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90_HB0593sam002
LRB9001461EGfgam07
1 AMENDMENT TO HOUSE BILL 593
2 AMENDMENT NO. . Amend House Bill 593 on page 1, in
3 line 2, by changing "and 7-109" to "7-109, and 9-179.3"; and
4 on page 1, in line 8, by changing "and 7-109" to "7-109, and
5 9-179.3"; and
6 on page 14, below line 6, by inserting the following:
7 "(40 ILCS 5/9-179.3) (from Ch. 108 1/2, par. 9-179.3)
8 Sec. 9-179.3. Optional plan of additional benefits and
9 contributions.
10 (a) While this plan is in effect, an employee may
11 establish additional optional credit for additional optional
12 benefits by electing in writing at any time to make
13 additional optional contributions. The employee may
14 discontinue making the additional optional contributions at
15 any time by notifying the fund in writing.
16 (b) Additional optional contributions for the additional
17 optional benefits shall be as follows:
18 (1) For service after the option is elected, an
19 additional contribution of 3% of salary shall be
20 contributed to the fund on the same basis and under the
21 same conditions as contributions required under Sections
22 9-170 and 9-176.
-2- LRB9001461EGfgam07
1 (2) For service before the option is elected, an
2 additional contribution of 3% of the salary for the
3 applicable period of service, plus interest at the
4 effective rate from the date of service to the date of
5 payment. All payments for past service must be paid in
6 full before credit is given. No additional optional
7 contributions may be made for any period of service for
8 which credit has been previously forfeited by acceptance
9 of a refund, unless the refund is repaid in full with
10 interest at the effective rate from the date of refund to
11 the date of repayment.
12 (c) Additional optional benefits shall accrue for all
13 periods of eligible service for which additional
14 contributions are paid in full. The additional benefit shall
15 consist of an additional 1% for each year of service for
16 which optional contributions have been paid, based on the
17 highest average annual salary for any 4 consecutive years
18 within the last 10 years of service immediately preceding the
19 date of withdrawal, to be added to the employee retirement
20 annuity benefits as otherwise computed under this Article.
21 The calculation of these additional benefits shall be subject
22 to the same terms and conditions as are used in the
23 calculation of retirement annuity under Section 9-134. The
24 additional benefit shall be included in the calculation of
25 the automatic annual increase in annuity, and in the
26 calculation of widow's annuity, where applicable. However no
27 additional benefits will be granted which produce a total
28 annuity greater than the applicable maximum established for
29 that type of annuity in this Article, and additional benefits
30 shall not apply to any benefit computed under Section
31 9-128.1.
32 (d) Refunds of additional optional contributions shall
33 be made on the same basis and under the same conditions as
34 provided under Sections 9-164, 9-166 and 9-167. Interest
-3- LRB9001461EGfgam07
1 shall be credited at the effective rate on the same basis and
2 under the same conditions as for other contributions.
3 (e) Optional contributions shall be accounted for in a
4 separate Optional Contribution Reserve.
5 (f) The tax levy, computed under Section 9-169, shall be
6 based on employee contributions including the amount of
7 optional additional employee contributions.
8 (g) Service eligible under this Section may include only
9 service as an employee of the County as defined in Section
10 9-108, and subject to Sections 9-219 and 9-220. No service
11 granted under Section 9-121.1, 9-121.4 or 9-179.2 shall be
12 eligible for optional service credit. No optional service
13 credit may be established for any military service, or for
14 any service under any other Article of this Code. Optional
15 service credit may be established for any period of
16 disability paid from this fund, if the employee makes
17 additional optional contributions for such periods of
18 disability.
19 (h) This plan of optional benefits and contributions
20 shall not apply to any former county employee receiving an
21 annuity from the fund, who re-enters service as a County
22 employee, unless he renders at least 3 years of additional
23 service after the date of re-entry.
24 (i) The effective date of the optional plan of
25 additional benefits and contributions shall be July 1, 1985,
26 or the date upon which approval is received from the Internal
27 Revenue Service, whichever is later.
28 (j) This plan of additional benefits and contributions
29 shall expire July 1, 2002 1997. No additional contributions
30 may be made after that date, and no additional benefits will
31 accrue after that date.
32 (Source: P.A. 86-1027; 87-794.)".