94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB1223

 

Introduced 2/18/2005, by Sen. Larry K. Bomke

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/3-110.8 new
40 ILCS 5/14-104.13 new

    Amends the Downstate Police and State Employee Articles of the Illinois Pension Code. Provides that an investigator for the Department of Human Services may apply for transfer of his or her creditable service accumulated in a police pension fund to the State Employees' Retirement System. Requires payment of both employee and employer contributions, plus interest. Effective immediately.


LRB094 10856 AMC 41383 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB1223 LRB094 10856 AMC 41383 b

1     AN ACT concerning public employee benefits.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Illinois Pension Code is amended by adding
5 Sections 3-110.8 and 14-104.13 as follows:
 
6     (40 ILCS 5/3-110.8 new)
7     Sec. 3-110.8. Transfer to Article 14 system.
8     (a) Any active member of the State Employees' Retirement
9 System who is an investigator for the Department of Human
10 Services may, until July 1, 2006, apply for transfer of his or
11 her creditable service accumulated in any police pension fund
12 under this Article to the State Employees' Retirement System.
13 Such creditable service shall be transferred only upon payment
14 by such police pension fund to the State Employees' Retirement
15 System 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         (2) employer contributions in an amount equal to the
19     amount determined under subparagraph (1); and
20         (3) any interest paid by the applicant in order to
21     reinstate service.
22 Participation in the police pension fund shall terminate on the
23 date of transfer.
24     (b) Any such investigator for the Department of Human
25 Services may reinstate service which was terminated by receipt
26 of a refund, by payment to the police pension fund of the
27 amount of the refund with interest thereon at the rate of 6%
28 per year, compounded annually, from the date of refund to the
29 date of payment.
 
30     (40 ILCS 5/14-104.13 new)
31     Sec. 14-104.13. Service transferred from Article 3.

 

 

SB1223 - 2 - LRB094 10856 AMC 41383 b

1 Service also includes any period as a police officer for which
2 credit was established under Article 3 of this Code, subject to
3 the following conditions: (1) the applicant applies in writing
4 on or before July 1, 2006, (2) the credits accrued for such
5 employment under Article 3 have been transferred to this System
6 under Section 3-110.8, and (3) the employee has contributed an
7 amount equal to (A) employee contributions at the rate in
8 effect for noncoordinated creditable service at the date of
9 membership in this System, based upon the salary in effect
10 during such period of service, plus (B) the employer's share of
11 the normal cost under this System for each year that credit is
12 being established, based on the salary in effect during such
13 period of service, plus (C) regular interest, compounded
14 annually, from the date of service to the date of payment, less
15 (D) the amount transferred on behalf of the participant under
16 Section 3-110.8.
 
17     Section 99. Effective date. This Act takes effect upon
18 becoming law.