PENCD-IMRF-OPT OUT/REFUND

Amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code. Provides that any current Tier 2 employee who first became an employee after attaining the age of 57 may, until December 31, 2017, make a one-time, irrevocable election to terminate his or her participation in the Fund. Provides that if an employee elects to terminate his or her participation, he or she shall receive a refund of his or her employee contributions, plus interest at the effective rate from the date of the service to the date of payment. Provides that the option not to participate in the Fund shall be offered to every person who (i) first enters employment for which creditable service may be granted on or after the effective date of the amendatory Act, (ii) is 57 years of age or more when he or she first enters that employment, and (iii) would be subject to the Tier 2 provisions. Provides that the election not to participate must be made prior to making any employee contributions and prior to any employer contributions being made on that person's behalf. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.