IL SB1461

Removes restrictive deadlines for transferring pension service credit from the Illinois Municipal Retirement Fund (IMRF) to downstate police pension funds, allowing transfers that were previously time-limited

Expands eligibility for service credit transfers to downstate police pension funds to include Secretary of State investigators and conservation police officers, in addition to existing categories like sheriff's law enforcement employees and county correctional officers

Authorizes State's Attorneys to transfer up to 7 years of IMRF service credit to the State Employees' Retirement System for alternative retirement annuity purposes

Allows State policemen and conservation police officers to convert service credit earned under the State Employee Article to eligible creditable service under the alternative retirement annuity provisions by paying specified amounts to the System

Excludes benefit increases resulting from this Act from the definition of "new benefit increase" that would otherwise require additional state funding, and requires implementation without state reimbursement to local governments