Sec. 3-110.9. Transfer to Article 9.

223 words·~1 min read·/il/chapter-40/act-5/3-110-9

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(a)Until 6 months after the effective date of this amendatory Act of the 95th General Assembly, any active member of a pension fund established under Article 9 of this Code may apply for transfer of up to 6 years of his or her creditable service accumulated in any police pension fund under this Article to the Article 9 fund. Such creditable service shall be transferred only upon payment by such police pension fund to the Article 9 fund 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 the police pension fund shall terminate on the date of transfer.

(b)Until 6 months after the effective date of this amendatory Act of the 95th General Assembly, any active member of an Article 9 fund may reinstate service that 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.