(40 ILCS 5/19-120) (from Ch. 108 1/2, par. 19-120)
Sec. 19-120.
House of Correction Employees' Pension Fund superseded.
Any House of Correction Employees' Pension Fund in operation on December
31, 1968, in a city having a population exceeding 150,000 inhabitants, by
virtue of and under the provisions of this Article 19, Division 1, Sec.
19-101 to 19-119, both inclusive, of the "Illinois Pension Code",
approved March 18, 1963, as amended, shall be superseded by and merged,
effective and as of January 1, 1969, into the fund in operation in such
city for municipal employees on such date under the provisions of and by
virtue of Article 8, Sec. 8-101 to 8-253, both inclusive, of the
"Illinois Pension Code", approved March 18, 1963, as amended.
On such January 1, 1969, or as soon as possible and practicable
thereafter, all monies, securities, assets, records, and other property of
such house of correction employees' pension fund shall be transferred by
the board of trustees of such fund to the custody and ownership of the
retirement board of the annuity and benefit fund, in operation in such city
under and by virtue of the provisions of the aforementioned Article 8 of
the "Illinois Pension Code", and such house of correction employees'
pension fund shall thereupon cease to exist as a separate fund.
The retirement board of the fund into which said house of correction
employees' pension fund is to be merged, shall assume all of the
liabilities of such superseded fund, and all annuities, pensions, refunds
and benefits allowed by the board of trustees of the superseded fund prior
to January 1, 1969, shall, from and after such date, be paid by the
retirement board in accordance with the law then applicable thereto, and if
allowed shall be paid from the fund superseding the house of correction
employees' pension fund.
(Source: Laws 1968, p. 179.)
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