Sec. 15-134.2. Transfer of creditable service to the General Assembly Retirement System.

177 words·~1 min read·/il/chapter-40/act-5/15-134-2·

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(a)An active member of the General Assembly Retirement System may apply to transfer his or her credits and creditable service accumulated under this system to the General Assembly Retirement System. The credits and creditable service shall be transferred forthwith. Payment by this system to the General Assembly Retirement System shall be made at the same time and shall consist of:

(1)the amounts credited to the applicant, through employee contributions, including interest, as of the date of transfer; and

(2)employer contributions equal in amount to the accumulated employee contributions as determined in subparagraph

(1)above. Participation in this system shall terminate on the date of transfer.

(b)An active member of the General Assembly may reinstate service credits terminated upon receipt of a refund by payment to the system of the amount of the refund together with compound interest at the rate required for repayment of a refund under Section 15-154 from the date the refund was received to the date of payment.