Illinois § 7-139.14

§ 7-139.14.

Transfer to Article 3 pension fund. (a) Within 6 months after July 23, 2021 (the effective date of Public Act 102-113), an active member of a pension fund established under Article 3 of this Code may apply for transfer to that Article 3 pension fund of his or her credits and creditable service accumulated in this Fund for service as a sheriff's law enforcement employee, person employed by a participating municipality to perform police duties, or law enforcement officer employed on a full-time basis by a forest preserve district. The creditable service shall be transferred only upon payment by this Fund to such Article 3 pension fund of an amount equal to: (1) the amounts accumulated to the credit of the applicant for the service to be transferred, including interest; and (2) an amount representing employer contributions, equal to the total amount determined under item (1); and (3) any interest paid by the applicant to reinstate such service. Within 6 months after the effective date of this amendatory Act of the 102nd General Assembly, an active member of a pension fund established under Article 3 of this Code may apply for transfer to that Article 3 pension fund of his or her credits and creditable service accumulated in this Fund for service as a county correctional officer or as a person employed by a participating municipality to perform administrative duties related to law enforcement. The creditable service shall be transferred only upon payment by this Fund to such Article 3 pension fund of an amount equal to: (1) the amounts accumulated to the credit of the applicant for the service to be transferred, including interest; and (2) an amount representing employer contributions, equal to the total amount determined under item (1); and (3) any interest paid by the applicant to reinstate such service. Participation in this Fund as to any credits transferred under this Section shall terminate on the date of transfer. (b) Notwithstanding any other provision of this Code, any person applying to transfer service under this Section may reinstate credits and creditable service terminated upon receipt of a separation benefit by paying to the Fund the amount of the separation benefit plus interest thereon at the actuarially assumed rate of interest to the date of payment. Such payment must be made within 90 days after notification by the Fund of the cost of such reinstatement. (Source: P.A. 102-113, eff. 7-23-21; 102-857, eff. 5-13-22.) (Text of Section from P.A. 102-1061) Sec. 7-139.14. Transfer to Article 3 pension fund. (a) No later than June 30, 2023, an active member of a pension fund established under Article 3 of this Code may apply for transfer to that Article 3 pension fund of his or her credits and creditable service accumulated in this Fund for service as a sheriff's law enforcement employee, person employed by a participating municipality to perform police duties, law enforcement officer employed on a full-time basis by a forest preserve district, or person employed by a participating municipality or instrumentality to perform administrative duties related to law enforcement. The creditable service shall be transferred only upon payment by this Fund to such Article 3 pension fund of an amount equal to: (1) the amounts accumulated to the credit of the applicant for the service to be transferred, including interest; and (2) an amount representing employer contributions, equal to the total amount determined under item (1); and (3) any interest paid by the applicant to reinstate such service. Participation in this Fund as to any credits transferred under this Section shall terminate on the date of transfer. (b) Notwithstanding any other provision of this Code, any person applying to transfer service under this Section may reinstate credits and creditable service terminated upon receipt of a separation benefit by paying to the Fund the amount of the separation benefit plus interest thereon at the actuarially assumed rate of interest to the date of payment. Such payment must be made within 60 days after notification by the Fund of the cost of such reinstatement. (Source: P.A. 102-113, eff. 7-23-21; 102-1061, eff. 1-1-23.)