(40 ILCS 5/4-108.4)
Sec. 4-108.4. Transfer of creditable service from Article 7 fund.
(a) Any firefighter who was excluded
from participation in an Article
4 fund because the firefighter earned credit for that service under Article 7 of this Code and who is a participant in the Illinois
Municipal Retirement
Fund may become an active participant in that firefighter pension fund by
making a
written application to the Board. Persons so applying
shall begin
participation on the first day of the month following the month in which the
application is
received by the Board. An employee who makes application for
participation
shall not be deemed ineligible to participate in the firefighter pension fund
by reason of
having failed to apply within the 3-month period specified in subsection (b) of
Section 4-107.
(b) A firefighter who was excluded
from participation in an Article
4 fund because the firefighter earned credit for that service under Article 7 of this Code and who is a participant in the Illinois Municipal Retirement
Fund may also elect to establish creditable service for
those periods of employment as a firefighter during which he or she was excluded from
participation in an
Article 4 fund by paying into the fund the amount that
the person
would have contributed had deductions from salary been made for this purpose at
the time the service was rendered, together with interest thereon at 6% per
annum, compounded annually, from the time the service was rendered until the
date of payment, less any amounts transferred from the Illinois Municipal
Retirement Fund under Section 7-139.10.
(c) In no event shall pension credit for the same service rendered by an
employee be accredited in more than one pension fund or retirement system under this Code. If an employee applies for service credit under subsection (b), then any creditable
service time accumulated in the Illinois Municipal Retirement Fund for the same
period must be transferred to the Article 4 fund under Section 7-139.10.
(Source: P.A. 93-689, eff. 7-1-04.) |