(40 ILCS 5/3-110.13) Sec. 3-110.13. Transfer from Article 15. No later than June 30, 2023, a person may irrevocably apply under Section 15-134.4 to transfer to a fund established under this Article creditable service accumulated under Article 15 of this Code for service as a police officer upon payment to the fund of an amount, to be determined by the board, equal to (i) the difference between the amount of employee and employer contributions transferred to the fund under Section 15-134.4 and the amounts that would have been contributed had such contributions been made at the rates applicable to an employee under this Article, plus (ii) interest thereon at the actuarially assumed rate, compounded annually, from the date of service to the date of payment.
(Source: P.A. 102-1061, eff. 1-1-23.) |