IL SB2649

Extends the transfer window from 60 days to 180 days after the effective date for persons to transfer service credit from the Chicago Police Pension Fund (Article 5) to a downstate police pension fund (Article 3).

Allows transfer of up to 10 years of creditable service accumulated under Article 5, with payment to the receiving fund covering contribution differences, interest at the actuarially assumed rate, and any additional costs determined by the board.

Requires members to pay any shortfall between transferred amounts and the true cost to the fund before termination; failure to pay results in reduction of creditable service by the unpaid amount.

Directs pension boards to establish rules for calculating transfer amounts based on actuarial assumptions, member service, age, salary history, and other relevant factors.

Exempts implementation costs from state reimbursement requirements under the State Mandates Act and takes effect immediately upon passage.