§ 3-110.9 — Transfer to Article 9

Illinois § 3-110.9

• 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) Until 6 months after the effective date of this amendatory Act of the 95th General Assembly, any active member of a pension fund established under Article 9 of this Code may apply for transfer of up to 6 years of his or her creditable service accumulated in any police pension fund under this Article to the Article 9 fund. Such creditable service shall be transferred only upon payment by such police pension fund to the Article 9 fund of an amount equal to: (1) the amounts accumulated to the credit of the applicant 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. Participation in the police pension fund shall terminate on the date of transfer. (b) Until 6 months after the effective date of this amendatory Act of the 95th General Assembly, any active member of an Article 9 fund may reinstate service that was terminated by receipt of a refund, by payment to the police pension fund of the amount of the refund with interest thereon at the rate of 6% per year, compounded annually, from the date of refund to the date of payment.

Legislative History

(Source: P.A. 95-504, eff. 8-28-07; 95-876, eff. 8-21-08.)