§ 7-139.8 — Transfer to Article 14 System

Illinois § 7-139.8

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 40: PENSIONS
• Act 40 ILCS 5/: Illinois Pension Code.
• Art.: Article 7 - Illinois Municipal Retirement Fund

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 Illinois Gaming Board, an arson investigator, a Commerce Commission police officer, 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 credits and creditable service accumulated in this Fund for service as a sheriff's law enforcement employee, person employed by a participating municipality to perform police duties, or law enforcement officer employed on a full-time basis by a forest preserve district to the State Employees' Retirement System in accordance with Section 14-110. The creditable service shall be transferred only upon payment by this 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, including interest; and (2) municipality credits based on such service, including interest; and (3) any interest paid by the applicant to reinstate such service. Participation in this Fund as to any credits transferred under this Section shall terminate on the date of transfer. (b) Any person applying to transfer service under this Section may reinstate credits and creditable service terminated upon receipt of a separation benefit, by paying to the Fund the amount of the separation benefit plus interest thereon at the actuarially assumed rate of interest to the date of payment.

Legislative History

(Source: P.A. 102-210, eff. 7-30-21; 102-856, eff. 1-1-23 .)