HB 2656

Abstract

Amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code. Provides that, for service transferred from a downstate police pension fund under a specific provision, credits and creditable service shall be granted upon transfer of those credits to IMRF. Specifies that if the board determines that the amount transferred is less than the true cost to the Fund of allowing that creditable service to be established, then in order to establish that creditable service, the member must pay to the Fund an additional contribution equal to the difference, as determined by the board in accordance with the rules and procedures adopted by the Fund. Provides that if the member does not make the full additional payment prior to termination of his participation with that employer, then his or her creditable service shall be reduced by an amount equal to the difference between the amount transferred and the true cost to the Fund of allowing that creditable service to be established, as determined by the board in accordance with the rules and procedures that it adopts. Authorizes the board to establish, by rule, the manner of making these calculations. Effective immediately.