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90_SB0667ham003
LRB9000609EGfgam50
1 AMENDMENT TO SENATE BILL 667
2 AMENDMENT NO. . Amend Senate Bill 667, AS AMENDED,
3 by inserting after the end of Section 5 the following:
4 "Section 5.5. The Illinois Pension Code is amended by
5 changing Section 2-123 as follows:
6 (40 ILCS 5/2-123) (from Ch. 108 1/2, par. 2-123)
7 Sec. 2-123. Refunds.
8 (a) A participant who ceases to be a member, other than
9 an annuitant, shall, upon written request, receive a refund
10 of his or her total contributions, without interest. The
11 refund shall include the additional contributions for the
12 automatic increase in retirement annuity. By accepting the
13 refund, a participant forfeits all accrued rights and
14 benefits in the System and loses credit for all service.
15 However, if he or she again becomes a member, he or she may
16 resume status as a participant and reestablish any forfeited
17 service credit by paying to the System the full amount
18 refunded, together with interest at 4% per annum from the
19 time the refund is paid to the date the member again becomes
20 a participant.
21 A former member of the General Assembly may reestablish
22 any service credit forfeited by acceptance of a refund by
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1 paying to the System on or before June 1, 1998 February 1,
2 1993, the full amount refunded, together with interest at 4%
3 per annum from the date of payment of the refund to the date
4 of repayment.
5 When a member or former member owes money to the System,
6 interest at the rate of 4% per annum shall accrue and be
7 payable on such amounts owed beginning on the date of
8 termination of service as a member until the contributions
9 due have been paid in full.
10 (b) A participant who has no eligible survivor upon
11 becoming an annuitant or who terminates service with less
12 than 8 years of service is entitled to a refund of the
13 contributions for a survivor's annuity, without interest. If
14 such person later marries, a survivor's annuity shall not be
15 payable upon his or her death, unless the amount of such
16 refund is repaid to the System, together with interest at the
17 rate of 4% per year from the date of refund to the date of
18 repayment. tf (c) If at the date of retirement or death
19 of a participant who served as an officer of the General
20 Assembly, the total period of such service is less than 4
21 years, the additional contributions made by such member on
22 the additional salary as an officer shall be refunded unless
23 the participant served as an officer for at least 2 years and
24 has contributed the amount he or she would have contributed
25 if he or she had served as an officer for 4 years as provided
26 in Section 2-126.
27 (d) Upon death of the last survivor of a participant and
28 his or her spouse, a death benefit shall be payable
29 consisting of the excess, if any, of the contributions made
30 by the participant for retirement and survivor's annuity,
31 without interest, over the total amount of retirement and
32 survivor's annuity payments made by the System.
33 (e) Upon the death of a participant, if a survivor's
34 annuity is not payable under this Article, a beneficiary
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1 designated by the participant shall be entitled to a refund
2 of all contributions made by the participant. If the
3 participant has not designated a refund beneficiary, the
4 surviving spouse shall be entitled to the refund of
5 contributions; if there is no surviving spouse, the
6 contributions shall be refunded to the participant's
7 surviving children, if any, and if no children survive, the
8 refund payment shall be made to the participant's estate.
9 (Source: P.A. 86-273; 87-1265.)".