Sec. 3-110.2. Transfer of creditable service to General Assembly Retirement System.

167 words·~1 min read·/il/chapter-40/act-5/3-110-2·

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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 in any police pension fund under this Article to the General Assembly Retirement System. Such transfer shall be made forthwith. Payment by the police pension fund 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 on the date of transfer; and

(2)municipality contributions equal to the accumulated employee contributions as determined under subparagraph

(1)above. Participation in the police pension fund shall terminate on the date of transfer.

(b)An active member of the General Assembly may reinstate service and creditable service terminated upon receipt of a refund, by payment to the fund of the amount of the refund together with interest thereon at the rate of 6% per year to the date of payment.