SB1223 94TH GENERAL ASSEMBLY

LRB094 10856 AMC 41383 b

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.

FISCAL NOTE ACT MAY APPLY

PENSION IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning public employee benefits.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Pension Code is amended by adding Sections 3-110.8 and 14-104.13 as follows:

(40 ILCS 5/3-110.8 new)

Sec. 3-110.8. Transfer to Article 14 system.

(a) Any active member of the State Employees' Retirement System who is an investigator for the Department of Human Services may, until July 1, 2006, apply for transfer of his or her creditable service accumulated in any police pension fund under this Article to the State Employees' Retirement System. Such creditable service shall be transferred only upon payment by such police pension fund to the State Employees' Retirement System of an amount equal to:

(1) the amounts accumulated to the credit of the applicant on the books of the fund on the date of transfer;

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

(3) any interest paid by the applicant in order to reinstate service. Participation in the police pension fund shall terminate on the date of transfer.

(b) Any such investigator for the Department of Human Services may reinstate service which was terminated by receipt of a refund, by payment to the police pension fund of the amount of the refund with interest thereon at the rate of 6% per year, compounded annually, from the date of refund to the date of payment.

(40 ILCS 5/14-104.13 new)

Sec. 14-104.13. Service transferred from Article 3. Service also includes any period as a police officer for which credit was established under Article 3 of this Code, subject to the following conditions: (1) the applicant applies in writing on or before July 1, 2006, (2) the credits accrued for such employment under Article 3 have been transferred to this System under Section 3-110.8, and (3) the employee has contributed an amount equal to (A) employee contributions at the rate in effect for noncoordinated creditable service at the date of membership in this System, based upon the salary in effect during such period of service, plus (B) the employer's share of the normal cost under this System for each year that credit is being established, based on the salary in effect during such period of service, plus (C) regular interest, compounded annually, from the date of service to the date of payment, less (D) the amount transferred on behalf of the participant under Section 3-110.8.

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