§ 5-236 — Transfer to Article 14

(a) Any active member of the State Employees' Retirement System who is a State policeman, conservation police officer, an investigator for the Office of the Attorney General, an investigator for the Department of Revenue, or investigator for the Secretary of State may apply for transfer of some or all of his or her creditable service accumulated under this Article to the State Employees' Retirement System in accordance with Section 14-110. At the time of the transfer the Fund shall pay to the State Employees' Retirement System 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) the corresponding municipality credits, including interest, on the books of the Fund on the date of transfer; and (3) any interest paid by the applicant in order to reinstate service to be transferred. Participation in this Fund with respect to the service to be transferred shall terminate on the date of transfer. (b) Any such State policeman, conservation police officer, or investigator for the Secretary of State may reinstate service that was terminated by receipt of a refund, by paying to the 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. (c) Within 30 days after the effective date of this amendatory Act of 1993, any active member of the State Employees' Retirement System who was earning eligible creditable service under subdivision (b)(12) of Section 14-110 on January 1, 1992 and who has at least 17 years of creditable service under this Article may apply for transfer of his creditable service accumulated under this Article to the State Employees' Retirement System. At the time of the transfer the Fund shall pay to the State Employees' Retirement System 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) the corresponding municipality credits, including interest, on the books of the Fund on the date of transfer. Participation in this Fund shall terminate on the date of transfer.

Legislative History

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