(40 ILCS 5/7-137.1)
(from Ch. 108 1/2, par. 7-137.1)
(a) A person holding an elective office who has elected
to participate in the Fund while in that office may revoke that election
and cease participating in the Fund by notifying the Board in writing
before January 1, 1992.
Upon such revocation, the person shall forfeit all creditable service
earned while holding that office, and the Board shall refund to the person,
without interest, all employee contributions paid for the forfeited
creditable service. The Board shall also refund or credit to the employing
municipality, without interest, the employer contributions relating to the
forfeited service, except those for death and disability.
(b) Notwithstanding the provisions of Sections 7-141 and 7-144,
beginning January 1, 1992, a person who holds an elective office and has
not elected to participate in the Fund with respect to that office (or has
revoked his election to participate with respect to that office under
subsection (a) of this Section) shall not be disqualified from receiving a
retirement annuity by reason of holding such office, provided that the
annuity is not based on any credits received for participating while
holding that office.
(Source: P.A. 87-740.)