Topic: | Creditable Service |
Subtopic: | Crediting Past Service/Service Credit Transfers |
Date: | 2/7/2010 |
Status: | Active |
WHEREAS, Section 7-198 of the Illinois Pension Code authorizes the Board of Trustees of the Illinois Municipal Retirement Fund to establish rules necessary or desirable for the efficient administration of the Fund; and
WHEREAS, Section 7-139(c) of the Illinois Pension Code requires corrections to a member’s service credit to be made upon payment of the required employee contributions “in a lump sum or in installments made in accordance with board rule;” and
WHEREAS, IMRF has adopted a unit payment system for calculating the cost and crediting payments for past service purchases on a month by month basis.
NOW, THEREFORE, BE IT RESOLVED that the Board of Trustees adopts the following policy regarding purchases of past service credit and service credit transfers:
- the service most recent in time is credited first, with previous months following in reverse order
- service credit to be transferred to another retirement system is processed with the most recent service in time transferred first and the following months transferred in reverse order