HB2654 Summary

• Allows active firefighters in downstate firefighters' pension funds (Article 4) to transfer up to 6 years of creditable service from the downstate police pension fund (Article 3) administered by the same local government unit.

• Requires the police pension fund to pay the firefighters' pension fund an amount equal to accumulated credits, employer contributions, and any interest paid to reinstate terminated service.

• Permits firefighters to reinstate service previously terminated by refund by paying back the refund amount plus 6% annual compound interest from the date of refund.

• Provides that firefighters whose transferred police service was Tier 1 shall be considered Tier 1 firefighters for pension purposes.

• Applications must be submitted within 6 months of the bill's effective date, and implementation costs are exempt from state reimbursement under the State Mandates Act.