92nd General Assembly
Summary of HB0519
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House Sponsors:

Short description: 
PEN CD-SERS-SERVICE TRANSFERS                                              

Synopsis of Bill as introduced:
        Amends the Illinois Pension Code.  Authorizes an active member of      
   the State Employees' Retirement System who is employed in  a  position      
   for  which  he or she earns eligible creditable service to transfer to      
   that System up to 12 years of  creditable  service  accumulated  under      
   Article  3,  5, 7, 9, or 15 for service as a police officer.  Requires      
   payment of the difference between  the  amount  of  contributions  and      
   interest  transferred  to  the  System and the amounts that would have      
   been contributed if the credit had been earned  in  the  System,  plus      
   interest;  allows payment at any time before withdrawal.  Also deletes      
   obsolete material.  Effective immediately.                                  
          PENSION NOTE (Illinois Pension Laws Commission)                      
          The fiscal impact of HB519 cannot be determined because the          
          amount of service credit that would be transferred is unknown.       
          It is estimated to be minor as the transferred and required          
          employee contributions should offset most of the increase in         
          accrued liability.                                                   
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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