IL HB0519

Amends Illinois Pension Code to allow investigators for the Office of the Attorney General and Department of Revenue to transfer creditable service from police pension funds to the State Employees' Retirement System under Section 14-110.

Changes the interest rate used for reinstating terminated service from a fixed 6% per year to the "actuarially assumed rate of interest" in multiple pension code sections (Sections 3-110.6, 5-236, 7-139.8, and 9-121.10).

Permits Attorney General and Department of Revenue investigators to establish up to 5 years of eligible creditable service for prior service in various law enforcement positions by filing an election within 6 months and paying the contribution difference plus actuarially assumed interest.

Adds new positions eligible for transfer provisions including county corrections officers and court services officers under Article 9 of the Pension Code.

Exempts any mandates created by this Act from State reimbursement requirements under the State Mandates Act.