(40 ILCS 5/7-144.2) (from Ch. 108 1/2, par. 7-144.2)
Sec. 7-144.2.
Incremental retirement annuity.
Each employee annuitant who terminated service prior to the effective
date of this amendatory Act of 1971 is entitled to receive a monthly
incremental retirement annuity, effective January 1, 1972, of .167% of his
monthly retirement annuity amount, multiplied by the number of months from
the effective date of his annuity to January 1, 1972. This monthly
incremental annuity shall be increased on each January 1 thereafter during
the lifetime of the annuitant by 2% of the monthly retirement annuity
amount. Beginning January 1, 1984 and each January 1 thereafter, the monthly
incremental annuity shall be increased by 3% of the monthly retirement annuity
amount. The incremental annuity is payable only if the annuitant agrees to
pay the fund an amount equal to 1% of 1/12 of his annual final rate of
earnings, determined as of the date of his retirement, multiplied by the
number of full years of service. The annuitant, prior to December 1, 1971,
may authorize the fund to deduct the payment from his annuity if the total
payment can be deducted in one month. If the agreement or payment is
received by the fund prior to December 1, 1971, the incremental annuity
shall be effective January 1, 1972. If the agreement or payment is not
received before December 1, 1971, the incremental annuity shall be
effective the first day of the next month after receipt of payment by the
fund, but if received after the 15th day, the first day of the month
following the next month, and shall not be paid retroactively.
The monthly retirement annuity amount, for the purpose of this Section,
shall be the annuity amount initially awarded or, if adjusted under
paragraph (b) of Section 7-142, the adjusted amount, disregarding any
incremental annuities previously granted.
(Source: P.A. 83-664.)
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