Ill. Admin. Code tit. 50, § 4404.30 - Definitions

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

Active Member shall be defined as an officer that is in active service and a participant of a pension fund established pursuant to Article 3 of the Illinois Pension Code.

Creditable Service shall be defined by Section 3-110 of the Illinois Pension Code [40 ILCS 5/3-110 ].

Current Pension Fund shall be defined as the pension fund where the officer is presently a Participant.

Date of Refund shall be defined as the date the officer received a refund from a pension fund pursuant to Section 3-124 of the Illinois Pension Code [40 ILCS 5/3-124 ].

Date of Transfer shall be defined as the date the officer's application for transfer of creditable service time is received by the current pension fund. [40 ILCS 5/3-110.7(a)(1)].

Director shall be defined as the Director of the Illinois Department of Insurance.

Participant shall be defined as a participating member, or deferred pensioner or annuitant, of a pension fund as provided in Article 3 of the Illinois Pension Code under which the pension fund is established [40 ILCS 5/3-101 ].

Pension Division shall be defined as the Public Pension Division of the Illinois Department of Insurance.

Police Officer or Officer shall be defined by Section 3-106 of the Illinois Pension Code [40 ILCS 5/3-106 ].

Prior Pension Fund shall be defined as the pension fund from which the officer may transfer previously accumulated creditable service to the current pension fund.

Qualified Actuary shall be defined as either a member of the American Academy of Actuaries or an individual who has demonstrated to the satisfaction of the Director that he or she possesses the educational background necessary for the practice of actuarial science and who also possesses not less than 7 years of relevant actuarial experience.

Refund shall be defined as the amount of contributions an officer received pursuant to Section 3-124 of the Illinois Pension Code [40 ILCS 5/3-124 ].

True Cost shall be defined as the increase in the actuarial accrued liability or reserve amount, as applicable, calculated pursuant to Section 4404.50 of this Part and Section 3-110 of the Illinois Pension Code [40 ILCS 5/3-110 ], resulting from the transfer of creditable service from the prior pension fund to the current pension fund.

Notes

Ill. Admin. Code tit. 50, § 4404.30

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

The following state regulations pages link to this page.



State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.