Illinois Administrative Code
Title 50 - INSURANCE
Part 4404 - PORTABILITY OF CREDITABLE SERVICE TIME FOR DOWNSTATE AND SUBURBAN POLICE PENSION FUNDS
Section 4404.73 - Calculation of the Amount to be Transferred from the Prior Pension Fund to the Current Pension Fund

Universal Citation: 50 IL Admin Code ยง 4404.73

Current through Register Vol. 48, No. 12, March 22, 2024

Upon receiving the notification from the current pension fund, as set forth in Section 4404.60 of this Part, the prior pension fund must notify the current pension fund of the amount of money that is to be transferred to the current pension fund upon the police officer's decision to transfer creditable service time. That amount shall equal:

a) The amounts actually contributed by, or on behalf of, the applicant to the fund as employee contributions, plus interest on those amounts at the rate of 6% per year, compounded annually, from the date of contribution to the date of transfer; and

b) An amount representing employer contributions, which is equal to the total amount determined under subsection (a) of this Section.

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