093_HB1123
LRB093 03931 EFG 03968 b
1 AN ACT in relation to public employee benefits.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Pension Code is amended by
5 adding Section 4-109.3 as follows:
6 (40 ILCS 5/4-109.3 new)
7 Sec. 4-109.3. Alternative payment option.
8 (a) This Section applies only to a firefighter who (i)
9 has at least 23 years of creditable service, (ii) has
10 attained age 50, and (iii) withdraws from service on or after
11 the effective date of this Section.
12 (b) A qualifying firefighter may elect, at the time of
13 applying for a retirement pension under this Article, to
14 receive a lump sum payment at the time of retirement, in
15 exchange for which he or she agrees to forfeit one, 2, or 3
16 years of service credit. The lump sum payment shall be an
17 amount equal to 30% of the salary used in the calculation of
18 the firefighter's retirement pension, multiplied by the
19 number of years of service credit that the firefighter has
20 elected to forfeit.
21 (c) Service credit forfeited under this Section shall
22 not be included in the calculation of the firefighter's
23 retirement pension, nor used for any other purpose.
24 Contributions relating to the forfeited service credit are
25 not refundable.
26 (d) Election of the alternative payment option under
27 this Section becomes irrevocable upon receipt of the lump sum
28 payment.
29 Section 90. The State Mandates Act is amended by adding
30 Section 8.27 as follows:
-2- LRB093 03931 EFG 03968 b
1 (30 ILCS 805/8.27 new)
2 Sec. 8.27. Exempt mandate. Notwithstanding Sections 6
3 and 8 of this Act, no reimbursement by the State is required
4 for the implementation of any mandate created by this
5 amendatory Act of the 93rd General Assembly.
6 Section 99. Effective date. This Act takes effect upon
7 becoming law.