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Synopsis As Introduced Amends the Metropolitan Water Reclamation District Article of the Illinois Pension Code. Authorizes certain persons to purchase up to 2 years of service credit for certain military service not following employment. Requires payment of an amount representing both employee contributions and the employer's normal cost, plus interest. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Pension Note (Pension Laws Commission)
The fiscal impact of HB 2434 cannot be determined, as the number of members who will purchase the military service credit is unknown. As the bill requires the employee to make the employee and employer (normal cost) contributions, plus interest (3% annually), the fiscal impact is estimated to be relatively minor. Any fiscal impact would be the result of the interest rate being set at only 3% annually.
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