(40 ILCS 5/8-178.2) (from Ch. 108 1/2, par. 8-178.2)
Sec. 8-178.2.
Credit-Employees in superseded House of Correction Employees'
Pension Fund.
Every employee who, on December 31, 1968, was a contributor and
participant in the fund in operation in the city on such date created under
and by virtue of the House of Correction Employees' Pension Act shall
receive credit as follows:
For service prior to January 1, 1969, a city contribution for age and
service annuity purposes, of an amount equal to the amount which would have
accumulated to his credit from city contributions for age and service
annuity to such date, including interest at the effective rate, had he been
a participant and contributor during all of his service credited as service
in such House of Correction Employees' Pension Fund prior to such date. The
maximum salary to be considered for the purpose of computing the amount of
the aforesaid city contributions shall not exceed the highest amount of
salary considered for salary deduction purposes under the law governing
such House of Correction Employees' Pension Fund at the date such salary
deductions were made, and the actual rate of salary--not to exceed such
highest amount--shall also be applicable in determining salary for all
annuity purposes covering, involving, or requiring salary determination for
any particular year prior to the year 1968.
Each such employee shall also be credited on such date with the then
accumulated amounts, resulting from contributions made by him and applied
to such House of Correction Employees' Pension Fund (not including the
additional 2% contributions made from salaries of male employees since July
1, 1965 which are to be credited as salary deductions for Widows' Annuity
purposes) and such amounts shall be treated as salary deductions.
(Source: Laws 1968, p. 181.)
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