PEN CD-SERS-ALTERNATE ANNUITY

Amends the State Employee Article of the Illinois Pension Code. Provides that beginning on the effective date of the amendatory Act through the end of the 60th month after the effective date of the amendatory Act, a State policeman who earns a retirement annuity equal to the limitation specified under the alternative retirement annuity provisions may elect to begin his or her retirement annuity effective on the month he or she first earned that retirement annuity at the amount so limited or the effective date of the amendatory Act, whichever is later. Provides that a State policeman who makes such an election must first pay to the System an amount equal to the increase in the present value of the future benefits resulting from the State policeman's election to retire in accordance with the provisions. Provides that a State policeman or conservation police officer may elect to convert service credit earned under the Article or, for certain types of service, elect to establish eligible creditable service under the alternative retirement annuity provisions by filing a written election with the board and paying to the System a specified amount. Provides that any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase". Effective immediately.