HB5914 Summary

• Amends Section 7-139 of the Illinois Pension Code to modify how prior service credits are granted to participating employees in the Illinois Municipal Retirement Fund (IMRF).

• For municipalities joining IMRF on or after January 1, 1998 and before the effective date of this act, employees receive creditable service for the last 20% of prior service (not to exceed 5 years) without employee contribution, with remaining prior service available by employee contribution.

• For municipalities joining IMRF on or after this act's effective date, the municipality must adopt an irrevocable resolution determining which prior service is granted without employee contribution and which requires employee contributions, applying the same standard to all employees.

• Restricts sick leave creditable service to employees who first became participating employees before the act's effective date of June 1, 2014.

• Takes effect January 1, 2015.