§ 4-108.3

Illinois § 4-108.3

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 40: PENSIONS
• Act 40 ILCS 5/: Illinois Pension Code.
• Art.: Article 4 - Firefighters' Pension Fund - Municipalities 500,000 And Under

Text

(a) Until July 1, 1989, any active member of the Illinois Municipal Retirement Fund who is a county sheriff may apply for transfer of up to 80 months of creditable service accumulated in any pension fund established under this Article to the Illinois Municipal Retirement Fund. Such creditable service shall be transferred only upon payment by such pension fund to the Illinois Municipal Retirement 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 such pension fund as to any credits transferred under this Section shall terminate on the date of transfer. (b) Until July 1, 1989, any such sheriff may reinstate creditable service terminated upon receipt of a refund, by payment to the firefighters' 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. 85-941.)