PEN CD-TRANSFER-CHI MUNI/ART 3

Amends the Downstate Police and Chicago Municipal Articles of the Illinois Pension Code. Provides that beginning January 1, 2023 and until July 1, 2023, any participant under the Chicago Municipal Article who is a police officer under the Downstate Police Article may apply to transfer service credit from the pension fund under the Chicago Municipal Article to a pension fund under the Downstate Police Article. Requires a specified contribution to establish the service credit. Provides that a police officer shall be deemed to be a person who first became a police officer under the Downstate Police Article before January 1, 2011 if the transferred service credit was for service as a person who first became a participant under the Chicago Municipal Article before January 1, 2011 and at the time the police officer applied to transfer the service credit, the amount of service credit under the Chicago Municipal Article was greater than the amount of creditable service the police officer had under the Downstate Police Article. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately.