(40 ILCS 5/15-154.1) (from Ch. 108 1/2, par. 15-154.1)
Sec. 15-154.1.
Maximum benefits.
The combined retirement annuity, survivors insurance,
death benefits, or disability benefits under this system and any other
system which is, has been, or may be financed fully or in part by
contributions from any alumni association, foundation or athletic
association affiliated with the universities included as
employers, shall not exceed the largest benefit which could be payable
by this system
or such other system based upon the participant's combined service and
earnings credits.
If the combined benefits exceed the largest benefit as determined
in accordance with this Section, the benefits payable by this system shall
be reduced to that amount which, when added to the benefits payable under
such other system, equals this largest benefit.
If benefits are reduced, this system
shall pay to the alumni association, foundation or athletic association
which financed such other system, that fraction of the reduction, the
numerator of which is the amount of the benefits payable by the other
system prior to the adjustment and the denominator of which is the amount
of the combined benefits which would have been payable prior to the
adjustment. In determining the adjustment of the survivors insurance or
death benefit made under this Section, the benefits payable
under this system and the other systems shall be reduced to common
actuarial equivalents in accordance with the mortality, interest, and
annuity tables adopted by the board and the method of payment required by
this Article.
(Source: P.A. 83-1440.)
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