SB1462 amends the Illinois Pension Code to allow certain state employees to transfer service credit to the State Employees' Retirement System.

SB1462 amends the Illinois Pension Code to allow specific state employees to transfer service credit from the Illinois Municipal Retirement Fund (IMRF) to the State Employees' Retirement System. Eligible employees include those in positions such as State policemen, investigators, and arson investigators. The bill outlines the process for transferring service credit, including the payment of a specified amount to the System. It also defines terms like "eligible creditable service" and "security employee." The changes made by this bill are effective immediately upon becoming law.

SB1462 amends the Illinois Pension Code to allow certain state employees to transfer service credit to the State Employees' Retirement System.

SB1462 amends the Illinois Pension Code to allow specific state employees to transfer service credit from the Illinois Municipal Retirement Fund (IMRF) to the State Employees' Retirement System. Eligible employees include those in positions such as State policemen, investigators, and arson investigators. The bill outlines the process for transferring service credit, including the payment of a specified amount to the System. It also defines terms like "eligible creditable service" and "security employee." The changes made by this bill are effective immediately upon becoming law.