Illinois Compiled Statutes - Full Text

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Illinois Compiled Statutes - Full Text

Information maintained by the Legislative Reference Bureau

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40 ILCS 5/4-108.9

    (40 ILCS 5/4-108.9)
    (This Section may contain text from a Public Act with a delayed effective date)
    Sec. 4-108.9. Transfer to Article 3 fund.
    (a) At any time during the 6 months following the effective date of this amendatory Act of the 104th General Assembly, an active member of an Article 3 police pension fund may apply for transfer to that fund of up to 8 years of his or her creditable service accumulated in a firefighter 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 employer. The creditable service shall be transferred upon payment by the firefighter pension fund to the Article 3 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
        (2) employer contributions in an amount equal to the
    
amount determined under item (1); and
        (3) any interest paid by the applicant in order to
    
reinstate service.
    Participation in the firefighter 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 3 police 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. 104-284, eff. 1-1-26.)