IL HB0425

Removes age and service restrictions for policemen to receive refunds of contributions, eliminating the requirement that policemen without regard to period of service withdraw before age 50, and those with less than 10 years of service withdraw before age 57.

Refunds are calculated based on the policeman's total contributions to the fund, less any annuity benefits previously received by the policeman and beneficiaries, with no refund available if total annuity benefits received exceed contributions made.

Eliminates the previous restriction that prevented refunds once an annuity had been fixed, allowing refunds to be processed based solely on the contributions-minus-benefits calculation.

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