SB 1462

Amends the Illinois Pension Code. In provisions authorizing certain persons to transfer service credit from IMRF to a downstate police pension fund, makes technical and combining changes to conform the changes made by Public Act 102-857 and Public Act 102-1061. Removes a restrictive date on the transfer of that service credit. Authorizes investigators for the Secretary of State and conservation police officers to transfer that service credit. Authorizes State's Attorneys to transfer service credit under the IMRF Article to the State Employee Article. In the State Employee Article, 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 of Trustees and paying to the System a specified amount. Provides that a participant under the alternative retirement annuity provisions may establish eligible creditable service for up to 7 years of service as a State's Attorney. Provides that any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase"". Amends the State Mandates Act to require implementation without reimbursement. Effective immediately."