§ 5-235

Illinois § 5-235

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 40: PENSIONS
• Act 40 ILCS 5/: Illinois Pension Code.
• Art.: Article 5 - Policemen's Annuity And Benefit Fund--Cities Over 500,000

Text

(a) Until July 1, 1990, any active or inactive member of the Illinois Municipal Retirement Fund who has been a county sheriff may apply for transfer of his creditable service accumulated under this Article to the Illinois Municipal Retirement Fund. Such creditable service shall be transferred only upon payment by the 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) municipality credits computed and credited under this Article, including interest, on the books of the Fund on the date the member terminated service under the Fund; and (3) any interest paid by the applicant in order to reinstate service. Participation in this Fund shall terminate on the date of transfer. (b) Until July 1, 1990, any person transferring credit under this Section may reinstate service which was terminated by receipt of a refund, by payment to the 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. 86-273; 86-1028.)