IL HB2656

Adds paragraph 11 to Section 7-139 of the Illinois Pension Code governing creditable service for employees who transfer from Article 3 pension systems under Section 3-110.3.

Requires transferred members to pay an additional contribution to the Municipal Employees' Annuity and Benefit Fund if the amount transferred is less than the true cost of allowing that creditable service.

If a member fails to make the full additional payment before terminating employment, their creditable service shall be reduced by an amount equal to the difference between what was transferred and the true cost to the Fund.

Directs the board to establish rules for calculating the true cost using appropriate actuarial assumptions, the member's service/age/salary history, and other relevant factors.

Takes effect upon becoming law.