95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB2066

 

Introduced 2/14/2008, by Sen. James A. DeLeo

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/5-214.2 new
30 ILCS 805/8.32 new

    Amends the Chicago Police Article of the Illinois Pension Code. Authorizes an active member with at least 5 years of creditable service to establish up to 10 years of additional service credit for certain employment in a law enforcement capacity under the Code or as a law enforcement officer with the Chicago Housing Authority. Requires the applicant to pay employee and employer contributions, plus interest; permits the use of rollover contributions. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.


LRB095 19116 AMC 45326 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

 

 

A BILL FOR

 

SB2066 LRB095 19116 AMC 45326 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 Section 5-214.2 as follows:
 
6     (40 ILCS 5/5-214.2 new)
7     Sec. 5-214.2. Credit for certain law enforcement service.
8 An active policeman in this Fund with at least 5 years of
9 creditable service may establish up to 10 years of additional
10 service credit for service in a law enforcement capacity under
11 Articles 3, 7, 9, 10, 13, 14, and 15 and Division 1 of Article
12 22 or as a law enforcement officer with the Chicago Housing
13 Authority, provided that: (1) service credit is not available
14 for that employment under any other provision of this Article;
15 (2) any service credit for that employment received under any
16 other provision of this Code or under the retirement plan of
17 the Chicago Housing Authority has been terminated; and (3) the
18 policeman applies for this credit in writing and pays to the
19 Fund before withdrawal from service an amount to be determined
20 by the Fund, equal to (i) an amount representing employee
21 contributions, based on the annual salary rate received by the
22 policeman at the time of first participating in this Fund after
23 the employment for which service credit is being established

 

 

SB2066 - 2 - LRB095 19116 AMC 45326 b

1 and the employee contribution rate then in effect, plus (ii) an
2 amount representing employer contributions, as determined by
3 the Fund, plus (iii) interest at the rate of 4% per year,
4 compounded annually, on items (i) and (ii) from the date of
5 first participating in this Fund after the employment for which
6 service credit is being established to the date of payment.
7 Rollover contributions from other retirement plans qualified
8 under the U.S. Internal Revenue Code of 1986 may be used to
9 make the payment required under this Section.
 
10     Section 90. The State Mandates Act is amended by adding
11 Section 8.32 as follows:
 
12     (30 ILCS 805/8.32 new)
13     Sec. 8.32. Exempt mandate. Notwithstanding Sections 6 and 8
14 of this Act, no reimbursement by the State is required for the
15 implementation of any mandate created by this amendatory Act of
16 the 95th General Assembly.
 
17     Section 99. Effective date. This Act takes effect upon
18 becoming law.