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, within 12 months after the effective date of the amendatory Act, an active IMRF member who is a sheriff's law enforcement employee may apply to transfer up to 5 years of 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 a specified amount. Provides that a sheriff's law enforcement employee 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, to establish the credit, the sheriff's law enforcement employee 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 the IMRF Article, plus interest at a specified rate; or to have the amount of his or her creditable service reduced by an amount corresponding to the amount by which the employer and employee 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 at a specified rate, exceeds the amount actually transferred to IMRF. Requires a sheriff's law enforcement employee to pay an additional amount under specified circumstances. Makes conforming and other changes. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately.