IL HB3343

Allows active Chicago police officers who became fund members on or after December 1, 2019 to apply for prior law enforcement service credit by December 31, 2023, bypassing the standard 2-year application deadline.

Permits establishment of up to 10 years of additional service credit in 6-month increments for prior law enforcement work in specified Illinois articles, with the Chicago Housing Authority, or with federal agencies.

Requires applicants to pay the Chicago Police Fund within 5 years after application, with payment amount determined by actuarial calculations considering officer age, salary history, service, fund funding level, and other relevant factors.

Payment calculations must ensure no significant increase to the Fund's unfunded actuarial accrued liability based on current actuarial valuations and Governmental Accounting Standards Board Statement No. 25.

Amends the State Mandates Act to exempt the state from reimbursing local governments for implementation costs of this provision.