SERS-ALT FORMULA-ELECTRICIANS

Amends the State Employee Article of the Illinois Pension Code. Provides the alternative retirement annuity (alternative formula) for persons employed on a full-time basis by the Department of Agriculture, the Department of Central Management Services, the Historic Preservation Agency, the Department of Human Services, the Department of Juvenile Justice, the Department of Military Affairs, the Department of Revenue, the Department of State Police, and the Department of Veterans' Affairs in the position of electrician. Allows for conversion of creditable service as an electrician before the effective date of the amendatory Act upon payment prior to retirement in an amount equal to the difference between the employee contributions that would have been required for such service under the alternative formula and the amount of employee contributions actually paid, plus interest. Exempts the change from new benefit increase provisions. Effective immediately.