40 ILCS 5/2-123
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 2 - General Assembly Retirement System

 (from Ch. 108 1/2, par. 2-123)Sec. 2-123.     Refunds.(a) A participant who ceases to be a member, other than an annuitant, shall,  upon written request, receive a refund of his or her total contributions,  without interest.  The refund shall include the additional contributions for  the automatic increase in retirement annuity.  By accepting the refund, a  participant forfeits all accrued rights and benefits in the System and loses  credit for all service.  However, if he or she again becomes a member, he or  she may resume status as a participant and reestablish any forfeited service  credit by paying to the System the full amount refunded, together with interest  at 4% per annum from the time the refund is paid to the date the member again  becomes a participant.A former member of the General Assembly may reestablish any service  credit forfeited by acceptance of a refund by paying to the System on or  before February 1, 1993, the full amount refunded, together with interest at  4% per annum from the date of payment of the refund to the date of repayment.When a member or former member owes money to the System, interest at  the rate of 4% per annum shall accrue and be payable on such amounts owed  beginning on the date of termination of service as a member until the  contributions due have been paid in full.(b) A participant who (1) has elected to cease making contributions for  survivor's annuity under subsection (b) of Section 2-126, (2) has no eligible  survivor's annuity beneficiary upon becoming an annuitant,  or (3) terminates service with less than 8 years of service is  entitled to a refund of the contributions for a survivor's annuity, without  interest.  If the person later marries, a survivor's annuity shall  not be payable upon his or her death, unless the amount of the  refund is repaid to the System, together with interest at the rate of 4% per  year from the date of refund to the date of repayment.(c) If at the date of retirement or death of a participant who  served as an officer of the General Assembly, the total period of  such service is less than 4 years, the additional contributions made  by such member on the additional salary as an officer shall be refunded  unless the participant served as an officer for at least 2 years and has  contributed the amount he or she would have contributed if he or she had  served as an officer for 4 years as provided in Section 2-126.(d) Upon the termination of the last survivor's annuity payable to a  survivor of a deceased participant, the excess, if any, of the total  contributions made by the participant for retirement and survivor's annuity,  without interest, over the total amount of retirement and survivor's annuity  payments received by the participant and the participant's survivors shall be  refunded upon request:(i) if there was a surviving spouse of the deceased     participant who was eligible for a survivor's annuity, to the designated beneficiary of that spouse or, if the designated beneficiary is deceased or there is no designated beneficiary, to that spouse's estate;(ii) if there was no eligible surviving spouse of the     deceased participant, to the designated beneficiary of the deceased participant or, if the designated beneficiary is deceased or there is no designated beneficiary, to the deceased participant's estate.(e) Upon the death of a participant, if a survivor's annuity is not  payable under this Article, a beneficiary designated by the participant  shall be entitled to a refund of all contributions made by the participant.  If the participant has not designated a refund beneficiary, the surviving  spouse shall be entitled to the refund of contributions; if there is no  surviving spouse, the contributions shall be refunded to  the participant's surviving children, if any, and if no children  survive, the refund payment shall be made to the participant's estate.    (Source: P.A. 90-448, eff. 8-16-97; 90-766, eff. 8-14-98.)