Illinois General Assembly - Full Text of Public Act 098-0729
Illinois General Assembly

Previous General Assemblies

Public Act 098-0729


 

Public Act 0729 98TH GENERAL ASSEMBLY

  
  
  

 


 
Public Act 098-0729
 
HB4691 EnrolledLRB098 17176 EFG 52264 b

    AN ACT concerning public employee benefits.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Illinois Pension Code is amended by changing
Section 7-210 as follows:
 
    (40 ILCS 5/7-210)  (from Ch. 108 1/2, par. 7-210)
    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
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.
    (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.
    (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.
    (d) Except as provided in subsection (d-5), whenever
Whenever any employees of a municipality or participating
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
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.
    (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
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.
(Source: P.A. 84-812.)
 
    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.
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 7/16/2014