IL HB0381

Allows active firefighters in Article 4 pension funds to transfer up to 8 years of creditable service from police pension funds administered by the same or any unit of local government, provided they were not subject to disciplinary action when leaving the police department.

Requires the police pension fund to transfer an amount equal to accumulated employee contributions, matching employer contributions, and any interest paid to reinstate service in order to process the transfer.

Transfer must be requested within 6 months of the effective date of this amendatory act, and police pension fund participation for transferred service terminates on the transfer date.

Permits firefighters to reinstate creditable service previously terminated by refund by repaying the refund amount plus 6% annual interest compounded from the refund date.

Exempts the state from reimbursing local governments for costs associated with implementing this act under the State Mandates Act.