Sec. 9-121.18. Transfer to Article 5.

212 words·~1 min read·/il/chapter-40/act-5/9-121-18

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(a)Any active member of Article 5 of this Code may apply for transfer of some or all of his creditable service as a correctional officer with the county department of corrections accumulated under this Article to the Article 5 Fund in accordance with paragraph

(b)of Section 5-234. At the time of the transfer the Fund shall pay to the Article 5 Fund 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 for the service to be transferred;

(2)the corresponding employer credits, including interest, on the books of the Fund on

the date of transfer; and

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

Participation in this Fund with respect to the credits transferred shall terminate on the date of transfer.

(b)Any person applying to transfer service under this Section may reinstate credit for service as a member of the county department of corrections that was terminated by receipt of a refund, by paying to the Fund the amount of the refund with interest thereon at the actuarially assumed rate, compounded annually, from the date of refund to the date of payment.