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91_SB1259
LRB9109163EGfg
1 AN ACT to amend the Illinois Pension Code by changing
2 Section 15-135.1
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Pension Code is amended by
6 changing Section 15-135.1 as follows:
7 (40 ILCS 5/15-135.1)
8 Sec. 15-135.1. Election to avoid application of P.A.
9 90-65.
10 (a) A participant who was an employee on July 7, 1997
11 and retires on or after July 30, 1999 the effective date of
12 this amendatory Act of the 91st General Assembly may elect in
13 writing at the time of retirement to have the retirement
14 annuity calculated in accordance with the provisions of
15 Sections 15-135 and 15-136 as they existed immediately prior
16 to amendment by Public Act 90-65. This election, once made,
17 is irrevocable.
18 (a-1) A participant who was an employee on July 7, 1997
19 and retired on or after January 1, 1998 but before July 30,
20 1999 may elect in writing, within 60 days after the effective
21 date of this amendatory Act of the 91st General Assembly, to
22 have the retirement annuity calculated in accordance with the
23 provisions of Sections 15-135 and 15-136 as they existed
24 immediately prior to amendment by Public Act 90-65. This
25 election is prospective only and, once made, is irrevocable.
26 When an election under this subsection (a-1) is made, the
27 System shall recalculate the retirement annuity, effective on
28 the next annuity payment date following the date of election.
29 The election applies to group insurance costs that become
30 payable after the Department of Central Management Services
31 is notified of the election under subsection (c), but does
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1 not entitle the person to a refund of any group insurance
2 costs already paid.
3 (b) The fact that a person has elected to participate in
4 the optional retirement program under Section 15-158.2 or has
5 elected the portability option under subsection (a-1) of
6 Section 15-154 does not prevent the person from making an
7 election under subsection (a) or (a-1) of this Section; the
8 fact that such a person makes an election under subsection
9 (a) or (a-1) of this Section does not allow the person to
10 change the irrevocable election that he or she made under
11 Section 15-158.2 or subsection (a-1) of Section 15-154.
12 (c) The System shall promptly notify the Department of
13 Central Management Services of each election made under this
14 Section.
15 (Source: P.A. 91-395, eff. 7-30-99.)
16 Section 99. Effective date. This Act takes effect upon
17 becoming law.