PEN CD-SERS-ALT FORMULA-POLICE

Amends the State Employee Article of the Illinois Pension Code. Allows an investigator for the Secretary of State to elect to establish eligible creditable service for up to 5 years of service as a police officer under the Downstate Police Article or Illinois Municipal Retirement Fund Article if he or she has not otherwise established credit for that service 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 determined by the Board to be equal to the amount of employee and employer contributions that would have been contributed had such contributions been made at the rates applicable to State policemen, plus interest thereon at the effective rate for each year, compounded annually, from the date of service to the date of payment. Exempts the changes from new benefit increase provisions. Effective immediately.