§ 3-110.6 — Transfer to Article 14 System

Illinois § 3-110.6

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 40: PENSIONS
• Act 40 ILCS 5/: Illinois Pension Code.
• Art.: Article 3 - Police Pension Fund - Municipalities 500,000 And Under

Text

(a) Any active member of the State Employees' Retirement System who is a State policeman, an investigator for the Secretary of State, a conservation police officer, an investigator for the Office of the Attorney General, an investigator for the Department of Revenue, an investigator for the Office of the State's Attorneys Appellate Prosecutor, or a controlled substance inspector may apply for transfer of some or all of his or her creditable service accumulated in any police pension fund under this Article to the State Employees' Retirement System in accordance with Section 14-110. The creditable service shall be transferred only upon payment by the police pension fund to the State Employees' Retirement System of an amount equal to: (1) the amounts accumulated to the credit of the applicant for the service to be transferred on the books of the fund on the date of transfer; and (2) employer contributions in an amount equal to the amount determined under subparagraph (1); and (3) any interest paid by the applicant in order to reinstate service to be transferred. Participation in the police pension fund with respect to the service to be transferred shall terminate on the date of transfer. (b) Any person applying to transfer service under this Section may reinstate service that was terminated by receipt of a refund, by paying to the police pension fund the amount of the refund with interest thereon at the actuarially assumed rate of interest, compounded annually, from the date of refund to the date of payment.

Legislative History

(Source: P.A. 95-530, eff. 8-28-07; 96-745, eff. 8-25-09.)