Sec. 3-110.5. Transfer to Article 14 system.

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

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(a)Until January 1, 1990, any active member of the State Employees' Retirement System who is a State policeman and until July 1, 1998, any active member of the State Employees' Retirement System who is a security employee of the Department of Corrections may apply for transfer of his or her creditable service accumulated in any police pension fund under this Article to the State Employees' Retirement System. Such creditable service shall be transferred only upon payment by such police pension fund to the State Employees' Retirement System of an amount equal to:

(1)the amounts accumulated to the credit of the applicant on the books of the fund on

the date of transfer; and

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

subparagraph (1); and

(3)any interest paid by the applicant in order to reinstate service.

Participation in this Fund shall terminate on the date of transfer.

(b)Until January 1, 1990, any such State policeman and until July 1, 1998, any such security employee of the Department of Corrections may reinstate service which was terminated by receipt of a refund, by payment to the police pension fund of the amount of the refund with interest thereon at the rate of 6% per year, compounded annually, from the date of refund to the date of payment.