(40 ILCS 5/6-126) (from Ch. 108 1/2, par. 6-126)
Sec. 6-126.
Future entrants - Withdrawal before age 50 - Amount of
annuity.
When a future entrant withdraws before age 50 after 10 or more years'
service and attains age 50 while out of service, his age and service
annuity shall be fixed as of age 50. He is entitled to an annuity, after
he attains age 50, provided from the following sums:
(1) If service is 20 or more years, the entire sum accumulated to
his credit for age and service annuity; or
(2) If service is 10 or more but less than 20 years, the entire sum
accumulated to his credit for age and service annuity, from deductions
from salary, plus 1/10 of the sum accumulated for such annuity from
contributions by the city, for each completed year of service after the
first 10 years.
The annuity shall be computed as though the employee were exactly age
50 when the annuity is granted regardless of his age at the time of
application. No such employee has any right to annuity for any time
between the date he attains age 50 and the date he makes application,
nor shall any annuity be payable if he has received a refund of
contributions.
(Source: P.A. 81-1536.)
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