PEN CD-ALT FORMULA-CONVERSION

Amends the State Employees Article of the Illinois Pension Code. Provides that a person employed by the Illinois State Toll Highway Authority in the position of carpenter shop manager or carpenter shop supervisor on the effective date of the amendatory Act who has creditable service established in the position of structural H-4, structural H-6, painter H-4, or painter H-6 on or before that effective date shall have service in a position of structural H-4, structural H-6, painter H-4, or painter H-6 converted to alternative formula service credit upon the member submitting written application with the System. Exempts the change from the provisions concerning new benefit increases. Effective immediately.