Bill Title: 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.

Spectrum: Partisan Bill (Republican 8-0)

Status: (Passed) 2013-08-16 - Public Act . . . . . . . . . 98-0439 [HB2656 Detail]

Text: Latest bill text (Chaptered) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Darlene Senger [R]	Primary	Sponsored Bills	HD-041	FollowTheMoney	Ballotpedia	VoteSmart
Representative Raymond Poe [R]	Cosponsor	Sponsored Bills	HD-099	FollowTheMoney	Ballotpedia	VoteSmart
Representative David Harris [R]	Cosponsor	Sponsored Bills	HD-053	FollowTheMoney	Ballotpedia	VoteSmart
Representative Ronald Sandack [R]	Cosponsor	Sponsored Bills	HD-081	FollowTheMoney	Ballotpedia	VoteSmart
Representative Kay Hatcher [R]	Cosponsor	Sponsored Bills	HD-050	FollowTheMoney	Ballotpedia	VoteSmart
Representative Thomas Morrison [R]	Cosponsor	Sponsored Bills	HD-054	FollowTheMoney	Ballotpedia	VoteSmart
Representative David McSweeney [R]	Cosponsor	Sponsored Bills	HD-052	FollowTheMoney	Ballotpedia	VoteSmart
Senator Bill Brady [R]	Primary	Sponsored Bills	SD-044	FollowTheMoney	Ballotpedia	VoteSmart

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