Public Act 097-0326
 
HB1872 EnrolledLRB097 08452 JDS 48579 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 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
    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.
 
    Section 99. Effective date. This Act takes effect upon
becoming law.