WILLIAM DONALD SCHAEFER, Governor                   Ch. 780

retirement or pension system where accumulated contributions are
deducted on all earnable compensation, the member shall receive
service credit for and in the amount of benefits in the system to
which the member transfers. Upon retirement, the member's
retirement allowance shall be reduced by the actuarial equivalent
of the accumulated contributions with interest that have not been
deducted. Any claim for the service credit shall be made within
1 year of the date of entrance into the system to which the
member transfers. Notwithstanding any other provision of this
article or the laws of any political subdivision of this State,
upon verification of the service credit, the system from which
the transfer is made may not provide any benefit for the service
credit transferred. Any accumulated contributions to the credit
of the member in the system from which the member transfers shall
be refunded upon request.

[(2) When an employee who is a member of a retirement
or pension system operated on an actuarial basis under the laws
of this State or the laws of any political subdivision of this
State transfers to another such retirement or pension system, all
the employer's contributions with interest on behalf of the
employee member shall be transferred. The amount to be
transferred shall be determined by actuarial valuation, the cost
of which shall be borne equally by both systems.]

(d) [(1)] If a member transfers from a retirement or
pension system OPERATED ON AN ACTUARIAL BASIS where accumulated
contributions are not deducted on all earnable compensation to a
retirement or pension system where accumulated contributions are
not deducted on all earnable compensation, the member shall
receive service credit for and in the amount of benefits in the
system to which the member transfers. Any claim for the service
credit shall be made within 1 year of the date of entrance into
the system to which the member transfers. Notwithstanding any
other provision of this article or the laws of any political
subdivision of this State, upon verification of the service
credit, the system from which the transfer is made may not
provide any benefit for the service credit transferred. Any
accumulated contributions to the credit of the member in the
system from which the member transfers shall be refunded upon
request. Accumulated contributions applicable to the receipt of
service credit or benefits in the system to which the member
transfers may not be refunded.

[(2) When an employee who is a member of a retirement
or pension system operated on an actuarial basis under the laws
of this State or the laws of any political subdivision of this
State transfers to another such retirement or pension system, all
the employer's contributions with interest on behalf of the
employee member shall be transferred. The amount to be
transferred shall be determined by actuarial valuation, the cost
of which shall be borne equally by both systems.]

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