Section 4404.130  Current Pension Fund Reporting Requirements

Within 30 days after the designated creditable service time has been transferred to the current pension fund, the current pension fund must file a report with the Pension Division.  The report must contain the following:

a)         The name and FEIN of the current pension fund to which creditable service time was transferred;

b)         The name and FEIN of the prior pension fund from which creditable service time was transferred;

c)         The name and Social Security Number of the officer for whom creditable service time was transferred;

d)         The beginning and ending dates for all periods of creditable service time transferred;

e)         The reduced creditable service time credited to the current pension fund, if applicable;

f)         The amount transferred from the prior pension fund, including a breakdown of the total to include:

1)         The formula and assumptions used to determine the amount representing the officer's contributions, including the amount itself;

2)         The formula and assumptions used to determine the amount of interest paid on the amounts in subsection (f)(1) of this Section, including the amount itself;

3)         The formula and assumptions used to determine the amount of interest paid by the officer to reinstate service, if any, including the amount itself;

4)         The amount designated as the employer contribution; and

5)         Any other assumptions used;

g)         The date that the designated creditable service time was transferred;

h)         The true cost of transferred creditable service time;

i)          If the actuarial accrued liability and reserve amounts used in determining the true cost of transferring creditable service time were calculated by a qualified actuary pursuant to Section 4404.50(d)(2) of this Part, an actuarial certification must be filed by the current pension fund and must contain a statement that the actuarial accrued liabilities, or reserves, were calculated by the undersigned actuary in compliance with Section 4404.50(a), (b) and (c) of this Part; and

j)          The current pension fund must provide a copy of the agreed to payment schedule, if applicable, which must identify:

1)         The total amount of contributions, including any fees or interest, needed from the officer to satisfy the effective transfer of the designated creditable service time;

2)         The payment schedule itself; and

3)         Any contributions paid by the officer.

(Source:  Amended at 35 Ill. Reg. 2120, effective January 24, 2011)