Synopsis As Introduced Amends the Downstate Police and Firefighter Articles of the Illinois Pension Code. Provides that, if at any time the Public Pension Division of the Department of Insurance finds that a pension has been calculated using compensation that should not have been included in salary or final average salary, then the beneficiary of that pension shall pay back to the fund an amount equal to the benefit incurred by using that compensation. Effective immediately.
Replaces everything after the enacting clause. Amends the Downstate Police and Firefighter Articles of the Illinois Pension Code. Provides that if a fund mistakenly sets any benefit at an incorrect amount, it shall recalculate the benefit as soon as may be practicable after the mistake is discovered. If the benefit was set too low, requires the fund to pay the underpayment to the benefit recipient, with interest. If the benefit was set too high, authorizes the fund to recover the overpayment, with interest, from the benefit recipient, either directly or by deduction, except in certain cases where the mistake has been undetected for more than 3 years and the mistake did not arise from inaccurate information supplied by the recipient. If the overpayment is recovered by deduction, specifies that the monthly deduction shall not exceed 10% of the corrected monthly benefit amount, unless otherwise agreed to by the recipient of the benefit. Specifies that these provisions are intended to control over any period established under the Administrative Review Law having the effect of limiting the time in which a mistake in benefit may be corrected. Effective immediately.