IL SB1721

Allows teachers employed by the Department of Corrections who are members of the Teachers' Retirement System (TRS) to transfer their participation and service credits to the State Employees' Retirement System (SERS).

Requires eligible employees to submit a written election to the board within 30 days after the bill becomes effective to initiate the transfer.

Transferred employees must pay contributions equal to employee contributions at the noncoordinated rate based on original salary, plus the employer's share of normal cost, plus interest from July 1, 1987 (or date of TRS membership, whichever is later) to date of payment, minus amounts already transferred under Section 16-131.6.

Transfers service credits shall be classified as noncovered alternative formula service under SERS, and affected employees become noncovered employees.

Act takes effect immediately upon becoming law.