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Transferring Service Credit Under P.A. 95-0530On August 28, 2007, the governor signed Senate Bill 65 (Public Act 95-0530) into law.
The application window for transfers to and from local police pension funds closed on December 31, 2007. No deadline exists for transfers to SERS. Transfers to State Employees' Retirement SystemFormer IMRF members who participated in SLEP but now participate in SERS as a state police officer, conservation police officer, or, investigator for Secretary of State may transfer their IMRF SLEP service to SERS. SERS can accept up to five years of transferred service. They can also reinstate their refunded SLEP service as at a reduced interest rate. To transfer the service, the member would complete IMRF Form 6.92, "IMRF Transfer to State Employees Retirement System (SERS Alternative Retirement Formula Plan) Under Public Act 95-0530." The member can apply
for this transfer at any time; there is no deadline for application. The member's cost to reinstate the service will be calculated using a reduced interest rate of 6% (instead of the normal 7.50%). Once the member receives a Past Service Payment Schedule from IMRF, he or she can repay the refund at any time in order to transfer the service; no deadline exists for repayment of the refund. However, if the member reinstates the SLEP service at the reduced interest rate, the reinstated service must be transferred to SERS; it cannot remain on deposit with IMRF.
QuestionsIf you have any questions regarding Public Act 95-0530, please call 1-800-ASK-IMRF (1-800-275-4673), Monday through Friday, 7:30 a.m. to 5:30 p.m. or email IMRF.
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| IMRF Online provides a brief summary of IMRF benefits and the adminstration of those benefits. IMRF members' and employers' rights and obligations are governed by Article 7 of the Illinois Pension Code. Statements in these publications are general, and the Illinois state law governing IMRF is complex and specific. If a conflict arises between information in these publications and the law, all decisions are based on the law. Copyright © Illinois Municipal Retirement Fund Page Last Updated by JC on 01/25/08 | ||||||||||

