HB3332 EngrossedLRB097 10852 JDS 51356 b


  
1    AN ACT concerning public employee benefits.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  


 
4    Section 5. The Illinois Pension Code is amended  by changing 
5Sections 3-110.8 and 7-139.13 as follows:
 
6    (40 ILCS 5/3-110.8)

7    Sec. 3-110.8. Transfer to IMRF.
8    (a) Until 60 days after the effective date of this 
9amendatory Act of the 97th General Assembly January 1, 2009, 
10any active member of the Illinois Municipal Retirement Fund may 
11apply to transfer up to 10 8 years of creditable service in a 
12police pension fund under this Article to the Illinois 
13Municipal
Retirement Fund.  The creditable service shall be 
14transferred upon payment by
the police pension fund to the 
15Illinois Municipal Retirement Fund 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    and

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

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

23Creditable service transferred to the Illinois Municipal 
 
 
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1Retirement Fund under this Section shall terminate on the date 
2of the transfer.

3    (b) Until 60 days after the effective date of this 
4amendatory Act of the 97th General Assembly January 1, 2009, 
5any active member of the Illinois Municipal Retirement Fund may 
6reinstate all or any portion of his or her service that was

7terminated by receipt of a refund, by payment to the police 
8pension fund of the
amount of the refund with interest thereon 
9at the actuarially assumed rate,
compounded annually, from the 
10date of refund to the date of payment.


11(Source: P.A. 94-356, eff. 7-29-05; 95-530, eff. 8-28-07; 
1295-1036, eff. 2-17-09.)
 
13    (40 ILCS 5/7-139.13)

14    Sec. 7-139.13. Transfer from Article 3. Notwithstanding 
15subdivision (a)10 of Section 7-139, from the effective date of 
16this amendatory Act of the 97th 95th General Assembly until 60 
17days after the effective date of this amendatory Act of the 
1897th General Assembly January 1, 2009, a person may transfer to 
19the Illinois Municipal Retirement System up to 10 8 years of 
20creditable service accumulated under Article 3 of this Code. To 
21establish creditable service under this Section, a person may 
22elect to do either of the following:
23        (A) Pay to the Fund an amount to be determined by
the 
24    board, equal to (i) the difference between the amount of

25    employee and employer contributions transferred to the 
 
 
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1    Fund
under Section 3-110.8 and the amounts that would have 
2    been contributed had such
contributions been made at the 
3    rates applicable to an employee under this Article, plus 
4    (ii) interest thereon at the actuarially assumed rate, 
5    compounded annually, from the date of service to the
date 
6    of payment.
7        (B) Have the amount of his or her creditable service 
8    established under this Section reduced by an amount 
9    corresponding to the amount by which (i) the employer and 
10    employee contributions that would have been required if he 
11    had participated in this Fund during the period for which 
12    credit is being transferred, plus interest thereon at the 
13    actuarially assumed rate, compounded annually, from the 
14    date of termination of the service for which credit is 
15    being transferred to the date of payment, exceeds (ii) the 
16    amount actually transferred to the Fund.

17(Source: P.A. 95-530, eff. 8-28-07; 95-876, eff. 8-21-08; 
1895-1036, eff. 2-17-09.)
 

19    Section 99. Effective date. This Act takes effect upon 
20becoming law.