(40 ILCS 5/13-802)
(from Ch. 108 1/2, par. 13-802)
Transfer of creditable service to Article 8 or 9 funds.
(a) Any city officer as defined in Section 8-243.2 of this Code, and any
county officer elected by vote of the people who is a participant in the
pension fund established under Article 9 of this Code, may apply for a
transfer of credits and creditable service accumulated under this Fund to
such Article 8 or 9 fund. Such creditable service shall be transferred
forthwith. Payment by this Fund to the Article 8 or 9 fund shall be made
at the same time and shall consist of:
(1) the amounts accumulated to the credit of the
applicant, including interest, on the books of the Fund on the date of transfer, but excluding any additional or optional credits, which credits shall be refunded to the applicant; and
(2) employer contributions computed by the Board and
credited to the applicant under this Article, including interest, on the books of the Fund on the date the applicant terminated service under the Fund.
Participation in this Fund as to any credits transferred under this
Section shall terminate on the date of transfer.
(b) Any such elected city officer or county officer who has credits and
creditable service under the Fund may establish additional credits and
creditable service for periods during which such officer could have elected
to participate but did not so elect. Credits and creditable service may be
established by payment to the Fund of an amount equal to the contributions
such officer would have made if an election to participate had been made,
plus interest to the date of payment.
(c) Any such elected city officer or county officer may reinstate
credits and creditable service terminated upon receipt of a separation
benefit, by payment to the Fund of the amount of the separation benefit
plus interest thereon to the date of payment.
(Source: P.A. 87-794.)