(40 ILCS 5/5-126) (from Ch. 108 1/2, par. 5-126)
Sec. 5-126.
Present employees - Age 50 but less than 57 in
service - Age 50 out of service - Amount of annuity.
A present employee who (1) attains age 50 or more but less than 57
while in service, having 10 or more years of service at the date of
withdrawal or (2) withdraws with 10 or more years of service before age
50 and thereafter attains age 50 while out of service, is entitled to an
age and service annuity and prior service annuity from the date of
withdrawal or after attainment of age 50, respectively, in such amount
as can be provided from the total of the following:
1. If service is 20 or more years, the sum credited for age and
service annuity and prior service annuity; or
2. If service is 10 or more but less than 20 years, (a) the sum
provided for age and service annuity, (b) 1/10 of the contributions by
the city for each year of service after the first 10 years, (c) the sum
credited for prior service annuity from employee contributions and
applied to any police pension fund in operation, by authority of law, in
such city on the effective date, and (d) 1/10 of the credit for prior
service annuity, in accordance with the "Policemen's Annuity and Benefit
Fund Act of the Illinois Municipal Code", for each year of service after
the first 10 years.
The annuity provided in this section for an employee who attains age
50 out of service shall be computed as though the employee were exactly
age 50 at the time the annuity is granted, regardless of his actual age
when application for annuity is made, and no such employee has any right
to any annuity on account of any time between the date he attains age 50
and the date of application for annuity, nor shall any annuity be
payable if the employee has received a refund of contributions.
Annuity in excess of that fixed by this section shall not be granted
unless the employee re-enters the service before age 57. If such
re-entry occurs, his annuity shall be provided in accordance with this
section or section 5-125, whichever is applicable.
(Source: P.A. 81-1536.)
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