Bill Status of SB2914  102nd General Assembly

Short Description:  PEN CD-TRANSFER-ART 3 TO IMRF

Senate Sponsors
Sen. Don Harmon

Last Action
DateChamber Action
  10/13/2021SenateReferred to Assignments

Statutes Amended In Order of Appearance
40 ILCS 5/3-110.13 new
40 ILCS 5/7-139from Ch. 108 1/2, par. 7-139
30 ILCS 805/8.45 new

Synopsis As Introduced
Amends the Downstate Police and Illinois Municipal Retirement Fund (IMRF) Articles of the Illinois Pension Code. Provides that within 6 months after the effective date of the amendatory Act, an active IMRF member may apply for transfer of credits and creditable service under the Downstate Police Article to IMRF. Provides that the credits and creditable service shall be transferred upon payment by the police pension fund of an amount equal to the amounts accumulated to the credit of the applicant for the service to be transferred, including interest; an amount representing employer contributions; and any interest paid by the applicant to reinstate such service. Provides that a person applying to transfer service under the provisions may reinstate credits and creditable service terminated upon receipt of a refund by paying to the police pension fund the amount of the refund plus interest. Provides that if the board of trustees of IMRF determines that the amount transferred is less than the true cost to IMRF of allowing that creditable service to be established, then in order to establish that creditable service, the member must pay to IMRF an additional contribution equal to the difference. Makes conforming and other changes. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately.

DateChamber Action
  10/13/2021SenateFiled with Secretary by Sen. Rachelle Crowe
  10/13/2021SenateFirst Reading
  10/13/2021SenateReferred to Assignments
  6/15/2022SenateChief Sponsor Changed to Sen. Don Harmon