IL SB2766

State policemen may convert existing service credit earned under the State Employee Article to eligible creditable service under the alternative retirement annuity formula by filing a written election and paying the difference in employee contributions plus employer normal cost differences with interest

State policemen may establish up to 5 years of eligible creditable service for prior work as municipal police officers under IMRF, county corrections officers, or court services officers under the Cook County pension system by filing an election within 6 months of the Act's effective date and making required contributions

The conversion of service credit to eligible creditable service under this Act is exempt from the existing 12-year cap on eligible creditable service that can be established

Benefit increases resulting from this legislation are excluded from the definition of "new benefit increase," meaning they are not subject to the 5-year expiration provision or additional funding certification requirements

Elections to convert or establish service credit must be filed within 6 months of the Act's effective date, with payment amounts determined by the Board based on contribution differentials plus actuarially assumed interest