Summary as Introduced
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, an active IMRF member may apply for transfer of credits and creditable service under the Downstate Police Article to IMRF. Provides that the credits and creditable service shall be transferred upon payment by the police pension fund of an amount equal to the amounts accumulated to the credit of the applicant for the service to be transferred, including interest; an amount representing employer contributions; and any interest paid by the applicant to reinstate such service. Provides that a person applying to transfer service under the provisions may reinstate credits and creditable service terminated upon receipt of a refund by paying to the police pension fund the amount of the refund plus interest. Provides that if the board of trustees of IMRF determines that the amount transferred is less than the true cost to IMRF of allowing that creditable service to be established, then in order to establish that creditable service, the member must pay to IMRF an additional contribution equal to the difference. Makes conforming and other changes. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately.