Illinois General Assembly - Bill Status for HB 1872

Amends the Downstate Police Article of the Illinois Pension Code. Authorizes a person, for 60 days after the effective date of the amendatory Act, to transfer up to 10 years of creditable service from the Chicago police pension fund to a downstate police pension fund after paying to the downstate fund an amount that is determined by its board to be equal to (i) the difference between the amount of employee and employer contributions transferred to the fund from the Chicago fund and the amounts that would have been contributed had they been deposited into the downstate fund plus (ii) interest on the difference at the actuarially assumed rate, compounded annually, from the date of service to the date of payment. Amends the Chicago Police Article of the Illinois Pension Code. Provides that, upon receiving a written application to make such a transfer, the Chicago police pension fund shall pay employee contributions, employer contributions, and interest to the downstate police pension fund. Provides that the transferee's participation in the Chicago police pension fund ends upon the making of the transfer. Authorizes the reinstatement of service credit prior to transfer. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Provides that, if, as a part of a transfer of service credit from the Chicago police pension fund to a downstate police pension fund, a person wants to reinstate creditable service that was terminated upon the receipt of a refund, then he or she must pay to the Chicago police pension fund the amount of the refund plus interest thereon at the actuarially assumed rate (instead of 6%), compounded annually, from the date of the refund to the date of payment.

Date	Chamber	Action
8/12/2011	House	Public Act . . . . . . . . . 97-0326

Date	Chamber	Action
2/16/2011	House	Filed with the Clerk by Rep. Renée Kosel
2/16/2011	House	First Reading
2/16/2011	House	Referred to Rules Committee
2/22/2011	House	Assigned to Personnel and Pensions Committee
2/22/2011	House	House Committee Amendment No. 1 Filed with Clerk by Rep. Renée Kosel
2/22/2011	House	House Committee Amendment No. 1 Referred to Rules Committee
2/22/2011	House	House Committee Amendment No. 1 Rules Refers to Personnel and Pensions Committee
3/10/2011	House	Do Pass / Short Debate Personnel and Pensions Committee; 009-000-000
3/10/2011	House	Placed on Calendar 2nd Reading - Short Debate
3/10/2011	House	House Committee Amendment No. 1 Tabled Pursuant to Rule 40
3/10/2011	House	House Floor Amendment No. 2 Filed with Clerk by Rep. Renée Kosel
3/10/2011	House	House Floor Amendment No. 2 Referred to Rules Committee
3/15/2011	House	House Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 004-000-000
3/17/2011	House	Second Reading - Short Debate
3/17/2011	House	House Floor Amendment No. 2 Adopted by Voice Vote
3/17/2011	House	Placed on Calendar Order of 3rd Reading - Short Debate
3/29/2011	House	Third Reading - Short Debate - Passed 096-017-000
3/30/2011	Senate	Arrive in Senate
3/30/2011	Senate	Placed on Calendar Order of First Reading March 31, 2011
4/4/2011	Senate	Chief Senate Sponsor Sen. Ira I. Silverstein
4/7/2011	Senate	First Reading
4/7/2011	Senate	Referred to Assignments
4/12/2011	Senate	Added as Alternate Chief Co-Sponsor Sen. John G. Mulroe
4/27/2011	Senate	Assigned to Pensions and Investments
5/4/2011	Senate	Postponed - Pensions and Investments
5/11/2011	Senate	Do Pass Pensions and Investments; 007-000-000
5/11/2011	Senate	Placed on Calendar Order of 2nd Reading May 12, 2011
5/12/2011	Senate	Second Reading
5/12/2011	Senate	Placed on Calendar Order of 3rd Reading May 13, 2011
5/17/2011	Senate	Third Reading - Passed; 058-000-000
5/17/2011	House	Passed Both Houses
6/15/2011	House	Sent to the Governor
8/12/2011	House	Governor Approved
8/12/2011	House	Effective Date August 12, 2011
8/12/2011	House	Public Act . . . . . . . . . 97-0326