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(40 ILCS 5/15-113.6)
(from Ch. 108 1/2, par. 15-113.6)
Service for employment in public schools.
employment in public schools": Includes
those periods not exceeding the lesser of 10 years or 2/3 of the service
granted under other Sections of this Article dealing with service credit,
during which a person who entered the system after September 1, 1974 was
employed full time by a public common school, public college and public
university, or by an agency or instrumentality of any of the foregoing,
of any state, territory, dependency or possession of the United States of
America, including the Philippine Islands, or a school
operated by or under
the auspices of any agency or department of any other state, if the person
(1) cannot qualify for a retirement pension or other benefit based upon
contributions from another retirement system, exclusive of federal social
security, based in whole or in part upon this employment, and (2) pays the
lesser of (A) an amount equal to 8% of his or her annual basic compensation
on the date of becoming a participating employee subsequent to this service
multiplied by the number of years of such service, together with compound
interest from the date participation begins to the date payment is received
by the board at the rate of 6% per annum through August 31, 1982, and at
the effective rates after that date, and (B) 50% of the actuarial value
of the increase in the retirement annuity provided by this service, and
(3) contributes for at least 5 years subsequent to this employment to one
or more of the following systems: the State Universities Retirement System,
the Teachers' Retirement System of the State of Illinois, and the Public
School Teachers' Pension and Retirement Fund of Chicago.
The service granted under this Section shall not be considered in determining
whether the person has the minimum of 8 years of service required to qualify
for a retirement annuity at age 55 or the 5 years of service required to
qualify for a retirement annuity at age 62 or the 10 years of service required to qualify for a retirement annuity at age 67, as provided in Section 15-135.
The maximum allowable service of 10 years for this governmental employment
shall be reduced by the service credit which is validated under paragraph
(2) of subsection (b) of Section 16-127 and paragraph 1 of Section 17-133.
(Source: P.A. 98-92, eff. 7-16-13.)