Illinois General Assembly - Illinois Compiled Statutes

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40 ILCS 5/13-603

(40 ILCS 5/13-603) (from Ch. 108 1/2, par. 13-603)

Sec. 13-603. Restoration of rights.

  If an employee who has received a
refund subsequently re-enters the service and renders one year of contributing
service from the date of such re-entry, the employee shall be entitled to
have restored all accumulation and service credits previously forfeited by
making a repayment of the refund, including interest from the date of the
refund to the date of repayment at a rate equal to the higher of 8% per annum
or the actuarial investment return assumption used in the Fund's most recent
Annual Actuarial Statement.  Repayment may be made either directly to the Fund
or in a manner similar to that provided for the contributions required under
Section 13-502.   The service credits represented thereby, or any part thereof,
shall not become effective unless the full amount due has been paid by the
employee, including interest.  The repayment must be made in full by the employee no later
than 90 days following the date of the employee's final withdrawal from
service.  If the employee fails to make a full repayment, any partial amounts
paid by the employee shall be refunded without interest.

(Source: P.A. 94-621, eff. 8-18-05.)