PEN CD-SERS-MILITARY BUY BACK

Amends the State Employee Article of the Illinois Pension Code. Provides that, by paying both employee and employer contributions based upon the employee's compensation and contribution rate in effect on the date he or she last became a member of the System, plus interest at one-half of the actuarially assumed rate, an employee may establish service credit for any period of time spent in active military service since January 1, 1960 for which he or she has not otherwise established credit for, provided that (1) he or she applies within 6 months after the effective date of the amendatory Act and (2) he or she was not dishonorably discharged from such military service. Provides an exemption from the new benefit increase provisions. Effective immediately.