(40 ILCS 5/17-155) (from Ch. 108 1/2, par. 17-155)
Sec. 17-155.
Retired teachers' contributions for supplementary payments.
Supplementary payment to retired teachers under Section 17-154 shall
not accrue until such retired person has paid a total additional
contribution of $5 per year for each year of validated teaching service,
plus interest at 5% per annum from October
1, 1975. If retirement pension was not computed according to average salary
as defined in Section 17-116, 1% of the monthly base pension multiplied
by each complete year of service forming the basis of his service retirement
pension shall constitute the total additional contribution.
The supplementary
payment (1) shall be prorated on a monthly basis as a one-twelfth addition
to monthly payments due on the service retirement and disability retirement
pensions, (2) shall begin on the date on which the payment of such
allowance is next due after such contribution and interest thereon have
been paid, and (3) shall continue to be paid only to the extent that funds
are available in the Retired Teachers Supplementary Payment Fund
established hereunder for this purpose; provided that in no case shall the
present or future service retirement pension or disability retirement
pension of any person be reduced hereby. No part of any such supplementary
payment shall be an obligation of the fund otherwise established under this
Article.
(Source: P.A. 79-206.)
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