Illinois Senate Bill 1692

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 8 2023 - 25% progression
Action: 2023-02-08 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Pension Code. In provisions authorizing certain persons to transfer service credit from IMRF to a downstate police pension fund, makes technical and combining changes to conform the changes made by Public Act 102-857 and Public Act 102-1061. Removes a restrictive date on the transfer of that service credit. Authorizes investigators for the Secretary of State and conservation police officers to transfer that service credit. In the State Employee Article, provides that beginning on the effective date of the amendatory Act through the end of the 60th month after the effective date of the amendatory Act, a State policeman who earns a retirement annuity equal to the limitation specified under the alternative retirement annuity provisions may elect to begin his or her retirement annuity effective on the month he or she first earned that retirement annuity at the amount so limited or the effective date of the amendatory Act, whichever is later. Provides that a State policeman who makes such an election must first pay to the System an amount equal to the increase in the present value of the future benefits resulting from the State policeman's election to retire in accordance with the provisions. Provides that a State policeman or conservation police officer may elect to convert service credit earned under the Article or, for certain types of service, elect to establish eligible creditable service under the alternative retirement annuity provisions by filing a written election with the board and paying to the System a specified amount. Provides that any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase". Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

PEN CD-POLICE-VARIOUS

Sen. Robert Martwick [D]

Date	Chamber	Action
2023-02-08	Senate	Referred to Assignments
2023-02-08	Senate	First Reading
2023-02-08	Senate	Filed with Secretary by Sen. Robert F. Martwick

Chapter	Article	Section	Citation Type	Statute Text
30	805	8.47	New Code	See Bill Text
40	5	14-110	Amended Code	Citation Text
40	5	14-152.1	Amended Code	Citation Text
40	5	3-110.10	Amended Code	Citation Text
40	5	7-139.14	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1692&GAID=17&DocTypeID=SB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/SB/10300SB1692.htm