SB3778: PENCD-SERS-ALTERNATIVE FORMULA

Legislative Summary

Reinserts the provisions of the bill as amended by Senate Amendment No. 1 with the following changes. Adds investigators for the Secretary of State and arson investigators to provisions that authorize a person to elect to establish eligible creditable service under the alternative retirement annuity formula for up to 5 years of certain service. Provides that an investigator for the Secretary of State may elect to convert service credit earned under the Article to eligible creditable service under the alternative annuity formula by filing a written election with the Board within 6 months after the effective date of the amendatory Act and paying a specified contribution. In provisions requiring an investigator for the Department of Revenue, investigator for the Illinois Gaming Board, investigator for the Secretary of State, or arson investigator to pay a specified amount to the System to establish that eligible creditable service, provides that the amount shall include the difference between the amount of employee and employer contributions transferred to the System under the provisions and the amounts that would have been contributed had such contributions been made at the rates applicable to State policemen (rather than investigators for the Department of Revenue or investigators for the Illinois Gaming Board). Makes conforming changes.