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Sen. James A. DeLeo
Filed: 3/15/2010
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| AMENDMENT TO SENATE BILL 550
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| AMENDMENT NO. ______. Amend Senate Bill 550 by replacing |
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| everything after the enacting clause with the following:
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| "Section 5. The Illinois Pension Code is amended by |
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| changing Sections 5-234 and by adding Section 6-229 as follows: |
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| (40 ILCS 5/5-234) (from Ch. 108 1/2, par. 5-234) |
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| Sec. 5-234. Transfer of credits. |
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| (a) Any police officer who has at least 10
years of |
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| creditable service in the Fund may transfer to this Fund |
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| credits
and creditable service accumulated under any other |
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| pension fund or
retirement system established under Article 8 |
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| or 12 of this Code, by making
application and paying to the |
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| Fund before January 1, 1990 the amount by
which the employee |
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| contributions that would have been required if he had
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| participated in this Fund during the period for which credit is |
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| being
transferred, plus interest, exceeds the amount
actually |
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| transferred from such other fund or system to this Fund under |
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| item
(1) of Section 8-226.5 or item (1) of Section 12-127.5. |
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| (b) Any police officer who has at least 10 years of |
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| creditable service in the Fund may transfer to this Fund up to |
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| 48 months of creditable service accumulated under Article 9 of |
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| this Code as a correctional officer with the county department |
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| of corrections prior to January 1, 1994, by making application |
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| to the Fund within 6 months after the effective date of this |
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| amendatory Act of the 96th General Assembly and by paying to |
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| the Fund an amount to be determined by the Board, equal to (i) |
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| the difference between the amount of employee and employer |
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| contributions transferred to the Fund under Section 9-121.17 |
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| and the amounts that would have been contributed had such |
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| contributions been made at the rates applicable to members of |
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| this Fund, plus (ii) interest thereon at the actuarially |
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| assumed rate for each year, compounded annually, from the date |
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| of service to the date of payment. |
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| (c) A policeman may transfer to this Fund up to 10 years of |
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| credits and
creditable service
accumulated under the pension |
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| fund established under Article 6 of this
Code, by making |
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| written application to the Fund within 6 months after the
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| effective date of this amendatory Act of the 96th General |
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| Assembly. For
the transfer to be effective, the policeman must |
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| pay to the Fund before
withdrawal from service the amount, if |
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| any, by which the employee contributions
that would have been |
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| required if he or she had participated in this Fund during
the |
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| period for which credit is being transferred, plus interest, |
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| exceeds the
amount actually transferred from the Article 6 fund |
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| to this Fund under Section
6-229. |
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| (Source: P.A. 96-727, eff. 8-25-09.) |
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| (40 ILCS 5/6-229 new) |
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| Sec. 6-229. Transfer of creditable service to Article 5 |
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| fund.
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| (a) Any policeman, as defined in Section 5-109 of this |
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| Code, who is a
participant in the pension fund established |
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| under Article 5 of this Code may
apply for transfer of up to 10 |
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| years of his or her credits and creditable service
accumulated |
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| in this Fund to that Article 5 fund, if he or she applies to
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| transfer those credits and creditable service within 6 months |
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| of the effective
date of this amendatory Act of the 96th |
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| General Assembly. Such creditable
service shall be transferred
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| forthwith. Payment by this Fund to the Article 5 fund shall be |
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| made at the
same time and shall consist of:
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| (1) the amounts accumulated to the credit of the |
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| applicant, including
interest, on the books of the Fund on |
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| the date of transfer, but
excluding any additional or |
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| optional credits, which credits shall be
refunded to the |
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| applicant; and
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| (2) municipality credits computed and credited under |
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| this Article,
including interest, on the books of the Fund |
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| on the date the member
terminated service under the Fund.
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| Participation in this Fund as to any credits transferred |
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| under this Section
shall terminate on the date of transfer.
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| (b) Any such elected policeman may reinstate credits and |
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| creditable service
terminated upon receipt of a separation |
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| benefit, by payment to the Fund of
the amount of the separation |
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| benefit plus interest thereon to the
date of payment. |
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| Section 90. The State Mandates Act is amended by adding |
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| Section 8.34 as follows: |
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| (30 ILCS 805/8.34 new) |
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| Sec. 8.34. Exempt mandate. Notwithstanding Sections 6 and 8 |
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| of this Act, no reimbursement by the State is required for the |
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| implementation of any mandate created by this amendatory Act of |
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| the 96th General Assembly.
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.".
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