Illinois Administrative Code
Title 50 - INSURANCE
Part 4404 - PORTABILITY OF CREDITABLE SERVICE TIME FOR DOWNSTATE AND SUBURBAN POLICE PENSION FUNDS
Section 4404.110 - Failure to Pay, or Death of the Officer
Universal Citation: 50 IL Admin Code ยง 4404.110
Current through Register Vol. 48, No. 12, March 22, 2024
a) In the event that the officer fails to pay the additional contributions required by the current pension fund to satisfy the effective transfer of the designated creditable service time deemed appropriate by the board of trustees and agreed to by the officer, if applicable, or the officer terminates service before the expiration of the statutory 5 year maximum:
1) The officer will
receive an amount equal to the amounts actually contributed by, or on behalf
of, the applicant to the prior pension fund as employee contributions and, if
applicable, the amount of interest paid by the officer to the prior pension
fund to reinstate creditable service as calculated under Section
4404.76
of this Part within 30 days after failure to meet the terms of the agreed to
payment schedule; and
2) All
partial payments made by the officer to the current fund.
b) In the event that the officer dies in service before payment of additional contributions has been satisfied, if applicable, and prior to the 5 year statutory payment period maximum:
1) The surviving spouse has up to 6 months
after the officer's death to pay the remaining balance due to satisfy the
payment schedule; or
2) The
surviving spouse shall be entitled to the same refund as specified in
subsection (a) of this Section.
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