Ill. Admin. Code tit. 50 § 4404.110

Current through Register Vol. 48, No. 43, October 25, 2024

Section 4404.110 - Failure to Pay, or Death of the Officer

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.

Ill. Admin. Code tit. 50, § 4404.110

Amended at 35 Ill. Reg. 2120, effective January 24, 2011