HB4660 Summary

• Allows investigators for the Department of Revenue or Illinois Gaming Board to establish up to 5 years of eligible creditable service under the alternative retirement annuity formula by performing prior service as municipal police officers, county corrections officers, court services officers, or firefighters.

• Requires eligible investigators to file a written election with the State Employees' Retirement System Board within 6 months after the bill's effective date and pay the difference between contributions already made and what would have been contributed at State policemen rates, plus interest.

• Makes conforming changes to the Downstate Firefighter Article, Cook County Article, and Illinois Municipal Retirement Fund Article to recognize this service transfer option.

• Excludes any benefit increases resulting from this bill from the definition of "new benefit increase" under the pension code's sunset provisions.

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