Ill. Admin. Code tit. 50 § 4404.130

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

Section 4404.130 - Current Pension Fund Reporting Requirements

Within 30 days after the designated creditable service time has been transferred to the current pension fund, the current pension fund must file a report with the Pension Division. The report must contain the following:

a) The name and FEIN of the current pension fund to which creditable service time was transferred;

b) The name and FEIN of the prior pension fund from which creditable service time was transferred;

c) The name and Social Security Number of the officer for whom creditable service time was transferred;

d) The beginning and ending dates for all periods of creditable service time transferred;

e) The reduced creditable service time credited to the current pension fund, if applicable;

f) The amount transferred from the prior pension fund, including a breakdown of the total to include:

1) The formula and assumptions used to determine the amount representing the officer's contributions, including the amount itself;

2) The formula and assumptions used to determine the amount of interest paid on the amounts in subsection (f)(1) of this Section, including the amount itself;

3) The formula and assumptions used to determine the amount of interest paid by the officer to reinstate service, if any, including the amount itself;

4) The amount designated as the employer contribution; and

5) Any other assumptions used;

g) The date that the designated creditable service time was transferred;

h) The true cost of transferred creditable service time;

i) If the actuarial accrued liability and reserve amounts used in determining the true cost of transferring creditable service time were calculated by a qualified actuary pursuant to Section 4404.50(d)(2) of this Part, an actuarial certification must be filed by the current pension fund and must contain a statement that the actuarial accrued liabilities, or reserves, were calculated by the undersigned actuary in compliance with Section 4404.50(a), (b) and (c) of this Part; and

j) The current pension fund must provide a copy of the agreed to payment schedule, if applicable, which must identify:

1) The total amount of contributions, including any fees or interest, needed from the officer to satisfy the effective transfer of the designated creditable service time;

2) The payment schedule itself; and

3) Any contributions paid by the officer.

Ill. Admin. Code tit. 50, § 4404.130

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