Ill. Admin. Code tit. 50, § 4404.130 - Current Pension Fund Reporting Requirements

Current through Register Vol. 46, No. 15, April 8, 2022

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.

Notes

Ill. Admin. Code tit. 50, § 4404.130

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