(40 ILCS 5/16-131.3)
(from Ch. 108 1/2, par. 16-131.3)
Transfer of creditable service to Article 8, 9 or 13
(a) Any city officer as defined in Section 8-243.2
of this Code, any county officer elected by vote of the people who is
a participant in the pension fund established under Article 9 of this Code,
and any elected sanitary district commissioner who is a participant in a
pension fund established under Article 13 of this Code, may apply for
transfer of his or her contributions and creditable service accumulated
under this System to such Article 8, 9 or 13 fund. Such creditable
service shall be transferred forthwith. Payment by this System to the
Article 8, 9 or 13 fund shall be made at the same time and shall consist of:
(1) the amounts credited to the member through member
contributions, including interest if applicable, as of the date of transfer, but excluding any additional or optional contributions, which shall be refunded to the member; and
(2) employer contributions equal in amount to the
accumulated member contributions as determined in item (1) above.
Participation in this system shall terminate on the date of transfer.
(b) Any such elected city officer, county officer or sanitary district commissioner
who has creditable service under the System may establish additional
creditable service for periods during which he or she could have elected to
participate but did not so elect. Creditable service may be established by
payment to the System of an amount equal to the contributions that would
have been made if the person had elected to participate, plus interest at the
rate specified under subsection (a) of Section 16-128 to the date of payment.
(c) Any such elected city officer, county officer or sanitary district
may reinstate creditable service terminated upon receipt of a refund, by
payment to the System of the amount of the refund,
together with interest at the rate specified under subsection (a) of
Section 16-128 to the date of payment.
(Source: P.A. 85-964; 86-1488.)