IL SB3687

Creates Section 3-111.2 of the Illinois Pension Code allowing eligible downstate police officers with service in multiple pension funds to elect retirement pensions from each fund in which they have at least one year of service credit.

Officers with 20+ years total service across funds and age 50+ may receive monthly pensions calculated as 1/12th of 2.5% of final monthly salary per fund (capped at 75%), with the last pension fund paying a residual amount to ensure full service credit is counted.

Requires officers electing this benefit to pay 1% of monthly salary for each month of service credit in each fund plus 6% annual compound interest from their first day of employment, and an additional 1% ongoing salary contribution to participating funds.

Allows officers to reinstate terminated service credits by repaying refunds plus 6% annual interest over up to 10 years, and permits retired officers to reenter service and earn additional credits.

Amends the State Mandates Act to exempt state reimbursement for implementation costs; applies only to officers hired or in service on or after July 1, 2021.