HB1042ham002 98TH GENERAL ASSEMBLY

Rep. Michael W. Tryon

Filed: 3/12/2013

09800HB1042ham002 LRB098 07361 EFG 42303 a

AMENDMENT TO HOUSE BILL 1042

AMENDMENT NO. ______. Amend House Bill 1042 on page 1, in line 8, by changing "60" to "180 60"; and

on page 1, in line 19, by changing "payment." to "payment, plus (iii) if the board determines that the amount transferred is less than the true cost to the Fund of allowing that creditable service to be established, then in order to establish that creditable service, the member must pay to the Fund an additional contribution equal to the difference, as determined by the board in accordance with the rules and procedures adopted under this Section. If the member does not make the full additional payment as required by this Section prior to termination of his or her participation with that employer, then his or her creditable service shall be reduced by an amount equal to the difference between the amount transferred under Section 3-110.3, including any payments made by the member under this paragraph prior to termination, and the true cost to the Fund of allowing that creditable service to be established, as determined by the board in accordance with the rules and procedures adopted under this Section.

The board shall establish by rule the manner of making the calculation required under this Section, taking into account the appropriate actuarial assumptions, the member's service, age, and salary history, and any other factors that the board determines to be relevant.".