IL HB4641

Removes age limitations on Chicago police pension refund eligibility, eliminating the previous requirement that officers withdraw before age 50 (or age 57 with less than 10 years of service).

Establishes that refunds are calculated based on officer contributions to the fund minus any annuity benefits previously received by the officer and beneficiaries.

Denies refund rights if the total annuity benefits received by the officer and beneficiaries exceed the officer's total contributions to the fund.

Eliminates the previous language allowing officers to receive refunds until their annuity is fixed, after which refunds were no longer available.

Amends the State Mandates Act to require implementation of the bill's provisions without state reimbursement to local entities.