TITLE 80: PUBLIC OFFICIALS AND EMPLOYEES
SUBTITLE D: RETIREMENT SYSTEMS
CHAPTER II: STATE UNIVERSITIES RETIREMENT SYSTEM
PART 1600 UNIVERSITIES RETIREMENT
SECTION 1600.230 ELECTION TO PAY CONTRIBUTIONS BASED UPON EMPLOYMENT THAT PRECEDED CERTIFICATION AS A PARTICIPANT


 

Section 1600.230 Election to Pay Contributions Based upon Employment that Preceded Certification as a Participant

 

a) A participant who meets the conditions of the Code may elect to pay contributions plus interest on the contribution at the rate established by the Code covering any period of employment:

 

1) after August 31, 1941, at one-half time or more for an employer covered by SURS, which preceded the date that he or she became a participant; and

 

2) any period of full-time employment with the United States government, the government of a state, a political subdivision of a state, or an agency or instrumentality of any of the foregoing, that preceded the date that he or she became a participant.

 

b) The participant may purchase, during the fiscal year in which employment terminates or in which retirement annuity begins, additional service credit for not less than year of the employment described in subsection (a). If the participant elects to purchase credit described in subsection (a) prior to the fiscal year in which employment terminates, he or she must purchase at least one year of additional service credit, unless the total service credit he or she is entitled to purchase on the basis of this employment is less than one year. No payment may be accepted for this service after the beginning of the annuity payment period described in Section 15-135(b) of the Code.

 

(Source: Amended at 32 Ill. Reg. 16515, effective September 25, 2008)