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Sen. Don Harmon
Filed: 4/30/2012
| | 09700HB1605sam002 | | LRB097 07147 EFG 69025 a |
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| 1 | | AMENDMENT TO HOUSE BILL 1605
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| 2 | | AMENDMENT NO. ______. Amend House Bill 1605 AS AMENDED, by |
| 3 | | replacing everything after the enacting clause with the |
| 4 | | following:
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| 5 | | "Section 5. The Illinois Pension Code is amended by |
| 6 | | changing Section 7-144 as follows:
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| 7 | | (40 ILCS 5/7-144) (from Ch. 108 1/2, par. 7-144)
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| 8 | | Sec. 7-144. Retirement annuities-Suspended during |
| 9 | | employment.
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| 10 | | (a) If any any person
receiving any annuity again becomes |
| 11 | | an employee
and receives earnings from employment in a position |
| 12 | | requiring him, or entitling him to elect, to
become a |
| 13 | | participating employee, then the annuity payable to such |
| 14 | | employee
shall be suspended as of the 1st day of the month |
| 15 | | coincidental with or
next following the date upon which such |
| 16 | | person becomes such an employee.
Upon proper qualification of |
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| 1 | | the participating employee payment of such
annuity may be |
| 2 | | resumed on the 1st day of the month following such
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| 3 | | qualification and upon proper application therefor. The |
| 4 | | participating
employee in such case shall be entitled to a |
| 5 | | supplemental annuity
arising from service and credits earned |
| 6 | | subsequent to such re-entry as a
participating employee.
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| 7 | | (b) Supplemental annuities to persons who return to service |
| 8 | | for less
than 48 months shall be computed under the provisions |
| 9 | | of Sections 7-141,
7-142 and 7-143. In determining whether an |
| 10 | | employee is eligible for an
annuity which requires a minimum |
| 11 | | period of service, his entire period of
service shall be taken |
| 12 | | into consideration but the supplemental annuity
shall be based |
| 13 | | on earnings and service in the supplemental period only.
The |
| 14 | | effective date of the suspended and supplemental annuity for |
| 15 | | the
purpose of increases after retirement shall be considered |
| 16 | | to be the
effective date of the suspended annuity.
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| 17 | | (c) Supplemental annuities to persons who return to service |
| 18 | | for 48
months or more shall be a monthly amount determined as |
| 19 | | follows:
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| 20 | | (1) An amount shall be computed under subparagraph b of |
| 21 | | paragraph
(1) of subsection (a) of Section 7-142, |
| 22 | | considering all of the service
credits of the employee;
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| 23 | | (2) The actuarial value in monthly payments for life of |
| 24 | | the annuity
payments made before suspension shall be |
| 25 | | determined and subtracted from
the amount determined in (1) |
| 26 | | above;
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| 1 | | (3) The monthly amount of the suspended annuity, with |
| 2 | | any applicable
increases after retirement computed from |
| 3 | | the effective date to the date
of reinstatement, shall be |
| 4 | | subtracted from the amount determined in (2)
above and the |
| 5 | | remainder shall be the amount of the supplemental annuity
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| 6 | | provided that this amount shall not be less than the amount |
| 7 | | computed under
subsection (b) of this Section.
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| 8 | | (4) The suspended annuity shall be reinstated at an |
| 9 | | amount including
any increases after retirement from the |
| 10 | | effective date to date of
reinstatement.
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| 11 | | (5) The effective date of the combined suspended and |
| 12 | | supplemental
annuities for the purposes of increases after |
| 13 | | retirement shall be
considered to be the effective date of |
| 14 | | the supplemental annuity.
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| 15 | | (Source: P.A. 97-328, eff. 8-12-11; 97-609, eff. 1-1-12.)".
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