PEN CD-TRANSFER POLICE CREDS

Amends the Illinois Pension Code. Provides that an active member of the State Employees' Retirement System who is an alternative formula employee may transfer to that System up to 5 years of his or her creditable service accumulated for service in a police capacity under certain other Articles of the Code or for service for periods spent as a full-time law enforcement officer or full-time corrections officer employed by the federal government or by a state or local government located outside of Illinois. Provides for certain payments to establish the creditable service. Authorizes reinstatement of certain credits previously terminated by acceptance of a refund, upon repayment of the refund, plus interest. Contains language concerning new benefit increases. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.