PENCD-SERS-ALTERNATIVE FORMULA

Amends the State Employee Article of the Illinois Pension Code. Provides that a State policeman may elect to convert service credit earned under the Article to eligible creditable service under the alternative retirement annuity formula by filing a written election with the Board and making a specified contribution. Provides that the conversion of service credit to eligible creditable service is not subject to provisions that limit the amount of eligible creditable service that may be established to 12 years. Provides that a State policeman 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, or a court services officer under the Cook County Article by filing a written application with the Board and making a specified contribution. Provides that any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase". Effective immediately.