within 6 months after the effective date of this |
amendatory Act of the 102nd General Assembly, an active member |
of a pension fund established under Article 3 of this Code may |
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apply for transfer to that Article 3 pension fund of his or her |
credits and creditable service accumulated in this Fund for |
service as a county correctional officer or as a person |
employed by a participating municipality to perform |
administrative duties related to law enforcement. The |
creditable service shall be transferred only upon payment by |
this Fund to such Article 3 pension fund of an amount equal to: |
(1) the amounts accumulated to the credit of the
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applicant for the service to be transferred, including |
interest; and |
(2) an amount representing employer contributions,
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equal to the total amount determined under item (1); and |
(3) any interest paid by the applicant to reinstate
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such service. |
Participation in this Fund as to any credits transferred |
under this Section shall terminate on the date of transfer. |
(b) Notwithstanding any other provision of this Code, any |
person applying to transfer service under this Section may |
reinstate credits and creditable service terminated upon |
receipt of a separation benefit by paying to the Fund the |
amount of the separation benefit plus interest thereon at the |
actuarially assumed rate of interest to the date of payment. |
Such payment must be made within 90 days after notification by |
the Fund of the cost of such reinstatement.
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(Source: P.A. 102-113, eff. 7-23-21.)
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