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Illinois Statutes Chapter 40. Pensions § 5/5-230. General Assembly

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 5-230. General Assembly.

(a) Any active (and until February 1, 1993, any former) member of the General Assembly Retirement System may apply for transfer of his credits and creditable service accumulated under this Fund to the General Assembly System. Such credits and creditable service shall be transferred forthwith. Payment by this Fund to the General Assembly Retirement System shall be made at the same time and shall consist of:

(1) the amounts accumulated to the credit of the applicant, including interest, on the books of the Fund on the date of transfer, but excluding any additional or optional credits, which credits shall be refunded to the applicant; and

(2) municipality credits computed and credited under this Article including interest, on the books of the Fund on the date the member terminated service under the Fund.

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

(b) An active (and until February 1, 1993, a former) member of the General Assembly may reinstate service and service credits terminated upon receipt of a refund or separation benefit, by payment to the Fund of the amount of the separation benefit plus interest thereon from the date of the refund to the date of payment.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 40. Pensions § 5/5-230. General Assembly - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-40-pensions/il-st-sect-40-5-5-230/

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