(40 ILCS 5/5-202) (from Ch. 108 1/2, par. 5-202)
Sec. 5-202.
Prior service annuity reserve.
The following amounts shall be credited to this reserve: (1) all
contributions of the city for prior service annuity and widow's prior
service annuity; (2) all other contributions of the city for annuities
not provided entirely from contributions by the policemen
and by the city;
(3) all amounts deducted from the salary
of a future entrant after the
amount of his age and service annuity has been fixed; and (4) all assets
of any police pension fund which exist under "An Act to provide for the
setting apart, formation and disbursement of a police pension fund in
cities having a population exceeding two hundred thousand inhabitants",
approved June 29, 1915, as amended, in such city on the effective date.
All prior service annuities and widow's prior service annuities
payable under this Article and the Policemen's Annuity and Benefit Fund
Act of 1921, and all annuities, benefits and pensions which have been or
shall be granted under "An Act to provide for the setting apart,
formation and disbursement of a police pension fund in cities having a
population exceeding two hundred thousand inhabitants", approved June
29, 1915, as amended, shall be charged to this reserve.
If at any time the assets of the investment and interest reserve are
not sufficient to permit the transfer from said reserve to the annuity
payment reserve of amounts necessary, according to the American
Experience Table of Mortality and interest at the rate of 4% per annum,
or the Combined Annuity Mortality Table with interest at the rate of 3%,
whichever table may be applicable, to make the balance of the annuity
payment reserve equal to the liabilities chargeable thereto (including
among such liabilities, and in addition to all other liabilities against
such reserve the present values of all annuities entered upon or fixed,
and not entered upon to be charged to such reserve), any amount
necessary for such purpose shall be transferred from this reserve to the
investment and interest reserve.
(Source: P.A. 81-1536.)
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