IL HB5459

Allows police officers who are participants under the Chicago Municipal Article (Article 8) to transfer service credit to the Downstate Police Article (Article 3) between January 1, 2023 and July 1, 2023.

Requires transferring officers to pay an amount equal to the difference between actual contributions transferred and what would have been contributed under Article 3 rates, plus interest at the actuarially assumed rate compounded annually.

Deems a police officer as having first become an officer under Article 3 before January 1, 2011 if the transferred service credit was earned before that date under Article 8 and exceeded their Article 3 service credit at the time of application.

Requires the Chicago Municipal Article fund to transfer employee and employer credits accumulated for the transferring officer's service, including interest, to the Article 3 fund upon application.

Exempts implementation of this Act from State reimbursement requirements under the State Mandates Act and takes effect immediately upon enactment.