(40 ILCS 5/2-117.1)
(from Ch. 108 1/2, par. 2-117.1)
Participants - Election to continue participation.
(a) Any person who has served as a member for 4 or more years or who has
elected to become a member pursuant to Section 2-105, and who is employed
in such a position as to be eligible to actively participate in one of the
retirement systems established under Articles 5 through 18 of this Code or
under the authority of the Illinois Housing Development Act, and who earns
in that capacity, at the time of making an election under
this subsection, an amount at least equal to the minimum salary provided by
law for members of the General Assembly, may elect after he or she ceases
to be a member, but in no event after June 1, 1992, to continue his or
her participation in this System for up to 4 additional years instead of
participating in such other retirement system, by making written application
to the board.
(b) A person who elects to continue participation under this Section shall
make contributions directly to the board, not less frequently than monthly,
at the rates specified for participants under Section 2-126. The State
shall continue to make contributions on behalf of persons participating
under this Section on the same basis as for other participants.
Creditable service shall be granted to any person for the period, not
exceeding 4 years, during which the person continues participation
under this Section and continues to make contributions as required.
(c) A person who elects to continue participation under this Section may
cancel such election at any time, and may apply to transfer
the creditable service accumulated under this Section to any one of the
retirement systems established under Articles 5 through 18 or the Illinois
Housing Development Act in which he or she is eligible to participate.
Upon such application, the board shall pay to such retirement system (1)
the amounts credited to the participant under this Section through
participant contributions, including interest, if any, on the date of
transfer, plus (2) employer contributions in an amount equal to the
amount determined under clause (1). Participation in this System as to any
credits transferred under this Section shall terminate on the date of transfer.
(Source: P.A. 86-272; 86-1488; 87-794.)