(40 ILCS 5/11-164) (from Ch. 108 1/2, par. 11-164)
Sec. 11-164. Refunds - Withdrawal before age 55 or age 62 or with less than 10
years of service.
(1) An employee who first became a member before January 1, 2011, without regard to length of service, who withdraws
before age 55, and any employee with less than 10 years of service who
withdraws before age 60, shall be entitled to a refund of the total sum
accumulated to his credit as of date of withdrawal for age and service
annuity and widow's annuity from amounts contributed by him or by the
City in lieu of employee contributions during duty disability; provided
that such amounts contributed by the city after December 31, 1983 while
the employee is receiving duty disability benefits and amounts credited to
the employee for annuity purposes by the fund after December 31, 2000 while the
employee is receiving ordinary disability benefits shall not be credited
for refund purposes.
An employee who first becomes a member on or after January 1, 2011 who withdraws before age 62 without regard to length of service, or who withdraws with less than 10 years of service regardless of age, shall be entitled to a refund of the total sum accumulated to his credit as of date of withdrawal for age and service annuity and widow's annuity provided that such amounts contributed by the city while the employee is receiving duty disability benefits and amounts credited to the employee for annuity purposes by the fund while the employee is receiving ordinary disability benefits shall not be credited for refund purposes. The board may in its discretion withhold payment of refund for a
period not to exceed 6 months from the date of withdrawal. Interest at
the effective rate shall be paid on any such refund withheld during such
withheld period not to exceed 6 months.
(2) Upon receipt of the refund, the employee surrenders and forfeits
all rights to any annuity or other benefits, for himself and for any
other persons who might have benefited through him; provided that he may
have such period of service counted in computing the term of his service
for age and service annuity purposes only if he becomes an employee
before age 65.
(3) An employee who does not receive a refund shall have all amounts
to his credit for annuity purposes on the date of his withdrawal
improved by interest only until he becomes age 65, while out of service,
at the effective rate, for his benefit and the benefit of any person who
may have any right to annuity through him if he re-enters the service
and attains a right to annuity.
(4) Any such employee shall retain such right to refund of such
amounts when he shall apply for same, until he re-enters the service or
until the amount of annuity to which he shall have a right shall have
been fixed as provided in this Article. Thereafter, no such right shall
exist in the case of any such employee.
(Source: P.A. 96-1490, eff. 1-1-11.)
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