(40 ILCS 5/9-121.8)
(from Ch. 108 1/2, par. 9-121.8)
Transfer of creditable service to Article 8 or 13
(a) Any city officer as defined in Section 8-243.2
of this Code, and any sanitary district commissioner elected by
vote of the people who is a participant in the pension fund established
under Article 13 of this Code, may apply for transfer of his credits and
creditable service accumulated under this Fund to such Article 8 or 13
fund. Such creditable service shall be transferred forthwith. Payment by
this Fund to the Article 8 or 13 fund shall be made at the same time
and shall consist of:
(1) the amounts accumulated to the credit of the
applicant, including interest, on the books of the Fund on the date of transfer, but excluding any additional or optional credits, which credits shall be refunded to the applicant; and
(2) employer contributions computed by the Board and
credited to the applicant under this Article, including interest, on the books of the Fund on the date the applicant terminated service under the Fund.
Participation in this Fund as to any credits transferred under this
Section shall terminate on the date of transfer.
(b) Any such elected city officer or sanitary district commissioner
who has credits and
creditable service under the Fund may establish additional credits
and creditable service for periods during which he
could have elected to participate but did not so elect.
Credits and creditable service may be established by payment to the
Fund of an amount equal to the contributions he would have made if he had
elected to participate, plus interest to the date of payment.
(c) Any such elected city officer or sanitary district commissioner may reinstate
credits and creditable service terminated upon receipt of a separation
benefit, by payment to the Fund of the amount of the separation benefit
plus interest thereon to the date of payment.
(Source: P.A. 85-964; 86-1488.)