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91_SB1458
LRB9110685EGfg
1 AN ACT to amend the Illinois Pension Code and the State
2 Mandates Act.
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 adding Section 3-110.8 and changing Section 5-234 as follows:
7 (40 ILCS 5/3-110.8 new)
8 Sec. 3-110.8. Transfer to Article 5 Fund.
9 (a) Until January 1, 2002, any active member of the
10 Article 5 pension fund may apply for transfer of his or her
11 creditable service accumulated in any police pension fund
12 under this Article to that Article 5 fund. The creditable
13 service shall be transferred upon payment by the police
14 pension fund to the Article 5 fund of an amount equal to:
15 (1) the amounts accumulated to the credit of the
16 applicant on the books of the fund on the date of
17 transfer; and
18 (2) employer contributions in an amount equal to
19 the amount determined under item (1); and
20 (3) any interest paid by the applicant in order to
21 reinstate service.
22 Participation in this Fund shall terminate on the date of
23 transfer.
24 (b) Until January 1, 2002, any active member of the
25 Article 5 pension fund may reinstate service in any police
26 pension fund under this Article that was terminated by
27 receipt of a refund, by payment to the police pension fund of
28 the amount of the refund, together with interest thereon at
29 the rate of 6% per year, compounded annually, from the date
30 of the refund to the date of repayment.
-2- LRB9110685EGfg
1 (40 ILCS 5/5-234) (from Ch. 108 1/2, par. 5-234)
2 Sec. 5-234. Transfer of credits.
3 (a) Any police officer who has at least 10 years of
4 creditable service in the Fund may transfer to this Fund
5 credits and creditable service accumulated under any other
6 pension fund or retirement system established under Article 8
7 or 12 of this Code, by making application and paying to the
8 Fund before January 1, 1990 the amount by which the employee
9 contributions that would have been required if he had
10 participated in this Fund during the period for which credit
11 is being transferred, plus interest, exceeds the amount
12 actually transferred from such other fund or system to this
13 Fund under item (1) of Section 8-226.5 or item (1) of Section
14 12-127.5.
15 (b) A policeman may transfer to this Fund credits and
16 creditable service accumulated under any police pension fund
17 established under Article 3 of this Code, by making written
18 application to the Fund before January 1, 2002. For the
19 transfer to be effective, the policeman must pay to the Fund
20 before withdrawal from service the amount, if any, by which
21 the employee contributions that would have been required if
22 he or she had participated in this Fund during the period for
23 which credit is being transferred, plus interest, exceeds the
24 amount actually transferred from the Article 3 fund to this
25 Fund under item (1) of subsection (a) of Section 3-110.8.
26 (Source: P.A. 86-272.)
27 Section 90. The State Mandates Act is amended by adding
28 Section 8.24 as follows:
29 (30 ILCS 805/8.24 new)
30 Sec. 8.24. Exempt mandate. Notwithstanding Sections 6
31 and 8 of this Act, no reimbursement by the State is required
32 for the implementation of any mandate created by this
-3- LRB9110685EGfg
1 amendatory Act of the 91st General Assembly.
2 Section 99. Effective date. This Act takes effect upon
3 becoming law.