Sec. 14-105.1. (a) Any active (and until February 1, 1993, any former) member of the General Assembly Retirement System may apply for transfer of his credits and creditable se.
293 words·~1 min read·
/il/chapter-40/act-5/14-105-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 14-105.1.
(a)Any active (and until February 1, 1993, any former) member of the General Assembly Retirement System may apply for transfer of his credits and creditable service accumulated under this System to the General Assembly System or a Fund established under Article 5 or 12 of this Code. Such credits and creditable service shall be transferred forthwith. Payment by this System to the General Assembly Retirement System or the Fund established under Article 5 or 12 shall be made at the same time and shall consist of:
(1)the amounts accumulated to the credit of the applicant, including regular interest,
on the books of the System on the date of transfer; and
(2)employer contributions in an amount equal to the amount of member contributions as
determined under subparagraph (1).
Participation in this System as to any credits transferred under this Section shall terminate on the date of transfer.
(b)An active (and until February 1, 1993, a former) member of the General Assembly who has service credits and creditable service under the System may establish additional service credits and creditable service for periods during which he was an elected official and could have elected to participate but did not so elect. Service credits and creditable service may be established by payment to the System of an amount equal to the contributions he would have made if he had elected to participate, plus regular interest to the date of payment.
(c)An active (and until February 1, 1993, a former) member of the General Assembly Retirement System may reinstate service and service credits terminated upon receipt of a separation benefit, by payment to the System of the amount of the separation benefit plus regular interest thereon to the date of payment.