HB 843

Abstract

Amends the Downstate Firefighter Article of the Illinois Pension Code. Allows a person qualified to participate in a downstate firefighter pension fund who was mandatorily retired at age 65 pursuant to applicable law without having obtained 20 years of creditable service to be able to establish up to 5 years of creditable service for periods of employment under the Article for which creditable service is not otherwise established by contributing into the pension fund the amount that the firefighter would have contributed had deductions from salary been made for this purpose, plus interest thereon at the actuarially assumed rate, compounded annually, from the time the service was rendered until the date of payment. Allows the corporate authorities of a municipality that has mandatorily retired a firefighter at age 65 to add to the tax levy for pension purposes an amount equal to the projected cost of the employer contributions for a firefighter electing to establish the additional 5 years of creditable service. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.