(40 ILCS 5/16-112) (from Ch. 108 1/2, par. 16-112)
(Text of Section WITH the changes made by P.A. 98-599, which has been held unconstitutional)
Sec. 16-112. Regular interest. "Regular interest": (a) For computations
based upon prior service credits, interest at the following rates compounded
annually: For periods prior to July 1, 1947, 4% per year; for periods from
July 1, 1947 through June 30, 1971, 3% per year; for periods from July 1,
1971 through June 30, 1977 at the rate of 4% per year; for periods from
July 1, 1977 through June 30, 1981, 5% per year; for periods after June
30, 1981 through June 30, 2014, 6% per year.
(b) For computations based upon membership service credits, interest at
the following rates, compounded annually: For periods prior to July 1,
1971, 3% per year; for periods from July 1, 1971 through June 30, 1977, 4%
per year; for periods from July 1, 1977 through June 30, 1981, 5% per year;
for periods after June 30, 1981 through June 30, 2014, 6% per year.
(c) For a fiscal year that begins on or after July 1, 2014, for all computations, the interest rate of 30-year United States Treasury bonds on July 1 of that given fiscal year, plus 75 basis points. (Source: P.A. 98-599, eff. 6-1-14.) (Text of Section WITHOUT the changes made by P.A. 98-599, which has been held unconstitutional)
Sec. 16-112.
Regular interest.
"Regular interest": (a) For computations
based upon prior service credits, interest at the following rates compounded
annually: For periods prior to July 1, 1947, 4% per year; for periods from
July 1, 1947 through June 30, 1971, 3% per year; for periods from July 1,
1971 through June 30, 1977 at the rate of 4% per year; for periods from
July 1, 1977 through June 30, 1981, 5% per year; for periods after June
30, 1981, 6% per year.
(b) For computations based upon membership service credits, interest at
the following rates, compounded annually: For periods prior to July 1,
1971, 3% per year; for periods from July 1, 1971 through June 30, 1977, 4%
per year; for periods from July 1, 1977 through June 30, 1981, 5% per year;
for periods after June 30, 1981, 6% per year.
(Source: P.A. 83-1440.)
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