Sec. 4-108.1. Transfer of creditable service to General Assembly Retirement System.

160 words·~1 min read·/il/chapter-40/act-5/4-108-1

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(a)Any active member of the General Assembly Retirement System may apply for transfer of credits and creditable service accumulated in any firefighter's pension fund under this Article to the General Assembly Retirement System. Such transfer shall be made forthwith. Payment by the firefighters' 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; and

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

(1)above. Participation in the firefighters' 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 firefighters' pension fund of the amount of the refund with interest thereon at the rate of 6% per year to the date of payment.