SB3616 Summary

• Allows State policemen who earn a retirement annuity equal to the 80% maximum limitation under alternative retirement annuity provisions to elect to begin receiving benefits retroactively (effective from when they first earned that annuity or the bill's effective date, whichever is later) during a 60-month window, provided they pay the System an amount equal to the increase in present value of future benefits.

• Permits State policemen and conservation police officers to convert or establish eligible creditable service for prior service by filing a written election and paying the Board-determined cost difference between employee/employer contributions originally paid and contributions that would have been required at State policeman rates.

• Clarifies that any benefit increase resulting from the amendments in this bill is excluded from the definition of "new benefit increase" under Section 14-152.1, meaning such increases are not subject to the 5-year expiration requirement.

• Becomes effective immediately upon enactment.