Public Act 097-0273
 
HB3332 EnrolledLRB097 10852 JDS 51356 b


  
    AN ACT concerning public employee benefits.
  
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  


 
    Section 5. The Illinois Pension Code is amended  by changing 
Sections 3-110.8 and 7-139.13 as follows:
 
    (40 ILCS 5/3-110.8)

    Sec. 3-110.8. Transfer to IMRF.
    (a) Until 60 days after the effective date of this 
amendatory Act of the 97th General Assembly January 1, 2009, 
any active member of the Illinois Municipal Retirement Fund may 
apply to transfer up to 10 8 years of creditable service in a 
police pension fund under this Article to the Illinois 
Municipal
Retirement Fund.  The creditable service shall be 
transferred upon payment by
the police pension fund to the 
Illinois Municipal Retirement Fund of an amount
equal to:
        (1) the amounts accumulated to the credit of the 
    applicant on the books
of the fund on the date of transfer; 
    and

        (2) employer contributions in an amount equal to the 
    amount determined
under subparagraph (1); and

        (3) any interest paid by the applicant in order to 
    reinstate service.

Creditable service transferred to the Illinois Municipal 
Retirement Fund under this Section shall terminate on the date 
of the transfer.

    (b) Until 60 days after the effective date of this 
amendatory Act of the 97th General Assembly January 1, 2009, 
any active member of the Illinois Municipal Retirement Fund may 
reinstate all or any portion of his or her service that was

terminated by receipt of a refund, by payment to the police 
pension fund of the
amount of the refund with interest thereon 
at the actuarially assumed rate,
compounded annually, from the 
date of refund to the date of payment.


(Source: P.A. 94-356, eff. 7-29-05; 95-530, eff. 8-28-07; 
95-1036, eff. 2-17-09.)
 
    (40 ILCS 5/7-139.13)

    Sec. 7-139.13. Transfer from Article 3. Notwithstanding 
subdivision (a)10 of Section 7-139, from the effective date of 
this amendatory Act of the 97th 95th General Assembly until 60 
days after the effective date of this amendatory Act of the 
97th General Assembly January 1, 2009, a person may transfer to 
the Illinois Municipal Retirement System up to 10 8 years of 
creditable service accumulated under Article 3 of this Code. To 
establish creditable service under this Section, a person may 
elect to do either of the following:
        (A) Pay to the Fund an amount to be determined by
the 
    board, equal to (i) the difference between the amount of

    employee and employer contributions transferred to the 
    Fund
under Section 3-110.8 and the amounts that would have 
    been contributed had such
contributions been made at the 
    rates applicable to an employee under this Article, plus 
    (ii) interest thereon at the actuarially assumed rate, 
    compounded annually, from the date of service to the
date 
    of payment.
        (B) Have the amount of his or her creditable service 
    established under this Section reduced by an amount 
    corresponding to the amount by which (i) the employer and 
    employee contributions that would have been required if he 
    had participated in this Fund during the period for which 
    credit is being transferred, plus interest thereon at the 
    actuarially assumed rate, compounded annually, from the 
    date of termination of the service for which credit is 
    being transferred to the date of payment, exceeds (ii) the 
    amount actually transferred to the Fund.

(Source: P.A. 95-530, eff. 8-28-07; 95-876, eff. 8-21-08; 
95-1036, eff. 2-17-09.)
 

    Section 99. Effective date. This Act takes effect upon 
becoming law.