Illinois Compiled Statutes - Full Text

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Illinois Compiled Statutes - Full Text

Illinois Compiled Statutes (ILCS)

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40 ILCS 5/7-139.1a

    (40 ILCS 5/7-139.1a)
    Sec. 7-139.1a. Transfer from Article 3.
    (a) On and after July 1, 2022 but no later than January 1, 2023, a participating sheriff's law enforcement employee may elect to transfer up to 10 years of service credit to the Fund as set forth in Section 3-110.14. To establish creditable service under this Section, the sheriff's law enforcement employee may elect to do either of the following:
        (1) pay to the Fund an amount to be determined by the
    
Board, equal to (i) the difference between the amount of employee and employer contributions transferred to the Fund under Section 3-110.14 and the amounts that would have been contributed had such contributions been made at the rates applicable to a sheriff's law enforcement employee under this Article, plus (ii) interest thereon at the actuarially assumed rate, compounded annually, from the date of service to the date of payment; or
        (2) have the amount of his or her creditable service
    
established under this Section reduced by an amount corresponding to the amount by which (i) the employer and employee contributions that would have been required if he or she had participated in the Fund as a sheriff's law enforcement employee during the period for which credit is being transferred, plus interest thereon at the actuarially assumed rate, compounded annually, from the date of termination of the service for which credit is being transferred to the date of payment, exceeds (ii) the amount actually transferred to the Fund.
    Notwithstanding the amount transferred by the Article 3 fund pursuant to Section 3-110.14, in no event shall the service credit established under this Section exceed the lesser of 10 years or the actual amount of service credit that had been earned in the Article 3 fund. If an amount greater than the amount described under paragraph (1) is transferred to the Fund, the additional amount shall be credited to the account of the sheriff's law enforcement employee's employer.
    (b) On and after the effective date of this amendatory Act of the 104th General Assembly but no later than 6 months after the effective date of this amendatory Act of the 104th General Assembly, a participating sheriff's law enforcement employee may elect to transfer service credit to the Fund as set forth in Section 3-110.14. To establish creditable service under this Section, the sheriff's law enforcement employee may elect to do either of the following:
        (1) pay to the Fund an amount to be determined by the
    
Board, equal to (i) the difference between the amount of employee and employer contributions transferred to the Fund under Section 3-110.14 and the amounts that would have been contributed had such contributions been made at the rates applicable to a sheriff's law enforcement employee under this Article, plus (ii) interest thereon at the actuarially assumed rate, compounded annually, from the date of service to the date of payment; or
        (2) have the amount of his or her creditable service
    
established under this Section reduced by an amount corresponding to the amount by which (i) the employer and employee contributions that would have been required if he or she had participated in the Fund as a sheriff's law enforcement employee during the period for which credit is being transferred, plus interest thereon at the actuarially assumed rate, compounded annually, from the date of termination of the service for which credit is being transferred to the date of payment, exceeds (ii) the amount actually transferred to the Fund.
    Notwithstanding the amount transferred by the Article 3 fund pursuant to Section 3-110.14, in no event shall the service credit established under this Section exceed the actual amount of service credit that had been earned in the Article 3 fund. If an amount greater than the amount described under paragraph (1) is transferred to the Fund, the additional amount shall be credited to the account of the sheriff's law enforcement employee's employer.
(Source: P.A. 104-284, eff. 1-1-26.)