IL SB2914

Allows active Illinois Municipal Retirement Fund (IMRF) members to transfer credits and creditable service from Downstate Police pension funds to IMRF within 6 months of the act's effective date.

Requires the police pension fund to pay IMRF an amount equal to the member's accumulated credits with interest, employer contributions, and any interest paid by the member to reinstate terminated service.

Permits members to reinstate previously forfeited credits by paying the original refund amount plus interest at the actuarially assumed rate within 90 days of notification.

Requires members to pay IMRF an additional contribution if the transferred amount is less than the true cost to IMRF of establishing that creditable service, as determined by the IMRF board.

Exempts the state from reimbursement obligations under the State Mandates Act for implementing this transfer provision.