40 ILCS 5/5-233.1

Current through Public Act 103-1052

Section 40 ILCS 5/5-233.1 - Transfer of creditable service to Article 8 or 11 fund

A person who (i) is an active participant in a fund established under Article 8 or 11 of this Code and (ii) has at least 10 and no more than 22 years of creditable service in this Fund may, within the 90 days following the effective date of this Section, apply for transfer of his or her credits and creditable service accumulated in this Fund to the Article 8 or 11 fund. At the time of the transfer, this Fund shall pay to the Article 8 or 11 fund an amount consisting of:

(1) the amounts credited to the applicant through employee contributions for the service to be transferred, including interest; and

(2) the corresponding municipality credits, including interest, on the books of the Fund on the date of transfer.

Participation in this Fund with respect to the credits transferred shall terminate on the date of transfer.

40 ILCS 5/5-233.1

P.A. 92-599, eff. 6/28/2002.