Illinois General Assembly - Full Text of SB2493
Illinois General Assembly

Previous General Assemblies

Full Text of SB2493  94th General Assembly

SB2493 94TH GENERAL ASSEMBLY


 


 
94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB2493

 

Introduced 1/18/2006, by Sen. Larry K. Bomke

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/15-113.7a new
40 ILCS 5/15-198

    Amends the State Universities Article of the Illinois Pension Code. Includes within the definition of "service" periods not exceeding 2 years during which a person served in the Peace Corps, provided that the person (1) applies for the service on or after the effective date and before June 1, 2007 and (2) pays to the System the actuarial value of the increase in benefits resulting from the service. Includes language exempting the changes from provisions concerning new benefit increases. Effective immediately.


LRB094 18792 AMC 54198 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB2493 LRB094 18792 AMC 54198 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 15-113.7a and 15-198 as follows:
 
6     (40 ILCS 5/15-113.7a new)
7     Sec. 15-113.7a. Service for periods of service with the
8 Peace Corps. "Service for periods of service with the Peace
9 Corps" means those periods not exceeding 2 years during which a
10 person served in the Peace Corps, provided that the person (1)
11 applies for the service on or after the effective date and
12 before June 1, 2007 and (2) pays to the System the actuarial
13 value of the increase in the benefits resulting from the
14 service.
 
15     (40 ILCS 5/15-198)
16     Sec. 15-198. Application and expiration of new benefit
17 increases.
18     (a) As used in this Section, "new benefit increase" means
19 an increase in the amount of any benefit provided under this
20 Article, or an expansion of the conditions of eligibility for
21 any benefit under this Article, that results from an amendment
22 to this Code that takes effect after June 1, 2005 (the
23 effective date of Public Act 94-4) this amendatory Act of the
24 94th General Assembly. "New benefit increase", however, does
25 not include any benefit increase resulting from the changes
26 made to this Article by this amendatory Act of the 94th General
27 Assembly.
28     (b) Notwithstanding any other provision of this Code or any
29 subsequent amendment to this Code, every new benefit increase
30 is subject to this Section and shall be deemed to be granted
31 only in conformance with and contingent upon compliance with

 

 

SB2493 - 2 - LRB094 18792 AMC 54198 b

1 the provisions of this Section.
2     (c) The Public Act enacting a new benefit increase must
3 identify and provide for payment to the System of additional
4 funding at least sufficient to fund the resulting annual
5 increase in cost to the System as it accrues.
6     Every new benefit increase is contingent upon the General
7 Assembly providing the additional funding required under this
8 subsection. The Commission on Government Forecasting and
9 Accountability shall analyze whether adequate additional
10 funding has been provided for the new benefit increase and
11 shall report its analysis to the Public Pension Division of the
12 Department of Financial and Professional Regulation. A new
13 benefit increase created by a Public Act that does not include
14 the additional funding required under this subsection is null
15 and void. If the Public Pension Division determines that the
16 additional funding provided for a new benefit increase under
17 this subsection is or has become inadequate, it may so certify
18 to the Governor and the State Comptroller and, in the absence
19 of corrective action by the General Assembly, the new benefit
20 increase shall expire at the end of the fiscal year in which
21 the certification is made.
22     (d) Every new benefit increase shall expire 5 years after
23 its effective date or on such earlier date as may be specified
24 in the language enacting the new benefit increase or provided
25 under subsection (c). This does not prevent the General
26 Assembly from extending or re-creating a new benefit increase
27 by law.
28     (e) Except as otherwise provided in the language creating
29 the new benefit increase, a new benefit increase that expires
30 under this Section continues to apply to persons who applied
31 and qualified for the affected benefit while the new benefit
32 increase was in effect and to the affected beneficiaries and
33 alternate payees of such persons, but does not apply to any
34 other person, including without limitation a person who
35 continues in service after the expiration date and did not
36 apply and qualify for the affected benefit while the new

 

 

SB2493 - 3 - LRB094 18792 AMC 54198 b

1 benefit increase was in effect.
2 (Source: P.A. 94-4, eff. 6-1-05.)
 
3     Section 99. Effective date. This Act takes effect upon
4 becoming law.