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*LRB09415583AMC50783b* HB4274 94TH GENERAL ASSEMBLY State of Illinois and 2006 HB4274 Introduced 12/19/05, by Rep.
HB4274 Engrossed LRB094 15583 AMC 50783 b AN ACT concerning public employee benefits.
Raymond Poe SYNOPSIS AS INTRODUCED:
ILCS 5/14-104.13 new ILCS 5/14-152.2 new Amends the State Employees Article of the Illinois Pension Code.
Provides that an employee who participated in the University of Illinois Government Public Service Internship Program may establish creditable service for up to 2 years of that participation.
Adds language concerning new benefit increases created by this amendatory Act.
Effective immediately.
LRB094 15583 AMC 50783 b FISCAL NOTE ACT PENSION IMPACT MAY APPLY NOTEAPPLYMAY A BILL FOR HB4274 LRB094 15583 AMC 50783 b AN ACT concerning public employee benefits.
An employee who participated in the University of Illinois Government Public Service Internship (GPSI) Program may establish creditable service for up to 2 years of that participation by applying in writing and paying to the System an amount equal to (1) employee contributions for the period for which credit is being established, based upon the employee’s compensation and the applicable contribution rate in effect on the date he or she last became a member of the System, plus (2) the employer’s normal cost of the credit established, plus (3) interest on the amounts in items (1) and (2) at the rate of 2.5% per year, compounded annually from the date the applicant last became a member of the System to the date of payment.
An employee who participated in the University of Illinois Government Public Service Internship (GPSI) Program may establish creditable service for up to 2 years of that participation by applying in writing and paying to the System an amount equal to (1) employee contributions for the period for which credit is being established, based upon the employee’s compensation and the applicable contribution rate in effect on the date he or she last became a member of the System, plus (2) the employer’s normal cost of the credit established, plus (3) interest on the amounts in items (1) and (2) at the regular interest rate, compounded annually from the date the applicant last became a member of the System to the date of payment.
This new benefit increase expires HB4274 - 2 - LRB094 15583 AMC 50783 b 5 years after the effective date of this amendatory Act.
This new benefit increase expires HB4274 Engrossed - 2 - LRB094 15583 AMC 50783 b 5 years after the effective date of this amendatory Act.
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