PEN CD-IMRF-PEACE CORPS CREDIT

Amends the Illinois Municipal Retirement Fund Article of the Illinois Pension Code. Allows an employee to establish credits and creditable service for up to 36 months of volunteer work with the Peace Corps prior to employment by a municipality. Requires payment of (i) the employee contributions that would have been required had the service been rendered as a member, plus (ii) an amount determined by the Fund to be equal to the employer's normal cost of the benefits accrued for that service, plus (iii) interest. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.