Illinois General Assembly - Full Text of SB2995
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Full Text of SB2995  96th General Assembly

SB2995sam001 96TH GENERAL ASSEMBLY

Sen. John M. Sullivan

Filed: 3/1/2010

 

 


 

 


 
09600SB2995sam001 LRB096 16688 AMC 37664 a

1
AMENDMENT TO SENATE BILL 2995

2     AMENDMENT NO. ______. Amend Senate Bill 2995, by replacing
3 line 22 on page 21 through line 8 on page 22 with the
4 following:
5     "(o) A member employed on a full-time basis by the Illinois
6 Department of Transportation in the position of highway
7 maintainer who has at least 20 years of creditable service
8 under this Section may elect, within 6 months of the effective
9 date of this amendatory Act of the 96th General Assembly, to
10 convert up to 5 years of service under this Article rendered at
11 Illinois Veterans Homes to service under this Section by paying
12 to the Fund an amount equal to the increase in the present
13 value of future benefits, as calculated by the System. In
14 calculating the increase in the present value of future
15 benefits, the System shall use the same actuarial assumptions
16 used in the most recent actuarial valuation. The member must
17 submit the required contributions prior to retirement.".