Ill. Admin. Code tit. 80 § 1650.240

Current through Register Vol. 48, No. 52, December 27, 2024

Section 1650.240 - Refunds; Canceled Service; Repayment

a) Any member eligible to receive a refund of contributions pursuant to the provisions of Section 16-151 of the Act shall, if he or she so elects, make a written request for the refund upon a form prescribed by the System. A refund is deemed accepted and membership in the System terminates upon the cashing of a refund warrant.

b) To be credited toward the calculation of a retirement annuity, survivors benefit, or disability benefit, the service canceled by such refund must have been re-established in accordance with the provisions of the Act, by repayment of the refund in full, including statutory interest, prior to the member's retirement, death, or commencement of disability benefits.

c) A member receiving a disability benefit under the provisions of Section 16-149 of the Act is not eligible to receive a refund of contributions until four months following the date for which disability benefits are last paid.

Ill. Admin. Code tit. 80, § 1650.240

Amended at 32 Ill. Reg. 13534, effective August 6, 2008