(40 ILCS 5/8-216) (from Ch. 108 1/2, par. 8-216)
Sec. 8-216.
Prior service annuity reserve.
Amounts contributed by the city for prior service annuity, widow's prior
service annuity and minimum annuities, shall be credited to this reserve.
All assets of any Municipal Pension Fund as herein defined in the city on
the effective date, which were received by the board, and all assets of any
municipal pension fund created under the Public School Employees' Pension
Act of 1903, which were received by the board, shall also be credited to
this reserve.
Prior service and widow's prior service annuities payable under this
Article and all annuities, benefits and pensions, granted or which shall be
granted to any employee by any such Municipal Pension Fund or School
Employees' Pension Fund, and that part of any minimum annuity which is in
excess of the age and service and prior service annuity shall be charged to
this reserve.
If the balance of the investment and interest reserve is not sufficient
to permit a transfer from that reserve to the annuity payment reserve of
amounts necessary according to applicable mortality table and interest rate
to make the balance of the annuity payment reserve equal to the liabilities
chargeable thereto (including the present values of all annuities entered
upon or fixed and of all annuities not entered upon), amounts necessary for
such purpose shall be transferred from this reserve to the investment and
interest reserve.
(Source: Laws 1963, p. 161.)
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