PENCD-TRANSFER COST-ART 7 TO 3

Amends the Downstate Police Article of the Illinois Pension Code. Provides that if, as a result of the publication of the 2010 federal census data, a city, village, or incorporated town is first recognized as having a population of 5,000 or more inhabitants and is, therefore, required to create a downstate police pension fund, then an employee of such a city, village, or town who transfers credit from an IMRF fund to that fund shall pay the true cost of establishing service credit in that fund. Specifies that if the board of trustees of the applicable downstate police fund determines that the amount transferred is less than the true cost to the pension fund of allowing service credit to be transferred, then the amount of creditable service the police officer may establish shall be reduced by an amount equal to the difference between those 2 amounts, as determined by the board. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.