Synopsis As Introduced Amends the Downstate Police and Chicago Police Articles of the Illinois Pension Code. Makes it possible for a person to transfer service credit from the Chicago Police Pension Fund to a downstate police pension fund for a period of 60 days after the effective date of the amendatory Act. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
House Committee Amendment No. 2 Extends the period for transferring credit from 60 to 180 days after the effective date. Provides that if the Board determines that the amount transferred is less than the true cost to the Fund of allowing the creditable service to be established, then the member must pay to the Fund an additional contribution equal to the difference, as determined by the Board in accordance with its rules and procedures. Directs the Board to adopt those rules. Includes provisions concerning partial payment.