Sec. 15-134.4. Transfer of creditable service to an Article 3 pension fund, the Article 5 Pension Fund, or the Article 14 System.

553 words·~3 min read·/il/chapter-40/act-5/15-134-4

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

(a)An active member of the Pension Fund established under Article 5 of this Code may apply, not later than January 1, 1990, to transfer his or her credits and creditable service accumulated under this System for service with the City Colleges of Chicago teaching in the Criminal Justice Program, to the Article 5 Fund. Such credits and creditable service shall be transferred forthwith.

Payment by this System to the Article 5 Fund shall be made at the same time and shall consist of:

(1)the amounts credited to the applicant for such service 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 item (1).

Participation in this System with respect to such credits shall terminate on the date of transfer.

(b)Any active member of the State Employees' Retirement System who is a State policeman, an investigator for the Secretary of State, or a conservation police officer, and who is not a participating employee in this System, may apply for transfer of some or all of his or her creditable service accumulated in this System for service as a police officer to the State Employees' Retirement System in accordance with Section 14-110. The creditable service shall be transferred only upon payment by this System to the State Employees' Retirement System of an amount equal to:

(1)the amounts accumulated to the credit of the applicant for the service to be

transferred, including interest, as of the date of transfer, and any interest paid by the applicant to reinstate such service; and

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

determined in item (1).

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

(c)Any person applying to transfer service under subsection

(b)may reinstate credits and creditable service terminated upon receipt of a refund by paying to the System the amount of the refund plus interest thereon at the rate of 6% per year from the date of the refund to the date of payment.

(d)No later than June 30, 2023, any active member of a pension fund established under Article 3 of this Code who is not a participating employee in this System may apply for transfer of some or all of his or her creditable service accumulated in this System for service as a police officer to that Article 3 pension fund in accordance with Section 3-110.13. The creditable service shall be transferred only upon payment by this System to that Article 3 pension fund of an amount equal to:

(1)the amounts accumulated to the credit of the applicant for the service to be

transferred, including interest, as of the date of transfer, and any interest paid by the applicant to reinstate such service; and

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

determined in item (1).

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

(e)An application to transfer credits and creditable service under this Section shall be irrevocable.