HB0688 Summary

• Allows active members of Article 4 firefighters' pension funds to transfer up to 6 years of creditable service from police pension funds administered by the same unit of local government, provided they were not subject to disciplinary action when leaving the police department.

• Requires the police pension fund to transfer an amount equal to the member's accumulated credits, employer contributions matching that amount, and any interest paid to reinstate service.

• Permits firefighters applying for the transfer to reinstate previously terminated service by repaying the refund amount plus 6% annual compound interest from the date of refund to payment.

• Updates the deadline for transfers to the Firemen's Annuity and Benefit Fund of Chicago from January 1, 2010 to 6 months after the act's effective date in Sections 4-108.6 and 6-227.

• Exempts the state from reimbursement obligations under the State Mandates Act for implementing these provisions.