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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
SB2740
Introduced 2/5/2004, by Kirk W. Dillard SYNOPSIS AS INTRODUCED:
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40 ILCS 5/7-225 new |
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30 ILCS 805/8.28 new |
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Amends the IMRF Article of the Illinois Pension Code. Provides that a person who is an active participant in the Judges Retirement System and who has begun receiving a retirement annuity under the IMRF Article may cancel his or her retirement annuity by (1) filing a written election with IMRF and (2) paying to the fund an amount equal to the amount of retirement benefits he or she has received under IMRF, plus interest. Upon cancellation of a retirement annuity, IMRF shall restore the service credits that the person had on the books with IMRF at the time he or she last left service. Provides that restored credits may be used for any of the purposes of the Retirement Systems Reciprocal Act. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY |
PENSION IMPACT NOTE ACT MAY APPLY |
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT |
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A BILL FOR
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SB2740 |
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LRB093 19723 LRD 45464 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 adding |
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| Section 7-225 as follows:
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| (40 ILCS 5/7-225 new) |
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| Sec. 7-225. Cancellation and repayment of retirement |
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| annuity. A person who is an active participant in the system |
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| created under Article 18 of this Code and who has begun |
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| receiving a retirement annuity under this Article may cancel |
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| his or her retirement annuity under this Article by (1) filing |
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| a written election with the fund by December 31, 2004 and (2) |
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| paying to the fund an amount equal to the amount of retirement |
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| benefits he or she has received under this Article, plus |
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| interest from the time of the payment of those benefits at the |
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| rate of 4.5%, compounded annually. Upon cancellation of a |
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| retirement annuity under this Section, the fund shall restore |
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| the service credits that the person had on the books with the |
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| fund at the time he or she last left service under this |
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| Article. Credits that are restored under this Section may be |
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| used for any of the purposes of the Retirement Systems |
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| Reciprocal Act.
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| Section 90. The State Mandates Act is amended by adding |
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| Section 8.28 as
follows:
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| (30 ILCS 805/8.28 new)
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| Sec. 8.28. Exempt mandate. Notwithstanding Sections 6 and 8 |
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| of this
Act, no reimbursement by the State is required for the |
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| implementation of
any mandate created by this amendatory Act of |
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| the 93rd General Assembly.
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| Section 99. Effective date. This Act takes effect upon |