(40 ILCS 5/14-104.11)
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
in Section 14-103.04) during which he or she was employed by the Illinois
Finance Authority or the Illinois Industrial
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.)