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| [ Introduced ] | [ House Amendment 001 ] |
92_HB2703eng HB2703 Engrossed LRB9204333EGmg 1 AN ACT in relation to public employee benefits. 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 Sections 2-123 and 14-105.1 as follows: 6 (40 ILCS 5/2-123) (from Ch. 108 1/2, par. 2-123) 7 Sec. 2-123. Refunds. 8 (a) A participant who ceases to be a member, other than 9 an annuitant, shall, upon written request, receive a refund 10 of his or her total contributions, without interest. The 11 refund shall include the additional contributions for the 12 automatic increase in retirement annuity. By accepting the 13 refund, a participant forfeits all accrued rights and 14 benefits in the System and loses credit for all service. 15 However, if he or she again becomes a member, he or she may 16 resume status as a participant and reestablish any forfeited 17 service credit by paying to the System the full amount 18 refunded, together with interest at 4% per annum from the 19 time the refund is paid to the date the member again becomes 20 a participant. 21 A former member of the General Assembly may reestablish 22 any service credit forfeited by acceptance of a refund by 23 paying to the Systemon or before February 1, 1993,the full 24 amount refunded, together with interest at 4% per annum from 25 the date of payment of the refund to the date of repayment. 26 When a member or former member owes money to the System, 27 interest at the rate of 4% per annum shall accrue and be 28 payable on such amounts owed beginning on the date of 29 termination of service as a member until the contributions 30 due have been paid in full. 31 (b) A participant who (1) has elected to cease making HB2703 Engrossed -2- LRB9204333EGmg 1 contributions for survivor's annuity under subsection (b) of 2 Section 2-126, (2) has no eligible survivor's annuity 3 beneficiary upon becoming an annuitant, or (3) terminates 4 service with less than 8 years of service is entitled to a 5 refund of the contributions for a survivor's annuity, without 6 interest. If the person later marries, a survivor's annuity 7 shall not be payable upon his or her death, unless the amount 8 of the refund is repaid to the System, together with interest 9 at the rate of 4% per year from the date of refund to the 10 date of repayment. 11 (c) If at the date of retirement or death of a 12 participant who served as an officer of the General Assembly, 13 the total period of such service is less than 4 years, the 14 additional contributions made by such member on the 15 additional salary as an officer shall be refunded unless the 16 participant served as an officer for at least 2 years and has 17 contributed the amount he or she would have contributed if he 18 or she had served as an officer for 4 years as provided in 19 Section 2-126. 20 (d) Upon the termination of the last survivor's annuity 21 payable to a survivor of a deceased participant, the excess, 22 if any, of the total contributions made by the participant 23 for retirement and survivor's annuity, without interest, over 24 the total amount of retirement and survivor's annuity 25 payments received by the participant and the participant's 26 survivors shall be refunded upon request: 27 (i) if there was a surviving spouse of the deceased 28 participant who was eligible for a survivor's annuity, to 29 the designated beneficiary of that spouse or, if the 30 designated beneficiary is deceased or there is no 31 designated beneficiary, to that spouse's estate; 32 (ii) if there was no eligible surviving spouse of 33 the deceased participant, to the designated beneficiary 34 of the deceased participant or, if the designated HB2703 Engrossed -3- LRB9204333EGmg 1 beneficiary is deceased or there is no designated 2 beneficiary, to the deceased participant's estate. 3 (e) Upon the death of a participant, if a survivor's 4 annuity is not payable under this Article, a beneficiary 5 designated by the participant shall be entitled to a refund 6 of all contributions made by the participant. If the 7 participant has not designated a refund beneficiary, the 8 surviving spouse shall be entitled to the refund of 9 contributions; if there is no surviving spouse, the 10 contributions shall be refunded to the participant's 11 surviving children, if any, and if no children survive, the 12 refund payment shall be made to the participant's estate. 13 (Source: P.A. 90-448, eff. 8-16-97; 90-766, eff. 8-14-98.) 14 (40 ILCS 5/14-105.1) (from Ch. 108 1/2, par. 14-105.1) 15 Sec. 14-105.1. General Assembly. 16 (a) Any active(and until February 1, 1993, any former)17 member of the General Assembly Retirement System may apply 18 for transfer of his or her credits and creditable service 19 accumulated under this System tothe General Assembly System20ora Fund established under Article 5 or 12 of this Code. 21 Such credits and creditable service shall be transferred 22 forthwith. Payment by this System tothe General Assembly23Retirement System orthe Fund established under Article 5 or 24 12 shall be made at the same time and shall consist of: 25 (1) the amounts accumulated to the credit of the 26 applicant, including regular interest, on the books of 27 the System on the date of transfer; and 28 (2) employer contributions in an amount equal to 29 the amount of member contributions as determined under 30 subparagraph (1). 31 Participation in this System as to any credits transferred 32 under this subsectionSectionshall terminate on the date of 33 transfer. HB2703 Engrossed -4- LRB9204333EGmg 1 (a-5) Any active or former member of the General Assembly 2 Retirement System may apply for transfer of all or any 3 portion of his or her credits and creditable service 4 accumulated under this System to the General Assembly 5 Retirement System. Such credits and creditable service shall 6 be transferred forthwith. Payment by this System to the 7 General Assembly Retirement System shall be made at the same 8 time and shall consist of: 9 (1) the amounts accumulated to the credit of the 10 applicant, including regular interest, on the books of 11 the System on the date of transfer; and 12 (2) employer contributions in an amount equal to 13 the amount of member contributions as determined under 14 subparagraph (1). 15 Participation in this System as to any credits transferred 16 under this subsection shall terminate on the date of 17 transfer. 18 (b) An active (and until February 1, 1993, a former) 19 member of the General Assembly who has service credits and 20 creditable service under the System may establish additional 21 service credits and creditable service for periods during 22 which he was an elected official and could have elected to 23 participate but did not so elect. Service credits and 24 creditable service may be established by payment to the 25 System of an amount equal to the contributions he would have 26 made if he had elected to participate, plus regular interest 27 to the date of payment. 28 (c) An active or former(and until February 1, 1993, a29former)member of the General Assembly Retirement System may 30 reinstate service and service credits terminated upon receipt 31 of a separation benefit, by payment to the System of the 32 amount of the separation benefit plus regular interest 33 thereon to the date of payment. 34 (Source: P.A. 86-27; 86-273; 86-1028; 86-1488; 87-794.) HB2703 Engrossed -5- LRB9204333EGmg 1 Section 99. Effective date. This Act takes effect upon 2 becoming law.