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Illinois Statutes Chapter 40. Pensions § 5/16-131.6. Transfer to Article 14

Current as of January 01, 2022 | Updated by FindLaw Staff

§ 16-131.6. Transfer to Article 14.

(a) Any active member of the State Employees' Retirement System of Illinois may apply for transfer to that System of credits and creditable service accumulated under this System for service as a teacher employed by the Department of Corrections. Such creditable service shall be transferred forthwith. Payment by this System to the State Employees' Retirement System shall be made at the same time and shall consist of:

(1) the amounts accumulated to the credit of the applicant for such service, including interest, on the books of this System on the date of transfer; and

(2) employer contributions in an amount equal to the amount of member contributions as determined under item (1).

Participation in this System as to any credits transferred under this subsection shall terminate on the date of transfer.

(b) Any active member of the State Employees' Retirement System of Illinois may apply for transfer to that System of credits and creditable service accumulated under this System for service as a security employee of the Department of Human Services as defined (at the time of application) in Section 14-110. That creditable service shall be transferred forthwith. Payment by this System to the State Employees' Retirement System shall be made at the same time and shall consist of:

(1) the amounts accumulated to the credit of the applicant for that service, including interest, on the books of this System on the date of transfer, but excluding any contribution paid by the member under Section 16-129.1 to upgrade that credit to the augmented rate, which shall be refunded to the member; and

(2) employer contributions in an amount equal to the amount of member contributions as determined under item (1).

Participation in this System as to any credits transferred under this subsection shall terminate on the date of transfer.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 40. Pensions § 5/16-131.6. Transfer to Article 14 - last updated January 01, 2022 | https://codes.findlaw.com/il/chapter-40-pensions/il-st-sect-40-5-16-131-6/

Read this complete Illinois Statutes Chapter 40. Pensions § 5/16-131.6. Transfer to Article 14 on Westlaw

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