PEN CD-TRANSFER-ART 3 TO IMRF

Amends the Downstate Police and Illinois Municipal Retirement Fund (IMRF) Articles of the Illinois Pension Code. Provides that an active IMRF member who is a sheriff's law enforcement employee may transfer up to 15 years of creditable service under the Downstate Police Article to IMRF. Authorizes the reinstatement of creditable service terminated upon receipt of a refund by paying to the police pension fund the amount of the refund plus interest. Provides that, to establish the credit, a person may elect to either pay to IMRF an amount equal to the difference between the amount of employee and employer contributions transferred to IMRF and the amounts that would have been contributed had such contributions been made at the rates applicable to an employee under IMRF, plus interest; or to have the amount of his or her creditable service reduced by an amount corresponding to the amount by which the contributions that would have been required if he or she had participated in IMRF during the period for which credit is being transferred, plus interest, exceeds the amount actually transferred to IMRF. Provides that a sheriff's law enforcement employee shall be deemed to be a person who first became a sheriff's law enforcement employee before January 1, 2011 if the transferred creditable service was for service as a police officer who first became a police officer before January 1, 2011; at the time the sheriff's law enforcement employee applied to transfer the creditable service, the amount of creditable service under Article 3 was greater than the amount of creditable service the sheriff's law enforcement employee had under IMRF; and other requirements are met. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.