Full Text of HB3332 97th General Assembly
HB3332enr 97TH GENERAL ASSEMBLY |
| | HB3332 Enrolled | | LRB097 10852 JDS 51356 b |
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| 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 changing | 5 | | Sections 3-110.8 and 7-139.13 as follows: | 6 | | (40 ILCS 5/3-110.8)
| 7 | | Sec. 3-110.8. Transfer to IMRF. | 8 | | (a) Until 60 days after the effective date of this | 9 | | amendatory Act of the 97th General Assembly January 1, 2009 , | 10 | | any active member of the Illinois Municipal Retirement Fund may | 11 | | apply to transfer up to 10 8 years of creditable service in a | 12 | | police pension fund under this Article to the Illinois | 13 | | Municipal
Retirement Fund. The creditable service shall be | 14 | | transferred upon payment by
the police pension fund to the | 15 | | Illinois Municipal Retirement Fund 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 | | and
| 19 | | (2) employer contributions in an amount equal to the | 20 | | amount determined
under subparagraph (1); and
| 21 | | (3) any interest paid by the applicant in order to | 22 | | reinstate service.
| 23 | | Creditable service transferred to the Illinois Municipal |
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| 1 | | Retirement Fund under this Section shall terminate on the date | 2 | | of the transfer.
| 3 | | (b) Until 60 days after the effective date of this | 4 | | amendatory Act of the 97th General Assembly January 1, 2009 , | 5 | | any active member of the Illinois Municipal Retirement Fund may | 6 | | reinstate all or any portion of his or her service that was
| 7 | | terminated by receipt of a refund, by payment to the police | 8 | | pension fund of the
amount of the refund with interest thereon | 9 | | at the actuarially assumed rate,
compounded annually, from the | 10 | | date of refund to the date of payment.
| 11 | | (Source: P.A. 94-356, eff. 7-29-05; 95-530, eff. 8-28-07; | 12 | | 95-1036, eff. 2-17-09.) | 13 | | (40 ILCS 5/7-139.13)
| 14 | | Sec. 7-139.13. Transfer from Article 3. Notwithstanding | 15 | | subdivision (a)10 of Section 7-139, from the effective date of | 16 | | this amendatory Act of the 97th 95th General Assembly until 60 | 17 | | days after the effective date of this amendatory Act of the | 18 | | 97th General Assembly January 1, 2009 , a person may transfer to | 19 | | the Illinois Municipal Retirement System up to 10 8 years of | 20 | | creditable service accumulated under Article 3 of this Code. To | 21 | | establish creditable service under this Section, a person may | 22 | | elect to do either of the following: | 23 | | (A) Pay to the Fund an amount to be determined by
the | 24 | | board, equal to (i) the difference between the amount of
| 25 | | employee and employer contributions transferred to the |
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| 1 | | Fund
under Section 3-110.8 and the amounts that would have | 2 | | been contributed had such
contributions been made at the | 3 | | rates applicable to an employee under this Article, plus | 4 | | (ii) interest thereon at the actuarially assumed rate, | 5 | | compounded annually, from the date of service to the
date | 6 | | of payment. | 7 | | (B) Have the amount of his or her creditable service | 8 | | established under this Section reduced by an amount | 9 | | corresponding to the amount by which (i) the employer and | 10 | | employee contributions that would have been required if he | 11 | | had participated in this Fund during the period for which | 12 | | credit is being transferred, plus interest thereon at the | 13 | | actuarially assumed rate, compounded annually, from the | 14 | | date of termination of the service for which credit is | 15 | | being transferred to the date of payment, exceeds (ii) the | 16 | | amount actually transferred to the Fund.
| 17 | | (Source: P.A. 95-530, eff. 8-28-07; 95-876, eff. 8-21-08; | 18 | | 95-1036, eff. 2-17-09.)
| 19 | | Section 99. Effective date. This Act takes effect upon | 20 | | becoming law.
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