Illinois Compiled Statutes 40 ILCS 5/5-237.5 – Transfer of creditable service to Article 3 fund
Current as of: 2024 | Check for updates
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(a) Any person who is an active participant in a pension fund established under Article 3 of this Code may, for a period of 60 days after the effective date of this Section, apply for transfer of his or her credits and creditable service accumulated in this Fund to that Article 3 fund. Upon receipt of a written application to make this transfer, the Fund shall pay to the Article 3 fund an amount consisting of:
(1) the amounts credited to the applicant through
(1) the amounts credited to the applicant through
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employee contributions, plus accumulated interest; plus
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(2) an amount representing municipality
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contributions, equal to the amount determined under item (1); plus
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(3) any interest paid to the Fund in order to
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reinstate credits and creditable service under subsection (b).
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Participation in this Fund shall terminate on the date of the transfer.
(b) As part of a transfer under subsection (a), a person may reinstate credits and creditable service that was terminated upon receipt of a refund, by paying to the Fund the amount of the refund plus interest thereon at the actuarially assumed rate, compounded annually, from the date of the refund to the date of payment.
(b) As part of a transfer under subsection (a), a person may reinstate credits and creditable service that was terminated upon receipt of a refund, by paying to the Fund the amount of the refund plus interest thereon at the actuarially assumed rate, compounded annually, from the date of the refund to the date of payment.