IL HB6866

Modifies how annuity reserves are calculated for Illinois Municipal Retirement Fund (IMRF) employees who have accumulated service with multiple employers, distinguishing between concurrent and non-concurrent service periods.

For non-concurrent service, calculates individual annuities based on service and adjusted earnings with each employer separately, then adjusts municipality charges based on the difference between the actual annuity granted and the sum of individually calculated amounts.

For concurrent service, prorates aggregate municipality charges based on the employee's earnings, and prorates retirement annuity charges based on actual contributions.

Exempts this mandate from state reimbursement requirements under the State Mandates Act.

Takes effect immediately upon becoming law.