Illinois Administrative Code
Title 50 - INSURANCE
Part 4404 - PORTABILITY OF CREDITABLE SERVICE TIME FOR DOWNSTATE AND SUBURBAN POLICE PENSION FUNDS
Section 4404.76 - Calculation of the Amount Required to Reinstate Creditable Service if a Refund was Received
Universal Citation: 50 IL Admin Code ยง 4404.76
Current through Register Vol. 48, No. 12, March 22, 2024
If the officer received a refund from the prior pension fund upon leaving that pension fund, the officer must pay the prior pension fund the amount of the refund plus interest on the refund amount at the rate of 6% per year, compounded annually, in order to reinstate the accumulated creditable service. The interest shall be calculated from the date of refund to the date of transfer.
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