Synopsis As Introduced Amends the Chicago Police Article of the Illinois Pension Code. Authorizes an active member with at least 5 years of creditable service to establish up to 10 years of additional service credit for certain employment as a law enforcement officer with a downstate municipal police department, the Cook County Police Department, the State of Illinois, or the Chicago Housing Authority. Requires the applicant to pay employee and employer contributions, plus interest. Permits the use of rollover contributions. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Pension Note (Commission on Gov't Forecasting and Accountability)
The fiscal impact of Senate Bill 370 cannot be calculated, as the amount of service credit that would be established is unknown. There may be a fiscal impact, as the interest that must be paid by the member is only 4% annually.