(40 ILCS 5/17-134.1)
Labor organization employees.
(a) A former teacher who is employed by a teacher or labor organization and
is not eligible to participate under subdivision (4) of Section 17-134 because
he or she is not on a special leave of absence may elect to participate in the
Fund for the duration of that employment by so notifying the Fund in writing.
Participation shall be subject to the same conditions
as are applicable to persons participating under that subdivision (4), and
service credit shall be contingent upon the required contributions being
received by the Fund.
(b) A person who participates in the Fund under subsection (a) may establish
service credit for periods of such employment that took place before beginning
participation under this Section by submitting a written application to the
Fund. Credit shall be granted upon payment to the Fund
of an amount to be determined by the Fund, equal to (i) the employee
contributions that would have been paid if the person had participated under
subdivision (4) of Section 17-134 during the period for which service credit is
to be established, based on the actual salary received, plus (ii) the
employer's normal cost associated with that service credit, plus (iii) interest
on items (i) and (ii) at the rate of 6% per year, compounded annually, from the
date of the service established to the date of payment. Service credit under
this subsection shall not be granted until the required contribution has been
paid in full; the contribution may be paid at any time before retirement.
(c) A person who participates in the Fund under subsection (a) may
reestablish any service credits previously forfeited by acceptance of a refund
by paying to the Fund the amount of the refund plus interest thereon at the
rate of 5% per annum, compounded annually, from the date of the refund to the
date of payment.
(d) Rollover contributions from other retirement plans qualified under the
Internal Revenue Code of 1986 may be used to make the payments required under
subsections (b) and (c).
(e) No service credit may be established under this Section for any period
of employment for which the person receives service credit under any other
provision of this Code.
(Source: P.A. 90-448, eff. 8-16-97.)