IL SB1542

Extends the deadline for pension service transfers between downstate police funds and the Illinois Municipal Retirement Fund (IMRF) from January 1, 2008 to January 1, 2011.

Allows IMRF participants to transfer up to 10 years of creditable service earned in a police pension fund to IMRF, and allows police pension fund participants to transfer up to 10 years of creditable service from IMRF to a police pension fund.

Requires transferring members to either pay the difference in contributions between the two fund systems or have creditable service reduced accordingly.

Provides two options for service transfers: members can pay a calculated difference in contributions plus interest, or establish creditable service based on a formula that accounts for contribution differences.

Exempts the State from reimbursement requirements under the State Mandates Act for implementing these transfer provisions.