(40 ILCS 5/6-195) (from Ch. 108 1/2, par. 6-195)
Sec. 6-195.
City contribution reserve.
All amounts which the city contributes for age and service annuity,
widow's and supplemental annuity, except those contributed in lieu of
deductions from salary of any fireman who
receives duty disability
benefit, and all amounts transferred to this reserve from the investment
and interest reserve shall be credited to this reserve.
An individual account shall be kept in this reserve for each employee
and for each widow for which the city shall contribute for supplemental
annuity to which city contributions and interest shall be credited.
At least once each year, and always before any transfer is made from
this reserve to any other reserve, the credits shall be improved by
interest.
When the annuity for a fireman or widow is fixed, and when
supplemental annuity for a widow first becomes payable, the total amount
in this reserve for the purpose of providing such annuity and required
therefor shall be charged to this reserve and credited to the annuity
payment reserve.
If there is to the credit of any fireman who withdraws from service
before age 63, an amount in excess of that required to provide him age
and service annuity, or in excess of that required to provide widow's
annuity for his wife (either or both) such amount shall be retained in
this reserve and improved by interest until the fireman becomes age 63
or dies, whichever event occurs first. Any such accumulated amount shall
then be used in accordance with the provisions of this Article.
(Source: P.A. 81-1536.)
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