Illinois Administrative Code
Title 50 - INSURANCE
Part 4404 - PORTABILITY OF CREDITABLE SERVICE TIME FOR DOWNSTATE AND SUBURBAN POLICE PENSION FUNDS
Section 4404.90 - Final Authorization to Transfer or Withdraw
Universal Citation: 50 IL Admin Code ยง 4404.90
Current through Register Vol. 48, No. 12, March 22, 2024
a) Within 14 days after receiving notification from the current pension fund, which must include a payment schedule deemed acceptable to meet the additional amount due, if applicable, the officer must either:
1) Provide an
irrevocable written authorization to transfer creditable service time to the
current pension fund and, if applicable, repay the prior fund any refund with
interest; or
2) Submit a written
request to withdraw the initial application for transferring creditable service
to the current pension fund; or
3)
If the officer fails to take action by the 15th day,
pursuant to either subsection (a)(1) or (a)(2) of this Section, the initial
request to transfer the designated creditable service time will be
automatically withdrawn.
b) If an officer provides an irrevocable written authorization to transfer creditable service time, the officer must include in that letter whether the officer will:
1) pay the additional contribution to have
all creditable service time earned in the prior pension fund credited to the
current pension fund; or
2) have
the creditable service time earned in the prior pension fund and credited to
the current pension fund reduced in lieu of payment of an additional
contribution.
Disclaimer: These regulations may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
