(c) In lieu of the retirement annuity otherwise payable under this
Article, any city officer elected by vote of the people who (1) has
elected to participate in the Fund and make additional optional
contributions in accordance with this Section, and (2) has attained
age 55 with at least 10 years of service credit, or has
attained age 60 with at least 8 years of service credit, may
elect to have his retirement annuity computed as follows:  3% of the
participant's salary at the time of termination of service for each of the
first 8 years of service credit, plus 4% of such salary for each of the
next 4 years of service credit, plus 5% of such salary for each year of
service credit in excess of 12 years, subject to a maximum of 80% of such
salary.  To the extent such elected city officer has made additional
optional contributions with respect to only a portion of his years of
service credit, his retirement annuity will first be determined in
accordance with this Section to the extent such additional optional
contributions were made, and then in accordance with the remaining Sections
of this Article to the extent of years of service credit with respect to
which additional optional contributions were not made.

(d) In lieu of the disability benefits otherwise payable under this
Article, any city officer elected by vote of the people who (1) has
elected to participate in the Fund, and (2) has become
permanently disabled and as a consequence is unable to perform the duties
of his office, and (3) was making optional contributions in accordance with
this Section at the time the disability was incurred, may elect to receive
a disability annuity calculated in accordance with the formula in
subsection (c).  For the purposes of this subsection, such elected city
officer shall be considered permanently disabled only if:  (i) disability
occurs while in service as an elected city officer and is of such a nature
as to prevent him from reasonably performing the duties of his office at
the time; and (ii) the board has received a written certification by at
least 2 licensed physicians appointed by it stating that such officer is
disabled and that the disability is likely to be permanent.

(e) Refunds of additional optional contributions shall be made on the
same basis and under the same conditions as provided under Sections 8-168,
8-170 and 8-171. Interest shall be credited at the effective rate on the
same basis and under the same conditions as for other contributions.
Optional contributions shall be accounted for in a separate Elected City
Officer Optional Contribution Reserve.  Optional contributions under this
Section shall be included in the amount of employee contributions used to
compute the tax levy under Section 8-173.

(f) The effective date of this plan of optional alternative benefits
and contributions shall be July 1, 1990, or the date upon which approval is
received from the U.S. Internal Revenue Service, whichever is later.

The plan of optional alternative benefits and contributions shall
not be available to any former city officer or employee receiving an
annuity from the Fund on the effective date of the plan, unless he
re-enters service as an elected city officer and renders at least 3 years
of additional service after the date of re-entry.  However, a person who
holds office as a city officer on June 1, 1995 may
elect to participate in the plan, to transfer credits into the Fund from
other Articles of this Code, and to make the contributions required for prior
service, until 30 days after the effective date of this amendatory Act
of the 92nd General Assembly, notwithstanding the
ending of his term of
office prior to that effective date; in the event that the person is already
receiving an annuity from this Fund or any other Article of this Code at the
time of making this election, the annuity shall be recalculated to include any
increase resulting from participation in the plan, with such increase taking
effect on the effective date of the election.

(g) Notwithstanding any other provision in this Section or in this Code to the contrary, any person who first becomes a city officer, as defined in this Section, on or after the effective date of this amendatory Act of the 100th General Assembly, shall not be eligible for the alternative annuity or alternative disability benefits as provided in subsections (a), (b), (c), and (d) of this Section or for the alternative survivor's benefits as provided in Section 8-243.3. Such person shall not be eligible, or be required, to make any additional contributions beyond those required of other participants under Sections 8-137, 8-174, and 8-182. The retirement annuity, disability benefits, and survivor's benefits for a person who first becomes a city officer on or after the effective date of this amendatory Act of the 100th General Assembly shall be determined pursuant to the provisions otherwise provided in this Article.

(Source: P.A. 102-15, eff. 6-17-21.)