→
Previous
Latest
*LRB09516319AMC42343b* SB1959 95TH GENERAL ASSEMBLY State of Illinois and 2008 SB1959 Introduced 2/7/2008, by Sen.
SB1959 Engrossed LRB095 16319 AMC 42343 b AN ACT concerning public employee benefits.
James F.
Clayborne, Jr.
SYNOPSIS AS INTRODUCED:
ILCS 5/7-144.3 from Ch.
108 1/2, par.
7-144.3 ILCS 5/7-172 from Ch.
108 1/2, par.
7-172 ILCS 805/8.32 new Amends the Illinois Municipal Retirement Fund Article of the Illinois Pension Fund.
Changes how a supplemental benefit payment is calculated.
Provides that the amount of the supplemental benefit payment to each eligible person shall be 75% of the monthly retirement or surviving spouse annuity payable to that person in June preceding the July 1 supplemental benefit payment date.
Adds the percentage of earnings of the participating employees of all participating municipalities and participating instrumentalities necessary to provide that year’s supplemental benefit payment to the list of considerations in determining the municipal contribution rate.
Amends the State Mandates Act to require implementation without reimbursement.
Effective immediately.
LRB095 16319 AMC 42343 b FISCAL NOTE ACT PENSION IMPACT STATE MANDATES MAY APPLY NOTE ACT MAY ACT MAY REQUIRE APPLY REIMBURSEMENT A BILL FOR SB1959 LRB095 16319 AMC 42343 b AN ACT concerning public employee benefits.
(b) To be eligible to receive a supplemental benefit payment, a person must be entitled to receive a retirement annuity or surviving spouse annuity from the Fund on the July 1 SB1959 - 2 - LRB095 16319 AMC 42343 b supplemental benefit payment date, and must have been receiving that annuity during each of the 12 months immediately preceding that date;
(b) To be eligible to receive a supplemental benefit payment, a person must be entitled to receive a retirement annuity or surviving spouse annuity from the Fund on the July 1 SB1959 Engrossed - 2 - LRB095 16319 AMC 42343 b supplemental benefit payment date, and must have been receiving that annuity during each of the 12 months immediately preceding that date;
(3) Notwithstanding the provisions of this subsection (c) paragraph (2), the amount of SB1959 - 3 - LRB095 16319 AMC 42343 b any supplemental benefit payment paid to an annuitant under this Section shall not exceed any benefit limitations established by the federal government for qualified public pension plans.
(3) Notwithstanding the provisions of this subsection (c) paragraph (2), the amount of SB1959 Engrossed - 3 - LRB095 16319 AMC 42343 b any supplemental benefit payment paid to an annuitant under this Section shall not exceed any benefit limitations established by the federal government for qualified public pension plans.
if it has no participating employees with current earnings, an amount payable which, over a period of 20 years beginning with the year following an award of benefit, will amortize, at the effective rate for that year, any negative balance in its municipality reserve SB1959 - 4 - LRB095 16319 AMC 42343 b resulting from the award.
if it has no participating employees with current earnings, an amount payable which, over a period of 20 years beginning with the year following an award of benefit, will amortize, at the effective rate for that year, any negative balance in its municipality reserve SB1959 Engrossed - 4 - LRB095 16319 AMC 42343 b resulting from the award.
The percentage of earnings of the participating employees of each participating municipality and participating instrumentalities necessary to adjust for the difference between the present value of all benefits, excluding temporary and total and permanent disability and death benefits, to be provided for its participating employees and the sum of its accumulated municipality SB1959 - 5 - LRB095 16319 AMC 42343 b contributions and the accumulated employee contributions and the present value of expected future employee and municipality contributions pursuant to subparagraph 1 of this paragraph (b).
The percentage of earnings of the participating employees of each participating municipality and participating instrumentalities necessary to adjust for the difference between the present value of all benefits, excluding temporary and total and permanent disability and death benefits, to be provided for its participating employees and the sum of its accumulated municipality SB1959 Engrossed - 5 - LRB095 16319 AMC 42343 b contributions and the accumulated employee contributions and the present value of expected future employee and municipality contributions pursuant to subparagraph 1 of this paragraph (b).
(c) A separate municipality contribution rate shall be computed for each participating municipality or participating SB1959 - 6 - LRB095 16319 AMC 42343 b instrumentality for its sheriff’s law enforcement employees.
(c) A separate municipality contribution rate shall be computed for each participating municipality or participating SB1959 Engrossed - 6 - LRB095 16319 AMC 42343 b instrumentality for its sheriff’s law enforcement employees.
The Board may also provide that, in lieu of a separate municipality rate for these employees, a portion of the municipality contributions for such program participants shall be refunded or an extra charge assessed so that the amount of municipality contributions retained or received by the fund for all CETA program participants shall be an amount equal to that which would be provided by the separate municipality contribution rate for all SB1959 - 7 - LRB095 16319 AMC 42343 b such program participants.
The Board may also provide that, in lieu of a separate municipality rate for these employees, a portion of the municipality contributions for such program participants shall be refunded or an extra charge assessed so that the amount of municipality contributions retained or received by the fund for all CETA program participants shall be an amount equal to that which would be provided by the separate municipality contribution rate for all SB1959 Engrossed - 7 - LRB095 16319 AMC 42343 b such program participants.
If a special tax is levied under Section 7-171, none of the SB1959 - 8 - LRB095 16319 AMC 42343 b proceeds may be used to reimburse the municipality for the amount of State allocations received and paid to the Board.
If a special tax is levied under Section 7-171, none of the SB1959 Engrossed - 8 - LRB095 16319 AMC 42343 b proceeds may be used to reimburse the municipality for the amount of State allocations received and paid to the Board.
The municipality contribution rate for an educational service center shall initially be the same rate for each year SB1959 - 9 - LRB095 16319 AMC 42343 b as the regional office of education or school district which serves as its administrative agent.
The municipality contribution rate for an educational service center shall initially be the same rate for each year SB1959 Engrossed - 9 - LRB095 16319 AMC 42343 b as the regional office of education or school district which serves as its administrative agent.
Municipality contributions, other than the amount necessary for employee contributions and Social Security contributions, for periods of service by employees from whose earnings no SB1959 - 10 - LRB095 16319 AMC 42343 b deductions were made for employee contributions to the fund, may be charged to the municipality reserve for the municipality or participating instrumentality.
Municipality contributions, other than the amount necessary for employee contributions and Social Security contributions, for periods of service by employees from whose earnings no SB1959 Engrossed - 10 - LRB095 16319 AMC 42343 b deductions were made for employee contributions to the fund, may be charged to the municipality reserve for the municipality or participating instrumentality.
(30 ILCS 805/8.32 new) SB1959 - 11 - LRB095 16319 AMC 42343 b Sec.
(30 ILCS 805/8.32 new) SB1959 Engrossed - 11 - LRB095 16319 AMC 42343 b Sec.
⬇ Download PDF