Illinois Compiled Statutes 40 ILCS 5/4-108.8 – Transfer of creditable service to the State Employees’ Retirement System
Current as of: 2024 | Check for updates
|
Other versions
(a) Any active member of the State Employees’ Retirement System who is an arson investigator, investigator for the Department of Revenue, investigator for the Illinois Gaming Board, or investigator for the Secretary of State may apply for transfer of some or all of his or her credits and creditable service accumulated in any firefighters’ pension fund under this Article to the State Employees’ Retirement System in accordance with Section 14-110. The creditable service shall be transferred only upon payment by the firefighters’ pension fund to the State Employees’ Retirement System of an amount equal to:
(1) the amounts accumulated to the credit of the
(1) the amounts accumulated to the credit of the
|
applicant for the service to be transferred on file with the fund on the date of transfer;
|
(2) employer contributions in an amount equal to the
|
amount determined under paragraph (1); and
|
(3) any interest paid by the applicant in order to
|
reinstate service to be transferred.
|
Participation in the firefighters’ pension fund with respect to the service to be transferred shall terminate on the date of transfer.
(b) Any person applying to transfer service under this Section may reinstate service that was terminated by receipt of a refund, by paying to the firefighters’ pension 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.
Terms Used In Illinois Compiled Statutes 40 ILCS 5/4-108.8
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(b) Any person applying to transfer service under this Section may reinstate service that was terminated by receipt of a refund, by paying to the firefighters’ pension 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.