§4404.76. Calculation of the Amount Required to Reinstate Creditable Service if a Refund was Received

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.

 

(Source:  Amended at 35 Ill. Reg. 2120, effective January 24, 2011)