SB3785: PEN CD-IMRF TO ART 3-TRANSFER

Legislative Summary

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, a person may transfer to a fund established under the Downstate Police Article creditable service accumulated under IMRF for service as a county correctional officer upon payment to the police pension fund of a specified amount to be determined by the board. Provides that any person applying to transfer service under the provisions may reinstate credits and creditable service under IMRF that were terminated upon receipt of a separation benefit by paying to IMRF the amount of the separation benefit plus interest thereon at the actuarially assumed rate of interest to the date of payment. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.