IL HB0126

Allows active members of Article 3 pension funds (police pension) to transfer creditable service from Article 7 (Illinois Municipal Retirement Fund) for prior work as sheriff's law enforcement employees, municipal police officers, or full-time forest preserve district law enforcement officers

Transfers must be requested within 6 months after the Act's effective date, with the transferring member paying the difference between contributions made and what would have been required under Article 3 rates, plus interest

Requires the Article 7 fund to pay the receiving Article 3 fund the employee's accumulated contributions with interest, an equal employer contribution amount, and any interest paid to reinstate service

Permits persons applying for transfer to reinstate previously terminated credits by repaying any separation benefit received plus interest at the actuarially assumed rate within 90 days of notification

Exempts implementation of this Act from State reimbursement requirements under the State Mandates Act