(40 ILCS 5/8-243.1)
(from Ch. 108 1/2, par. 8-243.1)
Elected city officer transfer of credits.
city officer, as defined in Section 8-243.2,
may transfer to this Fund credits and creditable
service accumulated under any other pension fund or retirement system
established under Articles 2 through 18 of this Code, upon payment to the
Fund of (1) the amount by which the employer and employee contributions
that would have been required if he had participated in this Fund during
the period for which credit is being transferred, plus interest, exceeds
the amounts actually transferred from such other fund or system to this
Fund, plus (2) interest thereon at 6% per year compounded annually from the
date of transfer to the date of payment.
(Source: P.A. 86-1488.)