IL HB2502

Allows active participants in Article 4 pension funds (Chicago firefighters) to transfer creditable service from the Firemen's Annuity and Benefit Fund of Chicago within 6 months of the act's effective date.

Requires transferring firefighters to pay the difference between contributions transferred and amounts determined by the Article 4 fund, plus interest at the actuarially assumed rate compounded annually.

Article 4 funds must calculate required payments using actuarial assumptions including the firefighter's service, age, salary history, and fund funding level, ensuring no significant increase to the fund's unfunded actuarial liability.

Permits reinstatement of terminated credits by repaying the amount of any previous refund with interest at the actuarially assumed rate compounded annually.

Terminates participation in the Firemen's Annuity and Benefit Fund of Chicago for transferred credits as of the transfer date.