Senate Bill 403 Summary

• Allows local units to adopt ordinances authorizing appointment or reappointment of police officers and firefighters who are at least 36 years old, overriding the standard age limit of under 36 years.

• Requires applicants age 36 or older to purchase service credit in the 1977 police officers' and firefighters' pension and disability fund for the period from their 36th birthday to their appointment date.

• Permits service credit purchases to be made over a period not exceeding 10 years, with the employer authorized to pay all or part of the required contributions.

• Sets the service credit contribution amount to approximate the actuarial present value of the benefit attributable to the purchased service credit, subject to Internal Revenue Code Section 415 limitations.

• Takes effect July 1, 2010, and applies only to individuals appointed or reappointed after June 30, 2010.