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1 | AN ACT concerning public employee benefits.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Pension Code is amended by adding | ||||||||||||||||||||||||||||
5 | Sections 4-108.6 and 6-227 as follows: | ||||||||||||||||||||||||||||
6 | (40 ILCS 5/4-108.6 new) | ||||||||||||||||||||||||||||
7 | Sec. 4-108.6. Transfer to Article 6. Any member of a fund | ||||||||||||||||||||||||||||
8 | established under this Article may forfeit service credit for | ||||||||||||||||||||||||||||
9 | the purpose of establishing a corresponding amount of service | ||||||||||||||||||||||||||||
10 | credit under Article 6 of this Code. Upon notification by the | ||||||||||||||||||||||||||||
11 | board established under Article 6 of this Code, a fund | ||||||||||||||||||||||||||||
12 | established under this Article shall provide information | ||||||||||||||||||||||||||||
13 | relating to the firefighter electing forfeit of service credit, | ||||||||||||||||||||||||||||
14 | and shall transfer the corresponding funds to the board | ||||||||||||||||||||||||||||
15 | established under Article 6 in a timely manner. If the total | ||||||||||||||||||||||||||||
16 | amount of funds on deposit is greater than the total amount | ||||||||||||||||||||||||||||
17 | required by the board established under Article 6, the fund | ||||||||||||||||||||||||||||
18 | shall retain the difference. | ||||||||||||||||||||||||||||
19 | (40 ILCS 5/6-227 new) | ||||||||||||||||||||||||||||
20 | Sec. 6-227. Transfer from Article 4. | ||||||||||||||||||||||||||||
21 | (a) A firefighter in active service under this Article may | ||||||||||||||||||||||||||||
22 | transfer all or some of his or her accumulated creditable |
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1 | service established as a member of a fund or funds established | ||||||
2 | under Article 4 of this Code, to a fund established under this | ||||||
3 | Article by making an irrevocable election to the board | ||||||
4 | forfeiting all service credit previously established under | ||||||
5 | Article 4 and providing the payments required by this Section. | ||||||
6 | (b) Upon receipt of the election required by subsection | ||||||
7 | (a), the board shall contact the fund or funds established | ||||||
8 | under Article 4 in which the firefighter has established | ||||||
9 | creditable service. The fund shall verify the total amount that | ||||||
10 | (i) employee contributions paid into the fund or funds | ||||||
11 | established under Article 4 of this Code, including, but not | ||||||
12 | limited to, amounts paid for regular and optional service | ||||||
13 | credit, (ii) any employer contributions corresponding to | ||||||
14 | regular and optional service, and (iii) any actual investment | ||||||
15 | returns that were generated by employee and employer | ||||||
16 | contributions relating to the firefighters creditable service, | ||||||
17 | less any reasonable fees and administrative expense | ||||||
18 | experienced by the fund in relation to those contributions. The | ||||||
19 | Board must then request a transfer of all funds verified under | ||||||
20 | this Section, and shall immediately deposit those funds in a | ||||||
21 | manner consistent with its investment policy. | ||||||
22 | (c) After verifying the total amount of service credit | ||||||
23 | available for transfer, the fund shall establish the total | ||||||
24 | amount of employer contributions, employee contributions, and | ||||||
25 | interest that would have been required if the firefighter had | ||||||
26 | been employed by the City of Chicago as a firefighter during |
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1 | the same time that the firefighter was establishing credit | ||||||
2 | under Article 4 of this Code. In establishing these | ||||||
3 | contributions, the fund shall use the actual salary earned by | ||||||
4 | the firefighter when service was established. | ||||||
5 | (d) When the board has verified the total amount of funds | ||||||
6 | available for deposit under subsection (b), it shall provide a | ||||||
7 | written statement, which includes (i) the amount verified and | ||||||
8 | available for transfer under subsection (b), (ii) the total | ||||||
9 | amount of creditable service available for transfer, (iii) the | ||||||
10 | total cost established under subsection (c) and the difference, | ||||||
11 | if any of the amount in subsection (b) less the amount in | ||||||
12 | subsection (c), and (iv) the amount of creditable service where | ||||||
13 | contributions required under subsection (c) would be equal to | ||||||
14 | the amount available under subsection (b). | ||||||
15 | (e) Within 30 days after receiving the written statement, | ||||||
16 | the firefighter may establish an amount of service credit equal | ||||||
17 | to the amount of forfeited service credit previously | ||||||
18 | established under Article 4 by paying, if necessary, the | ||||||
19 | difference between subsection (b) and the amount in subsection | ||||||
20 | (c). Alternatively, the firefighter may reduce the number of | ||||||
21 | years of creditable service established under this Article by | ||||||
22 | receiving the amount of creditable service where contributions | ||||||
23 | required under subsection (c) would be equal to the amount | ||||||
24 | available under subsection (b).
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25 | Section 90. The State Mandates Act is amended by adding |
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1 | Section 8.32 as follows: | ||||||
2 | (30 ILCS 805/8.32 new) | ||||||
3 | Sec. 8.32. Exempt mandate. Notwithstanding Sections 6 and 8 | ||||||
4 | of this Act, no reimbursement by the State is required for the | ||||||
5 | implementation of any mandate created by this amendatory Act of | ||||||
6 | the 95th General Assembly.
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