(40 ILCS 5/6-196) (from Ch. 108 1/2, par. 6-196)
Sec. 6-196.
Salary deduction reserve.
The following amounts shall be credited to this reserve: (1) Amounts deducted
from salaries of firemen for age
and service annuity and
widow's annuity; (2) amounts contributed by the city for any such
annuity purpose for any fireman who receives duty disability benefit, in
lieu of deductions from his salary; and (3) amounts transferred to this
reserve from the investment and interest reserve.
An individual account shall be kept for each fireman from whose
salary
any such amount is deducted. As such amounts are received, they
shall be allocated and credited to the respective accounts of the
firemen.
At least once each year, and always before any moneys shall be
transferred to any other reserve, the sums credited shall be improved by
interest.
When the annuity for a fireman or widow is fixed or granted, the
total amount in this reserve for the purpose of the annuity and required
therefor shall be charged thereto and credited to the annuity payment
reserve.
Amounts resulting from salary deductions,
and amounts resulting from
contributions of the city for any fireman who receives duty disability
benefit in lieu of deductions from his salary, that are to be refunded
in accordance with the provisions of this Article, except those referred
to in Section 6-197, shall be charged to this reserve.
(Source: P.A. 81-1536.)
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