Sec. 14-105.7. Transfer to Article 9 fund.

263 words·~1 min read·/il/chapter-40/act-5/14-105-7

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Until July 1, 2003, any active or inactive member of the System who has established creditable service under paragraph

(i)of Section 14-104 (relating to contractual service to the General Assembly) and is an active or former contributor to the pension fund established under Article 9 of this Code may apply to the Board for transfer of all of his or her creditable service accumulated under this System to the Article 9 fund. The creditable service shall be transferred forthwith. Payment by this System to the Article 9 fund shall be made at the same time and shall consist of:

(1)the amounts accumulated to the credit of the applicant for that service, including

regular interest, on the books of the System on the date of transfer; plus

(2)employer contributions in an amount equal to the amount determined under item (1).

Participation in this System as to the credits transferred under this Section terminates on the date of transfer.

(b)Any person transferring credit under this Section may reinstate credits and creditable service terminated upon receipt of a refund, by paying to the System, before July 1, 2003, the amount of the refund plus regular interest from the date of refund to the date of payment.

(c)The changes to this Section and Section 9-121.15 made by this amendatory Act of the 92nd General Assembly apply without regard to whether the person is in active service, under this System or the Article 9 Fund, on or after the effective date of this amendatory Act.