PENCD-SERS-ALTERNATIVE FORMULA

Amends the State Employee 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 any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase". Makes conforming changes in the Downstate Firefighter, Cook County, and IMRF Articles. Amends the State Mandates Act to require implementation without reimbursement by the State. Senate Committee Amendment No. 1 Provides that an investigator for the Department of Revenue, investigator for the Illinois Gaming Board, or arson investigator may elect to convert service credit earned under the Article to eligible creditable service under the alternative annuity formula by filing a written election with the Board within 6 months after the effective date of the amendatory Act and paying a specified contribution. Senate Floor Amendment No. 4 Replaces everything after the enacting clause. Reinserts the provisions of the bill as amended by Senate Amendment No. 1 with the following changes. Adds investigators for the Secretary of State and arson investigators to provisions that authorize a person to elect to establish eligible creditable service under the alternative retirement annuity formula for up to 5 years of certain service. Provides that an investigator for the Secretary of State may elect to convert service credit earned under the Article to eligible creditable service under the alternative annuity formula by filing a written election with the Board within 6 months after the effective date of the amendatory Act and paying a specified contribution. In provisions requiring an investigator for the Department of Revenue, investigator for the Illinois Gaming Board, investigator for the Secretary of State, or arson investigator to pay a specified amount to the System to establish that eligible creditable service, provides that the amount shall include the difference between the amount of employee and employer contributions transferred to the System under the provisions and the amounts that would have been contributed had such contributions been made at the rates applicable to State policemen (rather than investigators for the Department of Revenue or investigators for the Illinois Gaming Board). Makes conforming changes.