Section 1540.50  Credit for Service for Which Contributions are Permitted

a)         Exercise of Option

1)         For purposes of purchasing certain service credit provided for in the Act, any member of the System as defined in such Act who meets the requirements shall be eligible to exercise any of the service credit options provided for therein.

2)         This privilege shall not apply to service representing previous employment periods which had not been credited at the time of acceptance of a refund until repayment of such refund.

3)         This privilege shall not apply to a member, if, at the time of entering into an agreement with the System for the purchase of service credit on or after January 1, 2026, has an overdue obligation to repay the System for amounts owed to the System.

b)         Credit and Contribution Basis

Credit for such periods shall be the amount of credit earned during the period of employment for which contributions are made.  Contributions for such periods together with the required interest shall be made as provided for in the Act and this Part before any credit is granted.

(Source:  Amended at 50 Ill. Reg. 353, effective December 26, 2025)