HB 126

Abstract

Amends the Downstate Teacher Article of the Illinois Pension Code. Repeals a provision requiring the System to offer an optional defined contribution benefit to active members of the System. Effective immediately. House Committee Amendment No. 1 Deletes reference to: 40 ILCS 5/16-204 rep. Adds reference to: 40 ILCS 5/3-110.10 40 ILCS 5/7-139.14 new 30 ILCS 805/8.45 new Replaces everything after the enacting clause. Amends the Downstate Police and Illinois Municipal Retirement Fund (IMRF) Articles of the Illinois Pension Code. Provides that within 6 months after the effective date of the amendatory Act, a person may transfer to a fund established under the Downstate Police Article creditable service accumulated under IMRF for service as a sheriff's law enforcement employee, person employed by a participating municipality to perform police duties, or law enforcement officer employed on a full-time basis by a forest preserve district upon payment to the police pension fund of a specified amount to be determined by the board. Provides that any person applying to transfer service under the provisions may reinstate credits and creditable service under IMRF that were terminated upon receipt of a separation benefit by paying to IMRF the amount of the separation benefit plus interest thereon at the actuarially assumed rate of interest to the date of payment. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.