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IL SB3785
Bill
AI Summary
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Allows county correctional officers and municipal employees performing administrative duties related to law enforcement to transfer creditable service from Article 7 to Article 3 pension funds within 6 months of the effective date.
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Requires payment to the receiving Article 3 pension fund equal to accumulated employee credits, employer contributions matching that amount, and any interest paid to reinstate service.
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Permits applicants to reinstate previously terminated credits upon receiving a separation benefit by paying the benefit amount plus actuarially assumed interest within 90 days of notification.
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Exempts the state from reimbursing local governments for mandates created by this act under the State Mandates Act.
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Takes effect upon becoming law.
Legislative Description
PEN CD-IMRF TO ART 3-TRANSFER
Last Action
Public Act . . . . . . . . . 102-0857
5/13/2022