IL SB0167

Allows firefighters who have worked for multiple pension funds under the Illinois Pension Code and meet eligibility requirements (at least 20 years total service, age 50+, and 3 years with final employer) to receive retirement pensions from each fund simultaneously.

Firefighters can receive from non-final pension funds a monthly pension of 1/12th of 2.5% of final monthly salary for each month of service, capped at 75% of that salary.

The last pension fund calculates a hypothetical pension as if the firefighter had always worked there, then subtracts pensions from other funds to determine the amount owed by the final fund.

Firefighters hired after July 1, 2004 must notify employers and pension authorities within 21 months of hire to participate in these benefits; those hired after December 31, 2010 must also make required contributions with interest.

Firefighters can reinstate terminated service credit by repaying the original refund plus 6% annual compound interest over up to 10 years, and may reenter active service after retirement while suspending existing pensions.