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(40 ILCS 5/3-110.12) Sec. 3-110.12. Transfer to Article 4 fund. (a) At any time during the
6 months following the effective date of this Section, an active member of an Article 4 firefighters' pension fund may apply for transfer to that fund of up to 6 years of his or her creditable service accumulated
in the police pension fund under this Article that is administered by the same unit of local government if that active member was not subject to disciplinary action when he or she terminated employment with that police department. The creditable service shall be transferred upon payment by
the police pension fund to the Article 4 fund of 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; and
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(2) employer contributions in an amount equal to the
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| amount determined under item (1); and
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(3) any interest paid by the applicant in order to
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Participation in the police pension fund with respect to the transferred creditable service shall terminate on the date of transfer.
(a-5) At any time during the
6 months following the effective date of this amendatory Act of the 102nd General Assembly, an active member of an Article 4 firefighters' pension fund may apply for transfer to that fund of up to 8 years of his or her creditable service accumulated
in a police pension fund under this Article that is administered by a unit of local government if that active member was not subject to disciplinary action when he or she terminated employment with that police department. The creditable service shall be transferred upon payment by
the police pension fund to the Article 4 fund of 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; and
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(2) employer contributions in an amount equal to the
|
| amount determined under item (1); and
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(3) any interest paid by the applicant in order to
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Participation in the police pension fund with respect to the transferred creditable service shall terminate on the date of transfer.
(b) At the time of applying for transfer of creditable service under this Section, an active member of an Article 4 firefighters' pension fund may, for the purpose of that transfer, reinstate creditable service that was
terminated by receipt of a refund, by payment to the police pension fund of the
amount of the refund with interest thereon at the rate of 6% per year,
compounded annually, from the date of the refund to the date of payment.
(Source: P.A. 102-63, eff. 7-9-21.)
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