Sec. 8-172.1. Transfer of city contributions for paramedics.
196 words·~1 min read·
/il/chapter-40/act-5/8-172-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 8-172.1. Transfer of city contributions for paramedics.
(a)Municipality credits computed and credited under this Article 8 for all persons who
(1)accumulated service credit in this Article 8 fund for service as a paramedic,
(2)have terminated that Article 8 service credit and received a refund of contributions, and
(3)are participants in the Article 6 fund on the effective date of this amendatory Act of the 96th General Assembly shall be transferred by this Article 8 fund to the Article 6 fund together with interest at the actuarially assumed rate, compounded annually, to the date of transfer. The city shall not be responsible for making any additional employer contributions to the Fund to replace the amounts transferred under this Section.
(b)Municipality credits computed and credited under this Article 8 for all persons who
(1)accumulated service credit in this Article 8 fund for service as a paramedic,
(2)have terminated that Article 8 service credit and received a refund of contributions, and
(3)are not participants in the Article 6 fund on the effective date of this amendatory Act of the 93rd General Assembly shall be used as provided in Section 8-172.