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92_SB0328
LRB9207859EGfg
1 AN ACT in relation to 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
5 changing Sections 2-117 and 14-105.1 as follows:
6 (40 ILCS 5/2-117) (from Ch. 108 1/2, par. 2-117)
7 Sec. 2-117. Participants - Election not to participate.
8 (a) Every person who was a member on November 1, 1947,
9 or in military service on such date, is subject to the
10 provisions of this system beginning upon such date, unless
11 prior to such date he or she filed with the board a written
12 notice of election not to participate.
13 Every person who becomes a member after November 1, 1947,
14 and who is then not a participant becomes a participant
15 beginning upon the date of becoming a member unless, within
16 24 months from that date, he or she has filed with the board
17 a written notice of election not to participate.
18 (b) A member who has filed notice of an election not to
19 participate (and a former member who has not yet begun to
20 receive a retirement annuity under this Article) may become a
21 participant with respect to the period for which the member
22 elected not to participate upon filing with the board, before
23 April 1, 2002 1993, a written rescission of the election not
24 to participate. Upon contributing an amount equal to the
25 contributions he or she would have made as a participant from
26 November 1, 1947, or the date of becoming a member, whichever
27 is later, to the date of becoming a participant, with
28 interest at the rate of 4% per annum until the contributions
29 are paid, the participant shall receive credit for service as
30 a member prior to the date of the rescission, both before and
31 after November 1, 1947. The required contributions shall be
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1 made before commencement of the retirement annuity; otherwise
2 no credit for service prior to the date of participation
3 shall be granted.
4 (Source: P.A. 86-273; 87-1265.)
5 (40 ILCS 5/14-105.1) (from Ch. 108 1/2, par. 14-105.1)
6 Sec. 14-105.1. General Assembly transfers of credit.
7 (a) Any active (and until April 1, 2002 February 1,
8 1993, any former) member of the General Assembly Retirement
9 System may apply for transfer of his credits and creditable
10 service accumulated under this System to the General Assembly
11 System or a Fund established under Article 5 or 12 of this
12 Code. Such credits and creditable service shall be
13 transferred forthwith. Payment by this System to the General
14 Assembly Retirement System or the Fund established under
15 Article 5 or 12 shall be made at the same time and shall
16 consist of:
17 (1) the amounts accumulated to the credit of the
18 applicant, including regular interest, on the books of
19 the System on the date of transfer; and
20 (2) employer contributions in an amount equal to
21 the amount of member contributions as determined under
22 subparagraph (1).
23 Participation in this System as to any credits transferred
24 under this Section shall terminate on the date of transfer.
25 (b) An active (and until February 1, 1993, a former)
26 member of the General Assembly who has service credits and
27 creditable service under the System may establish additional
28 service credits and creditable service for periods during
29 which he was an elected official and could have elected to
30 participate but did not so elect. Service credits and
31 creditable service may be established by payment to the
32 System of an amount equal to the contributions he would have
33 made if he had elected to participate, plus regular interest
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1 to the date of payment.
2 (c) An active (and until February 1, 1993, a former)
3 member of the General Assembly Retirement System may
4 reinstate service and service credits terminated upon receipt
5 of a separation benefit, by payment to the System of the
6 amount of the separation benefit plus regular interest
7 thereon to the date of payment.
8 (Source: P.A. 86-27; 86-273; 86-1028; 86-1488; 87-794.)
9 Section 99. Effective date. This Act takes effect upon
10 becoming law.