PENCD-SERS-ALTERNATIVE FORMULA Senate SponsorsSen. Christopher Belt-Darren Bailey, Sally J. Turner and Steve McClure House Sponsors(Rep. Michael Halpin-LaToya Greenwood) 5/13/2022SenatePublic Act . . . . . . . . . 102-0856 40 ILCS 5/4-108.840 ILCS 5/7-139.8from Ch. 108 1/2, par. 7-139.840 ILCS 5/9-121.10from Ch. 108 1/2, par. 9-121.1040 ILCS 5/14-110from Ch. 108 1/2, par. 14-11040 ILCS 5/14-152.130 ILCS 805/8.46 newAmends the State Employee Article of the Illinois Pension Code. Provides that an investigator for the Department of Revenue or investigator for the Illinois Gaming Board may elect to establish eligible creditable service under the alternative retirement annuity formula for up to 5 years of service as a person employed by a participating municipality to perform police duties under the Illinois Municipal Retirement Fund (IMRF) Article, a county corrections officer, a court services officer under the Cook County Article, or a firefighter under the Downstate Firefighter Article by filing a written election with the Board within 6 months after the effective date of the amendatory Act and paying to the System an amount to be determined by the Board equal to (i) the difference between the amount of employee and employer contributions transferred to the System and the amounts that would have been contributed had such contributions been made at the rates applicable to investigators for the Department of Revenue or investigators for the Illinois Gaming Board, plus (ii) interest thereon at the actuarially assumed rate for each year, compounded annually, from the date of service to the date of payment. Provides that any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase". Makes conforming changes in the Downstate Firefighter, Cook County, and IMRF Articles. Amends the State Mandates Act to require implementation without reimbursement by the State.Senate Committee Amendment No. 1 Provides that an investigator for the Department of Revenue, investigator for the Illinois Gaming Board, or arson investigator may elect to convert service credit earned under the Article to eligible creditable service under the alternative annuity formula by filing a written election with the Board within 6 months after the effective date of the amendatory Act and paying a specified contribution.Senate Floor Amendment No. 4 Replaces everything after the enacting clause. Reinserts the provisions of the bill as amended by Senate Amendment No. 1 with the following changes. Adds investigators for the Secretary of State and arson investigators to provisions that authorize a person to elect to establish eligible creditable service under the alternative retirement annuity formula for up to 5 years of certain service. Provides that an investigator for the Secretary of State may elect to convert service credit earned under the Article to eligible creditable service under the alternative annuity formula by filing a written election with the Board within 6 months after the effective date of the amendatory Act and paying a specified contribution. In provisions requiring an investigator for the Department of Revenue, investigator for the Illinois Gaming Board, investigator for the Secretary of State, or arson investigator to pay a specified amount to the System to establish that eligible creditable service, provides that the amount shall include the difference between the amount of employee and employer contributions transferred to the System under the provisions and the amounts that would have been contributed had such contributions been made at the rates applicable to State policemen (rather than investigators for the Department of Revenue or investigators for the Illinois Gaming Board). Makes conforming changes. 1/21/2022SenateFiled with Secretary by Sen. Christopher Belt 1/21/2022SenateFirst Reading 1/21/2022SenateReferred to Assignments 2/1/2022SenateAssigned to Pensions 2/7/2022SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Christopher Belt 2/7/2022SenateSenate Committee Amendment No. 1 Referred to Assignments 2/7/2022SenateSenate Committee Amendment No. 2 Filed with Secretary by Sen. Christopher Belt 2/7/2022SenateSenate Committee Amendment No. 2 Referred to Assignments 2/8/2022SenateSenate Committee Amendment No. 1 Assignments Refers to Pensions 2/8/2022SenateSenate Committee Amendment No. 2 Pursuant to Senate Rule 3-8 (b-1), the following amendments will remain in the Committee on Assignments. 2/9/2022SenateSenate Committee Amendment No. 1 Adopted 2/9/2022SenateDo Pass as Amended Pensions; 009-000-000 2/9/2022SenatePlaced on Calendar Order of 2nd Reading February 10, 2022 2/18/2022SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. Christopher Belt 2/18/2022SenateSenate Floor Amendment No. 3 Referred to Assignments 2/18/2022SenateSenate Floor Amendment No. 4 Filed with Secretary by Sen. Christopher Belt 2/18/2022SenateSenate Floor Amendment No. 4 Referred to Assignments 2/22/2022SenateSenate Floor Amendment No. 4 Assignments Refers to Pensions 2/22/2022SenateSenate Floor Amendment No. 3 Pursuant to Senate Rule 3-8 (b-1), the following amendments will remain in the Committee on Assignments. 2/23/2022SenateSenate Floor Amendment No. 4 Recommend Do Adopt Pensions; 008-000-000 2/23/2022SenateSecond Reading 2/23/2022SenateSenate Floor Amendment No. 4 Adopted; Belt 2/23/2022SenatePlaced on Calendar Order of 3rd Reading February 24, 2022 2/23/2022SenateAdded as Chief Co-Sponsor Sen. Darren Bailey 2/24/2022SenateAdded as Co-Sponsor Sen. Sally J. Turner 2/24/2022SenateThird Reading - Passed; 052-000-000 2/25/2022HouseArrived in House 2/25/2022HouseChief House Sponsor Rep. LaToya Greenwood 2/25/2022SenateAdded as Co-Sponsor Sen. Steve McClure 2/25/2022HouseFirst Reading 2/25/2022HouseReferred to Rules Committee 3/1/2022HouseAlternate Chief Sponsor Changed to Rep. Michael Halpin 3/1/2022HouseAdded Alternate Chief Co-Sponsor Rep. LaToya Greenwood 3/7/2022HouseAssigned to Personnel & Pensions Committee 3/17/2022HouseDo Pass / Short Debate Personnel & Pensions Committee; 006-002-000 3/17/2022HousePlaced on Calendar 2nd Reading - Short Debate 3/23/2022HouseSecond Reading - Short Debate 3/23/2022HousePlaced on Calendar Order of 3rd Reading - Short Debate 3/31/2022HouseThird Reading - Short Debate - Passed 114-000-000 3/31/2022SenatePassed Both Houses 4/29/2022SenateSent to the Governor 5/13/2022SenateGovernor Approved 5/13/2022SenateEffective Date January 1, 2023 5/13/2022SenatePublic Act . . . . . . . . . 102-0856