PENCD-IMRF-CANCEL PENSION

Amends the IMRF Article of the Illinois Pension Code. Provides that a person who is an active participant in the Judges Retirement System and who has begun receiving a retirement annuity under the IMRF Article may cancel his or her retirement annuity by (1) filing a written election with IMRF and (2) paying to the fund an amount equal to the amount of retirement benefits he or she has received under IMRF, plus interest. Upon cancellation of a retirement annuity, IMRF shall restore the service credits that the person had on the books with IMRF at the time he or she last left service. Provides that restored credits may be used for any of the purposes of the Retirement Systems Reciprocal Act. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.