Illinois General Assembly - Illinois Compiled Statutes

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

40 ILCS 5/14-104.11

(40 ILCS 5/14-104.11)

Sec. 14-104.11.

Illinois Finance Authority.

An employee may
establish creditable service for periods prior to the date upon which the
Illinois Finance Authority first becomes a department
(as defined
in Section 14-103.04) during which he or she was employed by the Illinois
Finance Authority or the Illinois Industrial
Development Authority,
by applying in writing and paying to the System an amount equal to (i) employee
contributions for the period for which credit is being established, based upon
the employee's compensation and the applicable contribution rate in effect on
the date he or she last became a member of the System, plus (ii) the employer's
normal cost of the credit established, plus (iii) interest on the amounts in
items (i) and (ii) at the rate of 2.5% per year, compounded annually, from the
date the applicant last became a member of the System to the date of payment.
This payment must be paid in full before retirement, either in a lump sum or in
installment payments in accordance with the rules of the Board.

(Source: P.A. 93-205, eff. 1-1-04.)