PENCD-SERS-ALTERNATIVE FORMULA

Amends the State Employees Article of the Illinois Pension Code. Provides that an investigator for the Department of Revenue or investigator for the Illinois Gaming Board may elect to establish eligible creditable service under the alternative retirement annuity formula for up to 5 years of service as a person employed by a participating municipality to perform police duties under the Illinois Municipal Retirement Fund (IMRF) Article, a county corrections officer, a court services officer under the Cook County Article, or a firefighter under the Downstate Firefighter Article by filing a written election with the Board within 6 months after the effective date of the amendatory Act and paying to the System an amount to be determined by the Board equal to (i) the difference between the amount of employee and employer contributions transferred to the System and the amounts that would have been contributed had such contributions been made at the rates applicable to investigators for the Department of Revenue or investigators for the Illinois Gaming Board, plus (ii) interest thereon at the actuarially assumed rate for each year, compounded annually, from the date of service to the date of payment. Provides that an investigator for either the Department of Revenue or the Illinois Gaming Board may elect to convert service credit under the State Employees Article to eligible creditable service under the alternative annuity provisions by filing a written election and making a specified contribution. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement by the State.