Bill Text: IL HB0688 | 2017-2018 | 100th General Assembly | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Downstate Firefighter and Chicago Firefighter Articles of the Illinois Pension Code. Authorizes a firefighter to transfer up to 10 years of creditable service in a downstate firefighter pension fund to the Firemen's Annuity and Benefit Fund of Chicago upon payment of a specified amount. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Spectrum: Moderate Partisan Bill (Democrat 6-1)
Status: (Passed) 2017-11-09 - Public Act . . . . . . . . . 100-0544 [HB0688 Detail]
Download: Illinois-2017-HB0688-Engrossed.html
Bill Title: Amends the Downstate Firefighter and Chicago Firefighter Articles of the Illinois Pension Code. Authorizes a firefighter to transfer up to 10 years of creditable service in a downstate firefighter pension fund to the Firemen's Annuity and Benefit Fund of Chicago upon payment of a specified amount. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Spectrum: Moderate Partisan Bill (Democrat 6-1)
Status: (Passed) 2017-11-09 - Public Act . . . . . . . . . 100-0544 [HB0688 Detail]
Download: Illinois-2017-HB0688-Engrossed.html
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1 | AN ACT concerning public employee benefits.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Pension Code is amended by changing | ||||||
5 | Section 4-108.6 and Section 6-227 as follows:
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6 | (40 ILCS 5/4-108.6) | ||||||
7 | Sec. 4-108.6. Transfer of creditable service to the | ||||||
8 | Firemen's Annuity and Benefit Fund of Chicago. | ||||||
9 | (a) Until 6 months after the effective date of this | ||||||
10 | amendatory Act of the 100th General Assembly, January 1, 2010, | ||||||
11 | any active member of the Firemen's Annuity and Benefit Fund of | ||||||
12 | Chicago may apply for transfer of up to 10 years of creditable | ||||||
13 | service accumulated in any pension fund established under this | ||||||
14 | Article to the Firemen's Annuity and Benefit Fund of Chicago. | ||||||
15 | Such creditable service shall be transferred only upon payment | ||||||
16 | by such pension fund to the Firemen's Annuity and Benefit Fund | ||||||
17 | of Chicago of an amount equal to: | ||||||
18 | (1) the amounts accumulated to the credit of the | ||||||
19 | applicant on the books of the fund on the date of transfer; | ||||||
20 | (2) employer contributions in an amount equal to the | ||||||
21 | amount determined under subparagraph (1); and | ||||||
22 | (3) any interest paid by the applicant in order to | ||||||
23 | reinstate service. |
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1 | Participation in such pension fund as to any credits | ||||||
2 | transferred under this Section shall terminate on the date of | ||||||
3 | transfer. | ||||||
4 | (b) An active member of the Firemen's Annuity and Benefit | ||||||
5 | Fund of Chicago applying for a transfer of creditable service | ||||||
6 | under subsection (a) may reinstate credits and creditable | ||||||
7 | service terminated upon receipt of a refund by payment to the | ||||||
8 | Firemen's Annuity and Benefit Fund of Chicago of the amount of | ||||||
9 | the refund with interest thereon at the actuarially assumed | ||||||
10 | rate, compounded annually, from the date of the refund to the | ||||||
11 | date of payment.
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12 | (Source: P.A. 96-727, eff. 8-25-09.)
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13 | (40 ILCS 5/6-227) | ||||||
14 | Sec. 6-227. Transfer of creditable service from Article 4. | ||||||
15 | Until 6 months after the effective date of this amendatory Act | ||||||
16 | of the 100th General Assembly, January 1, 2010, any active | ||||||
17 | member of the Firemen's Annuity and Benefit Fund of Chicago may | ||||||
18 | transfer to the Fund up to a total of 10 years of creditable | ||||||
19 | service accumulated under Article 4 of this Code upon payment | ||||||
20 | to the Fund within 5 years after the date of application of an | ||||||
21 | amount equal to the difference between the amount of employee | ||||||
22 | and employer contributions transferred to the Fund under | ||||||
23 | Section 4-108.6 and the amounts determined by the Fund in | ||||||
24 | accordance with this Section, plus interest on that difference | ||||||
25 | at the actuarially assumed rate, compounded annually, from the |
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1 | date of service to the date of payment. | ||||||
2 | The Fund must determine the fireman's payment required to | ||||||
3 | establish creditable service under this Section by taking into | ||||||
4 | account the appropriate actuarial assumptions, including | ||||||
5 | without limitation the fireman's service, age, and salary | ||||||
6 | history; the level of funding of the Fund; and any other | ||||||
7 | factors that the Fund determines to be relevant. For this | ||||||
8 | purpose, the fireman's required payment should result in no | ||||||
9 | significant increase to the Fund's unfunded actuarial accrued | ||||||
10 | liability determined as of the most recent actuarial valuation, | ||||||
11 | based on the same assumptions and methods used to develop and | ||||||
12 | report the Fund's actuarial accrued liability and actuarial | ||||||
13 | value of assets under Statement No. 25 of Governmental | ||||||
14 | Accounting Standards Board or any subsequent applicable | ||||||
15 | Statement.
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16 | (Source: P.A. 96-727, eff. 8-25-09.)
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17 | Section 90. The State Mandates Act is amended by adding | ||||||
18 | Section 8.41 as follows:
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19 | (30 ILCS 805/8.41 new) | ||||||
20 | Sec. 8.41. Exempt mandate. Notwithstanding Sections 6 and 8 | ||||||
21 | of this Act, no reimbursement by the State is required for the | ||||||
22 | implementation of any mandate created by this amendatory Act of | ||||||
23 | the 100th General Assembly.
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24 | Section 99. Effective date. This Act takes effect upon |
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1 | becoming law.
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