HB3656 Summary

• Amends Illinois Pension Code Section 3-110 to allow police officers who transfer service credits between pension funds to elect alternative payment options when transferred amounts are insufficient to cover true costs.

• For transfers under Section 3-110.7, officers may either pay an additional contribution to establish full creditable service or elect to have their creditable service reduced by the shortfall amount.

• For transfers under Section 7-139.11, creditable service is automatically reduced by the shortfall amount, with no option for officers to make additional payments.

• Establishes a 5-year payment period for any additional contributions required, with provisions allowing surviving spouses 6 months after an officer's death to complete unpaid contributions.

• Exempts the state from reimbursing municipalities for costs associated with implementing this act under the State Mandates Act.