IL SB3867

Removes age limitations on Chicago police officers' eligibility for refunds of pension contributions (previously required officers under age 50 with any service, or under age 57 with less than 10 years of service).

Requires any refund to be calculated based on the officer's contributions minus annuity benefits already received by the officer and beneficiaries.

Eliminates the right to receive a refund if total annuity benefits received exceeds total contributions made to the fund.

Removes the previous provision allowing officers to receive refunds until their annuity is fixed, after which no refund right existed.

Exempts the State from reimbursement requirements under the State Mandates Act for implementing this legislation.