SB1585 allows firefighters to transfer creditable service between certain pension funds in Illinois.
SB1585 amends the Illinois Pension Code to facilitate the transfer of creditable service between the Firemen's Annuity and Benefit Fund of Chicago and municipal firefighters' pension funds. Until six months after the bill's effective date, active members can transfer up to 10 years of creditable service from municipal pension funds to the Chicago fund, and vice versa, upon payment of a specified amount. The bill also removes a restriction on the amount of creditable service that can be transferred. The State Mandates Act is amended to exempt this transfer from state reimbursement requirements.
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- Core Provisions
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- Legal Framework
- Critical Issues
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