98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB3760
 
Introduced , by Rep. Jack D. Franks
 
SYNOPSIS AS INTRODUCED:
 

 
40 ILCS 5/1-167 new

     Amends the Illinois Pension Code. Provides that a member or participant of a retirement system or pension fund established under the Code who is receiving a retirement annuity or retirement pension under the Code and  becomes employed on or after the effective date of the amendatory Act in a position in which he or she is eligible to accrue service credit  or creditable service under any Article of the Code shall, in the month immediately after commencing that employment, have the amount of his or her monthly retirement annuity or  retirement pension offset by the amount of his or her  compensation, earnings, or salary (whichever is applicable)  in the immediately preceding month as certified to the applicable retirement system or pension fund by his or her  employer, unless the payment of that retirement annuity or pension is already suspended or terminated under the Code during that period. Exempts the first $2,000 per month of retirement annuity payments. Provides that if during the course of a member's or participant's employment that member's or participant's retirement annuity or retirement pension under the Code fully vests, then that member or participant may maintain his or her employment in that position without contributing to any retirement annuity fund or any retirement pension fund under the Code. Effective immediately.
  


LRB098 13073 RPM 49594 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
HB3760LRB098 13073 RPM 49594 b


  
1    AN ACT concerning public employee benefits, which may also 
2be referred to as The Retirement Means Retirement Act.
  
 
3    Be it enacted by the People of the State of Illinois,
 
4represented in the General Assembly:
  
 
 
5    Section 5. The Illinois Pension Code is amended  by adding 
6Section 1-167 as follows:
 
7    (40 ILCS 5/1-167 new)
8    Sec. 1-167. Return to employment offset; continuation of 
9employment after fully vesting.
10    (a) Notwithstanding any other provision of this Code, a 
11member or participant of a retirement system or pension fund 
12established under this Code who is receiving a retirement 
13annuity or retirement pension under this Code and  becomes 
14employed on or after the effective date of this amendatory Act 
15of the 98th General Assembly in a position in which he or she 
16is eligible to accrue service credit or creditable service   
17under any Article of this Code shall, in the month immediately 
18after commencing that employment, have the amount of his or her 
19monthly retirement annuity or  retirement pension offset by the 
20amount of his or her  compensation, earnings, or salary 
21(whichever is applicable)  in the immediately preceding month as 
22certified to the applicable retirement system or pension fund 
23by his or her  employer, unless the payment of that retirement 
 
 
HB3760- 2 -LRB098 13073 RPM 49594 b

1annuity or retirement pension is already suspended or 
2terminated under this Code during that period. However, this 
3subsection (a) shall not apply to the first $2,000 per month of 
4retirement annuity payments for a member or participant of a 
5retirement system established under this Code.
6    (b) Notwithstanding any other provision of this Code, if 
7during the course of a member's or participant's employment 
8that member's or participant's retirement annuity or 
9retirement pension under this Code fully vests, then that 
10member or participant may maintain his or her employment in 
11that position without contributing to any retirement annuity 
12fund or any retirement pension fund under this Code.
 
13
 
14    Section 99. Effective date. This Act takes effect upon 
15becoming law.