HB 4691

Abstract

Amends the Downstate Police Article of the Illinois Pension Code. Provides that, upon creation of a newly established police pension fund by referendum or census, the following funds shall be transferred from the Illinois Municipal Retirement Fund to the newly created fund within 30 days: (1) the amounts actually contributed by or on behalf of the officer to the Article 7 Fund as municipal police officer employee contributions, plus interest on those amounts at the rate of 6% per year, compounded annually, from the date of contribution to the date of transfer to the Article 3 Fund and (2) an amount representing employer contributions, equal to the total amount determined under subdivision (1), plus interest on those amounts at the rate of 6% per year, compounded annually, from the date of contribution to the date of transfer. Provides that participation in IMRF shall terminate on the date of transfer. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.