94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB1223


 
Introduced 2/18/2005, by Sen. Larry K. Bomke
 
SYNOPSIS AS INTRODUCED:
 		













40 ILCS 5/3-110.8 new






40 ILCS 5/14-104.13 new










    Amends the Downstate Police and State Employee Articles of the Illinois Pension Code. Provides that an investigator for the Department of Human Services may apply for transfer of his or her
creditable service accumulated in a police pension fund to the State Employees' Retirement System. Requires payment of both employee and employer contributions, plus interest. Effective immediately.
















LRB094 10856 AMC 41383 b

















FISCAL NOTE ACT MAY APPLY


PENSION IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











SB1223

LRB094 10856 AMC 41383 b






1
    AN ACT concerning 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 adding 
5
Sections 3-110.8 and 14-104.13 as follows:
 
6
    (40 ILCS 5/3-110.8 new)

7
    Sec. 3-110.8. Transfer to Article 14 system.
8
    (a) Any active member of the State Employees'
Retirement 
9
System who is an investigator for the Department of Human 
10
Services may, until July 1, 2006, apply for transfer of his or 
11
her
creditable service accumulated in any police pension fund 
12
under this
Article to the State Employees' Retirement System.  
13
Such creditable service
shall be transferred only upon payment 
14
by such police pension fund to the State
Employees' Retirement 
15
System of an amount equal to:

16
        (1) the amounts accumulated to the credit of the 
17
    applicant on the books
of the fund on the date of transfer;

18
        (2) employer contributions in an amount equal to the 
19
    amount determined
under subparagraph (1); and

20
        (3) any interest paid by the applicant in order to 
21
    reinstate service.

22
Participation in the police pension fund shall terminate on the 
23
date of transfer.

24
    (b) Any such investigator for the Department of Human 
25
Services may
reinstate service which was terminated by receipt 
26
of a refund, by payment to
the police pension fund of the 
27
amount of the refund with interest thereon at
the rate of 6% 
28
per year, compounded annually, from the date of refund to the

29
date of payment.

 
30
    (40 ILCS 5/14-104.13 new)

31
    Sec. 14-104.13. Service transferred from Article 3.

 


 






SB1223
- 2 -
LRB094 10856 AMC 41383 b




1
Service also includes any period as a police officer for which 
2
credit was established under Article 3 of this Code, subject to 
3
the following conditions: (1) the applicant applies in writing 
4
on or before July 1, 2006, (2) the credits accrued for such 
5
employment under Article 3 have been transferred to this System 
6
under Section 3-110.8, and (3) the employee has contributed an 
7
amount equal to (A) employee contributions at the
rate in 
8
effect for noncoordinated creditable service at the date of

9
membership in this System, based upon the salary in effect 
10
during such period
of service, plus (B) the employer's share of 
11
the normal cost under this System
for each year that credit is 
12
being established, based on the salary in effect
during such 
13
period of service, plus (C) regular interest, compounded 
14
annually,
from the date of service to the date of payment, less 
15
(D) the amount transferred on
behalf of the participant under 
16
Section 3-110.8.
 

17
    Section 99. Effective date. This Act takes effect upon 
18
becoming law.