TITLE 80: PUBLIC OFFICIALS AND EMPLOYEES
SUBTITLE D: RETIREMENT SYSTEMS CHAPTER II: STATE UNIVERSITIES RETIREMENT SYSTEM PART 1600 UNIVERSITIES RETIREMENT SECTION 1600.220 ELECTION TO MAKE CONTRIBUTIONS COVERING LEAVE OF ABSENCE AT LESS THAN 50% PAY
Section 1600.220 Election to Make Contributions Covering Leave of Absence at Less Than 50% Pay
a) A participant may elect to pay contributions covering leaves of absence at less than 50% pay, except military leave and periods of disability leave in excess of 60 days, if the participant pays the contributions required by the Code in accordance with this Section upon the participant's basic compensation on the date the leave begins. In order to pay contributions covering such leaves of absence, the participant must:
1) return to employment covered by SURS at the expiration of the leave, or within 30 days after the termination of a disability that occurs during the leave, and continues this employment at a percentage of time equal to or greater than the percentage of time immediately preceding the leave of absence for at least 8 consecutive months or a period equal to the period of the leave, whichever is less; or
2) be precluded from meeting the foregoing conditions because of disability or death.
b) Immediate Payment
1) The election must be filed by the later of 30 days after the beginning date of the leave or, in the event of late notification of the leave by the employer, 30 days after the date the participant is sent the election form.
2) Payment of contributions must be received by 30 days after the last day of the month for which the contributions are payable. In the event of late notification of the payment schedule by SURS, the participant must catch up the past due contribution within 30 days after the date he or she is sent the payment schedule and the remainder of the contributions must be received within the required 30 days.
c) Subsequent Payment If a participant fails to comply with the conditions set forth in subsection (b), he or she may purchase service and earnings credit for the leave by paying the contributions and interest on the contributions at the effective rate from the academic year-end in which the leave occurred. Payments under this subsection may not be made earlier than the date on which the participant fulfills the return from leave requirements found in Section 15-113.2 of the Code.
d) No payment may be made for service covering leaves of absence after the date the participant dies or begins receiving a retirement annuity or disability retirement allowance.
e) If a participant purchases service credit covering a leave of absence but fails to meet the conditions set forth in the preceding subsections of this Section, the payment made shall be refunded without interest.
f) Not more than 3 years of service credit for leaves of absence in any period of 10 years may be purchased.
g) This Section is not applicable to a participant who is on special leave of absence for service with a teacher organization.
(Source: Amended at 32 Ill. Reg. 16515, effective September 25, 2008) |