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Illinois Statutes Chapter 40. Pensions § 5/8-226.5. Transfer of creditable service to Article 5 fund

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

§ 8-226.5. Transfer of creditable service to Article 5 fund. Pursuant to Section 5-234 of this Code, a police officer who is a participant in a pension fund established under Article 5 of this Code may apply for transfer of his credits and creditable service accumulated under this Fund to such Article 5 fund. Such creditable service shall be transferred forthwith. Payment by this Fund to the Article 5 fund 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.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 40. Pensions § 5/8-226.5. Transfer of creditable service to Article 5 fund - last updated January 01, 2022 | https://codes.findlaw.com/il/chapter-40-pensions/il-st-sect-40-5-8-226-5/

Read this complete Illinois Statutes Chapter 40. Pensions § 5/8-226.5. Transfer of creditable service to Article 5 fund on Westlaw

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