Public Act 98-0439
August 30, 2013
Executive Summary
On August 16, 2013, the governor signed House Bill 2656 into law as Public Act 98-0439.
This legislation requires police chiefs to pay the full actuarial cost of the transfer to SLEP from a downstate police pension fund.
On August 16, 2013, the governor signed House Bill 2656 into law as Public Act 98-0439, effective immediately. The provisions of the bill are explained below.
Public Act 98-0439: Requires police chiefs to pay the full actuarial cost of the transfer to SLEP from a downstate police pension fund.
Effective date: August 16, 2013
Old Law: When a police chief transferred service credit into the IMRF SLEP plan from a downstate police pension fund, the police chief’s cost for the transfer was the difference between:
- How much money the local police pension fund transferred to IMRF, and
- The member and employer contributions plus interest that would have been required had the police chief earned the service in IMRF.
New Law: When a police chief transfers service credit into the IMRF SLEP plan from a downstate police pension fund, the police chief’s cost for the transfer is the difference between:
- How much money the local police pension fund transfers to IMRF, and
- The actuarially calculated value of the police chief’s total pension.
If you have any questions regarding the information presented in this memorandum, please call an IMRF Member Services Representative at 1-800-ASK-IMRF (1-800-275-4673) 7:30 a.m. to 5:30 p.m., Monday through Friday, or send us a secure message.