Bill Text: IL HB3332 | 2011-2012 | 97th General Assembly | Chaptered

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Bill Title: Amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code. Authorizes the board of trustees of the Illinois Municipal Retirement Fund to adopt rules specifying a separate interest rate that will apply to voluntary additional contributions made by employees. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Spectrum: Slight Partisan Bill (Republican 2-1)

Status: (Passed) 2011-08-08 - Public Act . . . . . . . . . 97-0273 [HB3332 Detail]

Download: Illinois-2011-HB3332-Chaptered.html

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Public Act 097-0273
HB3332 Enrolled LRB097 10852 JDS 51356 b
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 60 days after the effective date of this
amendatory Act of the 97th General Assembly January 1, 2009,
any active member of the Illinois Municipal Retirement Fund may
apply to transfer up to 10 8 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

Retirement Fund under this Section shall terminate on the date
of the transfer.
(b) Until 60 days after the effective date of this
amendatory Act of the 97th General Assembly January 1, 2009,
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. 94-356, eff. 7-29-05; 95-530, eff. 8-28-07;
95-1036, eff. 2-17-09.)
(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 97th 95th General Assembly until 60
days after the effective date of this amendatory Act of the
97th General Assembly January 1, 2009, a person may transfer to
the Illinois Municipal Retirement System up to 10 8 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
been contributed had such contributions been made at the
rates applicable to 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 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.
(Source: P.A. 95-530, eff. 8-28-07; 95-876, eff. 8-21-08;
95-1036, eff. 2-17-09.)
Section 99. Effective date. This Act takes effect upon
becoming law.