PENCD-IMRF-TRANSFER FROM ART 3

Amends the Illinois Municipal Retirement Fund Article of the Illinois Pension Fund. Provides that, if a member seeking transfer of certain creditable service under the Downstate Police Article to the Illinois Municipal Retirement Fund Article applies before January 1, 2009 and pays the difference between (1) the employer and employee contributions that would have been required if he had participated in the IMRF during the period for which credit is being transferred, plus interest thereon at the effective rate for each year, compounded annually, from the date of termination of the service for which credit is being transferred to the date of payment and (2) the amount actually transferred to IMRF, then the amount of creditable service established shall not be reduced. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.