(40 ILCS 5/8-215) (from Ch. 108 1/2, par. 8-215)
Sec. 8-215.
Annuity payment reserve.
Amounts transferred from the city contribution reserve and the
employee's contribution reserve for annuities which have been fixed,
amounts deducted from an employee's salary after the age and service
annuity has been fixed, and amounts transferred to this reserve from the
investment and interest reserve, shall be credited to this reserve.
Age and service annuities and widow's annuities shall be charged to
this reserve. Amounts refunded in accordance with Section 8-170 and
Section 8-154 of this Article shall be charged to this reserve.
When an employee whose annuity was fixed or granted re-enters service
before age 65, an amount determined under the provisions governing
re-entry into service shall be charged to this reserve and transferred
to the city contribution reserve and the employee's contribution
reserve, respectively, for age and service annuity. Such amount shall be
divided in said reserves in the same ratio as that in which the previous
transfer from such reserve to this reserve was made.
If the wife of the employee, when he re-enters service, is the same
as when the widow's annuity was fixed, an amount to be determined under
the provisions governing re-entry into service shall be transferred from
this reserve and credited for widow's annuity in the city contribution
reserve and the employee's contribution reserve, respectively. Such
credit shall be in the same ratio as that in which the previous transfer
was made.
If at the end of any year the balance of the annuity payment reserve
exceeds the liabilities chargeable thereto by more than 15% of the
liabilities, the excess shall be transferred to the investment and
interest reserve, ordinary disability reserve, expense reserve, prior
service annuity reserve, and city contribution reserve, in the order
named, to remove any deficiency existing in any such reserves, provided
that at the end of each year such amount as may be necessary for
employees of the board for service rendered prior to July 1, 1935 shall
be transferred to the city contribution reserve before any transfer to
any of the other reserves shall be made.
(Source: P.A. 81-1536.)
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