(40 ILCS 5/8-132) (from Ch. 108 1/2, par. 8-132)
Sec. 8-132.
Annuities - Present employees and future
entrants - Withdrawal after age 55 and prior to 60.
An employee who attains age 55 or more but less than age 60 in
service having 10 or more years of service at date of withdrawal shall
be entitled to annuity, from the date of withdrawal, as follows:
1. Present employee and future entrant with 20 or more years of
service - age and service annuity provided from the total credits from
employee contributions and
city contributions for such annuity, and, for
a present employee, prior service annuity from the credits for such
annuity.
2. Present employee and future entrant with 10 or more but less than
20 years of service - age and service annuity provided from sums credited
for such annuity from employee contributions, plus 1/10 of the
accumulations for such annuity from city contributions for each year of
service after the first 10 years; and in addition in the case of a
present employee, the credits for prior service annuity on account of
employee contributions to any Municipal Pension Fund in operation in the
city on the effective date, or on June 30, 1923, and 1/10 of the prior
service annuity credit under The 1921 Act and this Article, for each
year of service after the first 10 years.
Any such annuity shall be computed as of the employee's age on the
date of withdrawal.
(Source: P.A. 81-1536.)
|