Illinois SB 4010: INCOME TAX-EMPLOYMENT CREDIT

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 Full Text of SB4010

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SB4010 EnrolledLRB104 18687 RPS 32130 b

1 AN ACT concerning public employee benefits.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Pension Code is amended by 

5changing Section 16-128 as follows:

6 (40 ILCS 5/16-128) (from Ch. 108 1/2, par. 16-128)

7 Sec. 16-128. Creditable service; required service - 

8required contributions. 

9 (a) In order to receive the creditable service specified 

10under subsection (b) of Section 16-127, a member is required 

11to make the following contributions: (i) an amount equal to 

12the contributions which would have been required had such 

13service been rendered as a member under this System; (ii) for 

14military service not immediately following employment and for 

15service established under subdivision (b)(10) of Section 

1616-127, an amount determined by the Board to be equal to the 

17employer's normal cost of the benefits accrued for such 

18service; and (iii) interest from the date the contributions 

19would have been due (or, in the case of a person establishing 

20credit for military service under subdivision (b)(3) of 

21Section 16-127, the date of first membership in the System, if 

22that date is later) to the date of payment, at the following 

23rate of interest, compounded annually: for periods prior to 

SB4010 Enrolled- 2 -LRB104 18687 RPS 32130 b

1July 1, 1965, regular interest; from July 1, 1965 to June 30, 

21977, 4% per year; on and after July 1, 1977, regular interest.

3 (b) In order to receive creditable service under paragraph 

4(2) of subsection (b) of Section 16-127 for those who were not 

5members