PEN CD-TRANSFER-ART 5 TO ART 3

Amends the Downstate Police Article of the Illinois Pension Code. Authorizes a person, for 60 days after the effective date of the amendatory Act, to transfer up to 10 years of creditable service from the Chicago police pension fund to a downstate police pension fund after paying to the downstate fund an amount that is determined by its board to be equal to (i) the difference between the amount of employee and employer contributions transferred to the fund from the Chicago fund and the amounts that would have been contributed had they been deposited into the downstate fund plus (ii) interest on the difference at the actuarially assumed rate, compounded annually, from the date of service to the date of payment. Amends the Chicago Police Article of the Illinois Pension Code. Provides that, upon receiving a written application to make such a transfer, the Chicago police pension fund shall pay employee contributions, employer contributions, and interest to the downstate police pension fund. Provides that the transferee's participation in the Chicago police pension fund ends upon the making of the transfer. Authorizes the reinstatement of service credit prior to transfer. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.