Illinois General Assembly - Illinois Compiled Statutes

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40 ILCS 5/3-110.8

(40 ILCS 5/3-110.8)

Sec. 3-110.8. Transfer to IMRF.

(a) Until 60 days after the effective date of this amendatory Act of the 97th General Assembly, any active member of the Illinois Municipal Retirement Fund may apply to transfer up to 10 years of creditable service in a police pension fund under this Article to the Illinois Municipal
Retirement Fund.  The creditable service shall be transferred 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 transfer; and

(2) employer contributions in an amount equal to the

amount determined under subparagraph (1); and

(3) any interest paid by the applicant in order to

reinstate service.

Creditable service transferred to the Illinois Municipal Retirement Fund under this Section shall terminate on the date of the transfer.

(b) Until 60 days after the effective date of this amendatory Act of the 97th General Assembly, any active member of the Illinois Municipal Retirement Fund may reinstate all or any portion of his or her service that was
terminated by receipt of a refund, by payment to the police pension fund of the
amount of the refund with interest thereon at the actuarially assumed rate,
compounded annually, from the date of refund to the date of payment.

(Source: P.A. 97-273, eff. 8-8-11.)