Bill Text: IL HB3624 | 2013-2014 | 98th General Assembly | Introduced

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Bill Title: Amends the Illinois Pension Code. Extends the deadline for a person to transfer up to 10 years of service credit from a downstate police pension fund to the Illinois Municipal Retirement Fund (IMRF). Provides that such credit shall be treated as service as a sheriff's law enforcement employee.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2014-12-03 - Session Sine Die [HB3624 Detail]

Download: Illinois-2013-HB3624-Introduced.html

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98TH GENERAL ASSEMBLY State of Illinois 2013 and 2014 HB3624 Introduced , by Rep. Mike Bost SYNOPSIS AS INTRODUCED:
40 ILCS 5/3-110.8
40 ILCS 5/7-139.13
Amends the Illinois Pension Code. Extends the deadline for a person to transfer up to 10 years of service credit from a downstate police pension fund to the Illinois Municipal Retirement Fund (IMRF). Provides that such credit shall be treated as service as a sheriff's law enforcement employee.
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FISCAL NOTE ACT MAY APPLY PENSION IMPACT NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning public employee benefits.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Pension Code is amended by changing
Sections 3-110.8 and 7-139.13 as follows:
(40 ILCS 5/3-110.8)
Sec. 3-110.8. Transfer to IMRF.
(a) Until 180 60 days after the effective date of this
amendatory Act of the 98th 97th General Assembly, any active
member of the Illinois Municipal Retirement Fund may apply to
transfer up to 10 years of creditable service in a police
pension fund under this Article to the Illinois Municipal
Retirement Fund. The creditable service shall be transferred
upon payment by the police pension fund to the Illinois
Municipal Retirement Fund of an amount equal to:
(1) the amounts accumulated to the credit of the
applicant on the books of the fund on the date of transfer;
and
(2) employer contributions in an amount equal to the
amount determined under subparagraph (1); and
(3) any interest paid by the applicant in order to
reinstate service.
Creditable service transferred to the Illinois Municipal

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Retirement Fund under this Section shall terminate on the date
of the transfer.
(b) Until 180 60 days after the effective date of this
amendatory Act of the 98th 97th General Assembly, any active
member of the Illinois Municipal Retirement Fund may reinstate
all or any portion of his or her service that was terminated by
receipt of a refund, by payment to the police pension fund of
the amount of the refund with interest thereon at the
actuarially assumed rate, compounded annually, from the date of
refund to the date of payment.
(Source: P.A. 97-273, eff. 8-8-11.)
(40 ILCS 5/7-139.13)
Sec. 7-139.13. Transfer from Article 3. Notwithstanding
subdivision (a)10 of Section 7-139, from the effective date of
this amendatory Act of the 98th 97th General Assembly until 180
60 days after the effective date of this amendatory Act of the
98th 97th General Assembly, a person may transfer to the
Illinois Municipal Retirement System up to 10 years of
creditable service accumulated under Article 3 of this Code. To
establish creditable service under this Section, a person may
elect to do either of the following:
(A) Pay to the Fund an amount to be determined by the
board, equal to (i) the difference between the amount of
employee and employer contributions transferred to the
Fund under Section 3-110.8 and the amounts that would have

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been contributed had such contributions been made at the
rates applicable to a sheriff's law enforcement an employee
under this Article, plus (ii) interest thereon at the
actuarially assumed rate, compounded annually, from the
date of service to the date of payment.
(B) Have the amount of his or her creditable service
established under this Section reduced by an amount
corresponding to the amount by which (i) the employer and
employee contributions that would have been required if he
had participated in this Fund as a sheriff's law
enforcement employee during the period for which credit is
being transferred, plus interest thereon at the
actuarially assumed rate, compounded annually, from the
date of termination of the service for which credit is
being transferred to the date of payment, exceeds (ii) the
amount actually transferred to the Fund.
Creditable service transferred under this Section under
this amendatory Act of the 98th General Assembly shall be
treated as service as a sheriff's law enforcement employee.
(Source: P.A. 97-273, eff. 8-8-11.)