40 ILCS 5/3-110.14

Current through Public Act 103-1052

Section 40 ILCS 5/3-110.14 - Transfer to Article 7

On and after July 1, 2022 but no later than December 1, 2023, a participating employee who is actively employed as a sheriff's law enforcement employee under Article 7 may make a written election to transfer up to 10 years of creditable service from a fund established under this Article to the Illinois Municipal Retirement Fund established under Article 7. Upon receiving a written election by a participant under this Section, the creditable service shall be transferred to the Illinois Municipal Retirement Fund as soon as practicable upon payment by the police pension fund to the Illinois Municipal Retirement Fund of an amount equal to:

(1) the amounts accumulated to the credit of the applicant on the books of the fund on the date of the transfer; and

(2) employer contributions in an amount equal to the amount determined under paragraph (1).

Participation in the police pension fund with respect to the service to be transferred shall terminate on the date of transfer. This Section does not allow reinstatement of credits in this Article that were previously forfeited.

40 ILCS 5/3-110.14

Added by P.A. 102-1061,§ 15, eff. 6/10/2022.