Illinois Compiled Statutes 40 ILCS 5/6-227.1 – Transfer of creditable service to Article 4
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(a) Until 6 months after the effective date of this amendatory Act of the 101st General Assembly, any active participant in an Article 4 pension fund may apply for transfer of creditable service accumulated in the Firemen’s Annuity and Benefit Fund of Chicago to any Article 4 pension fund. Such creditable service shall be transferred only upon payment by the Firemen’s Annuity and Benefit Fund of Chicago to the Article 4 fund of an amount equal to:
(1) the amounts accumulated to the credit of the
(1) the amounts accumulated to the credit of the
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applicant on the books of the fund on the date of transfer;
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(2) employer contributions in an amount equal to the
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amount determined under subparagraph (1); and
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(3) any interest paid by the applicant in order to
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reinstate service.
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Participation in the Firemen’s Annuity and Benefit Fund of Chicago as to any credits transferred under this Section shall terminate on the date of transfer.
(b) An active participant in an Article 4 pension fund applying for a transfer of creditable service under subsection (a) may reinstate credits and creditable service terminated upon receipt of a refund by payment to the Article 4 pension fund of the amount of the refund with interest thereon at the actuarially assumed rate, compounded annually, from the date of the refund to the date of payment.
Terms Used In Illinois Compiled Statutes 40 ILCS 5/6-227.1
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
(b) An active participant in an Article 4 pension fund applying for a transfer of creditable service under subsection (a) may reinstate credits and creditable service terminated upon receipt of a refund by payment to the Article 4 pension fund of the amount of the refund with interest thereon at the actuarially assumed rate, compounded annually, from the date of the refund to the date of payment.