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| [ Engrossed ] | [ Senate Amendment 001 ] |
91_SB0854
LRB9105994EGfg
1 AN ACT to amend the Illinois Pension Code.
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 Section 16-131.1 as follows:
6 (40 ILCS 5/16-131.1) (from Ch. 108 1/2, par. 16-131.1)
7 Sec. 16-131.1. Transfer of creditable service to the
8 General Assembly Retirement System.
9 (a) An active member of the General Assembly Retirement
10 System, and until May 1, 1993, any person having service
11 credit therein, may apply to transfer all or any part of his
12 or her creditable service accumulated under this system to
13 the General Assembly Retirement System. The specified
14 creditable service shall be transferred upon application.
15 Payment by this system to the General Assembly Retirement
16 System shall be made at the same time and shall consist of:
17 (1) the amounts credited to the member through
18 member contributions for the service to be transferred,
19 including interest if applicable, as of the date of
20 transfer, but excluding any additional or optional
21 contributions, which shall be refunded to the member; and
22 (2) employer contributions equal in amount to the
23 accumulated member contributions as determined in
24 subparagraph (1).
25 Participation in this system with respect to the transferred
26 credits shall terminate on the date of transfer.
27 (b) An active member of the General Assembly who has
28 creditable service under the system may establish additional
29 creditable service for periods during which he or she was an
30 elected official and could have elected to participate but
31 did not so elect. Creditable service may be established by
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1 payment to the system of an amount equal to the contributions
2 that would have been made if the person had elected to
3 participate, plus interest at the rate specified under
4 subsection (a) of Section 16-128 to the date of payment.
5 (c) An active member of the General Assembly, and until
6 May 1, 1993, any person having service credit in the General
7 Assembly Retirement System, may reinstate creditable service
8 terminated upon receipt of a refund, by payment to the system
9 of the amount of the refund together with interest thereon at
10 the rate specified under subsection (a) of Section 16-128 to
11 the date of payment.
12 (Source: P.A. 87-1265.)
13 Section 99. Effective date. This Act takes effect upon
14 becoming law.