Illinois Administrative Code › Title 50 - INSURANCE › Part 4440 - IRS QUALIFICATION STATUS REQUIREMENTS FOR ARTICLE 3 POLICE PENSION FUNDS › Subpart A - GENERAL PROVISIONS › Section 4440.30 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Annual Benefit" means a benefit payable annually in the form
				  of a straight life annuity (with no ancillary benefits) without regard to the
				  benefit attributable to after-tax employee contributions (except pursuant to
				  IRC section 415(n)) and to rollover contributions (as defined in IRC section
				  415(b)(2)(A)).
"Benefit Attributable" means a benefit determined in
				  accordance with Treasury Regulations (see 26 CFR 1.415(b)(2)(A) ).
"Department" means the Illinois Department of
				  Insurance.
"HEART Act" means the federal Heroes Earnings Assistance and
				  Relief Tax Act of 2008 ( Public Law 103-353 ).
"Internal Revenue Code" or "IRC" means 26 USC.
"Member" means participant in a police pension fund under
				  Article 3 of the Illinois Pension Code [40 ILCS 5 ].
"Nonqualified Service Credit" means permissive service credit
				  other than that allowed with respect to:
service (including parental, medical, sabbatical and similar
				  leave) as an employee of the Government of the United States, any state or
				  political subdivision of the United States, or any agency or instrumentality of
				  any of the foregoing (other than military service or service for credit that
				  was obtained as a result of a repayment described in IRC section
				  415(k)(3));
service (including parental, medical, sabbatical and similar
				  leave) as an employee (other than as an employee described in the preceding
				  paragraph) of an education organization described in IRC section
				  170(b)(1)(A)(ii) that is a public, private or sectarian school that provides
				  elementary or secondary education (through grade 12), or a comparable level of
				  education, as determined under the applicable law of the jurisdiction in which
				  the service was performed;
service as an employee of an association of employees who are
				  described in the first indented paragraph of this definition; or military
				  service (other than qualified military service under IRC section 414(u))
				  recognized by the plan.
"Non-spousal Beneficiary" means minor children, disabled
				  children or dependent parents receiving survivor benefits.
"Pension Code" or "Code" means the Illinois Pension Code [40
				  ILCS 5 ].
"Pension Fund" means any public pension fund established
				  under Article 3 of the Pension Code.
"Permissive Service Credit" means service credit:
recognized by the plan for purposes of calculating a member's
				  benefit under the plan;
that the member has not received under the plan; and
that the member may receive only by making a voluntary
				  additional contribution, in an amount determined under the plan, that does not
				  exceed the amount necessary to fund the benefit attributable to the service
				  credit.
"Public Pension Division" means the Public Pension Division
				  of the Illinois Department of Insurance.
"Treasury Regulation" means 26 CFR.
"USERRA" means the federal Uniformed Services Employment and
				  Reemployment Rights Act ( 38
				  USC 43 ) (see
				  Public Law
				  103-353 ).