IL SB1585

Reopens a 6-month window for firefighters to transfer pension creditable service between municipal firefighters' pension funds (Article 4) and the Chicago Firemen's Annuity and Benefit Fund (Article 6)

Removes the previous 10-year cap on the amount of creditable service that can be transferred between these pension systems

Creates a new provision allowing transfers from the Chicago firefighters' fund to downstate municipal firefighters' funds, which was not previously authorized

Requires transferring members to pay the difference between transferred contributions and actuarially determined amounts, plus interest, within 5 years of application

Amends the State Mandates Act to exempt this bill from state reimbursement requirements, effective immediately upon becoming law