Lisle Police Association
Metropolitan Alliance of Police
Chapter #87



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Lisle Police Pension Fund
Pension Fund Home Page     Your Local Pension Board    Overview    Regular Service Benefits    Disability Benefits    Survivor Benefits    Employee Contributions and Taxation    Credible Service    Portability / Transfer of Pension Credit    Self Managed Plan    Applications / Forms

PORTABILITY OF SERVICE FROM / TO ANOTHER FUND

IL Pension Law allows credited service to be transferred among certain Illinois Pension Funds (as specified in the Pension Code).  If an officer has at least two years of service in another department prior to transferring to the Lisle Police Department, the officer may arrange for that service to be transferred for credit in the Lisle Police Pension Fund. 

The pension fund from which the officer is transferring will make a payment to the Lisle Police Pension Fund in the amount of the officer’s contributions made to the fund that he or she is leaving, 6% annual interest on those contributions, and a second amount that is also equal to the officer’s contributions and interest (which is assumed to be the municipality’s share). 

However, if the Lisle Police Pension Fund finds that the amount transferred is less than the true cost of the credited service being transferred, the officer must pay an additional amount from personal funds so that the true cost of the transferred service is received by the Lisle Police Pension Fund. 

A calculation of the amount due must be performed by a qualified actuary retained by the Fund. 

Transfers may also be made from the Lisle Police Pension Fund, to other Police Pension Funds as allowed by law. 

Illinois law also includes various provisions for transfer of service from a police pension fund to another Illinois public employee fund.  Please refer to the statute for additional information.

 


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Copyright © 2008 Lisle Police Association, Inc.
Incorporated June 25th, 2001
Last modified: 09/25/13