(40 ILCS 5/8-155) (from Ch. 108 1/2, par. 8-155)
Sec. 8-155.
Mortality tables and interest rates.
(a) Any single life annuity fixed or granted to any employee who was a
participant on or before January 1, 1952, or any reversionary or single
life annuity, fixed for or granted to a wife or widow shall be computed, in
the case of the employee as of his attained age when the annuity is fixed
or granted, and in the case of the wife or widow, as of employee's age and
that of his wife or widow on the date her annuity is fixed or granted,
provided that if the wife or widow is older than 5 years the junior of her
husband her age shall be assumed 5 years less than his. The American
Experience Table of Mortality shall be used for the computation of the
annuity values in this paragraph. The rate of interest shall be 4% per
annum if withdrawal occurs at age 55 or over and 3 1/2% if before age 55.
(b) Until August 1, 1983, any single life annuity fixed or granted
to any employee who becomes
a participant for the first time after January 1, 1952, or any reversionary
or single life annuity, fixed or granted to a wife or widow shall be
computed, in the case of the employee as of his attained age when the
annuity is fixed or granted, and in the case of the wife or widow her age
shall be taken as 4 years younger than her actual age, or 4 years younger
than the age of her husband, whichever will produce the lower age, as of
the date the employee's, or the wife's or widow's annuity is fixed or
granted. The Combined Annuity Mortality Table for Male Lives with interest
at 3% per annum shall be used for the computation of the single life
employee annuity values in this paragraph. Such table shall also be used
for the computation of single life widow annuity values and for the
computation of the reversionary annuities specified in this paragraph with
the female life taken as 4 years less than the male life.
On or after August 1, 1983, any single life annuity fixed or granted to
any employee who becomes a participant for the first time after January 1,
1952, or any reversionary or single life annuity, fixed or granted to a
wife or widow shall be computed, in the case of an employee as of his
attained age when the annuity is fixed or granted, and in the case of the
wife or widow her age will be taken as the lower of her actual age or the
age of her husband as of the date the employee's or wife's or widow's
annuity is fixed or granted. The Combined Annuity Mortality Table for Male
Lives with interest at 3% per annum shall be used for the computation of the
single life employee and widow annuity values in this paragraph. Such
table shall also be used for the computation of the reversionary annuity
values specified in this paragraph with the employee life taken as 4 years
less than the male life and the spouse life taken as the male life.
All sums credited to any employee for annuity purposes when he withdraws
from service before age 55 shall be improved with interest thereafter while
he is not in service and has not entered upon annuity until he attains age
65.
(Source: P.A. 84-23.)
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