(40 ILCS 5/6-171) (from Ch. 108 1/2, par. 6-171)
Sec. 6-171.
Contributions by city for certain annuities.
(a) Each city shall contribute annually, from the sum produced by tax
levy herein authorized, all sums required for the purposes of this Article,
other than those stated in this Section.
(b) Thereafter, the balance of the sum produced by the tax levy shall be
applied to provide prior service and widow's prior service annuities under
this Article, and all annuities, pensions and benefits which have been or
shall be granted under "An Act to provide for a firemen's pension fund and
to create a board of trustees to administer said pension fund in cities
having a population exceeding two hundred thousand (200,000) inhabitants",
filed June 14, 1917, as amended, and also for the purpose of providing
that part of any annuity described in Sections 6-123, 6-128, 6-141 and
6-164 of this Article for which moneys are not provided under this
Article, and to make possible the transfer of reserves from the investment
and interest reserve to other reserves.
(c) All amounts contributed by the city for the purposes of this Section
shall be credited to the prior service annuity reserve except that
contributions made for the purposes of Section 6-164 shall be credited to
the automatic increase reserve. When the balance of each of these reserves
equals the liabilities of each such reserve (including, in addition to all
other liabilities of such reserve, the present value, according to the
applicable mortality table, and applicable interest rate, of all annuities,
present or prospective, or parts of such annuities chargeable to that
reserve) the city shall cease to contribute the sum stated in paragraph (b)
of this Section; provided, if at any time the balance of the investment and
interest reserve is not sufficient to permit a transfer of moneys from that
reserve to any other reserve, in accordance with the provisions of this
Article, the city shall, as soon as practicable thereafter, contribute sums
sufficient to make possible such transfer of the amounts required.
(d) If by reason of annexation of territory and the employment by the
city of any fireman employed in the territory at the time of the
annexation, after the city has ceased to contribute as provided in
paragraph (b) of this Section, contributions to provide prior service and
widow's prior service annuity for such fireman becomes necessary for such
annuity purposes, the city shall, as soon as practicable thereafter,
contribute sums sufficient to provide such annuities.
(Source: Laws 1963, p. 161.)
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