Sec. 16-131.1. Transfer of creditable service to the General Assembly Retirement System.

313 words·~1 min read·/il/chapter-40/act-5/16-131-1

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

(a)An active member of the General Assembly Retirement System, and until May 1, 1993, any person having service credit therein, may apply to transfer all or any part of his or her creditable service accumulated under this system to the General Assembly Retirement System. The specified creditable service shall be transferred upon application. 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 member through member contributions for the service to

be transferred, including interest if applicable, as of the date of transfer, but excluding any additional or optional contributions, which shall be refunded to the member; and

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

determined in subparagraph (1).

Participation in this system with respect to the transferred credits shall terminate on the date of transfer.

(b)An active member of the General Assembly who has creditable service under the system may establish additional creditable service for periods during which he or she was an elected official and could have elected to participate but did not so elect. Creditable service may be established by payment to the system of an amount equal to the contributions that would have been made if the person had elected to participate, plus interest at the rate specified under subsection

(a)of Section 16-128 to the date of payment.

(c)An active member of the General Assembly, and until May 1, 1993, any person having service credit in the General Assembly Retirement System, may reinstate creditable service terminated upon receipt of a refund, by payment to the system of the amount of the refund together with interest thereon at the rate specified under subsection

(a)of Section 16-128 to the date of payment.