(40 ILCS 5/8-240.1) (from Ch. 108 1/2, par. 8-240.1)
Sec. 8-240.1.
Public Library Employes' Pension Fund superseded.
On January 1, 1966, the fund herein provided for shall supersede the
fund created by the Public Library Employes' Pension Act, in operation in
the city on December 31, 1965, and, as soon as practicable and possible
thereafter, all monies, securities, other assets, records, and other
property of such superseded fund shall be transferred by the board of
trustees of said superseded fund to the custody and ownership of the
retirement board of the annuity and benefit fund herein provided for, which
said retirement board is hereby empowered to receive them, and shall
thereupon assume all of the liabilities of the superseded fund.
All pensions and other benefits allowed prior to January 1, 1966 by the
board of trustees of the superseded fund, shall thereafter be paid by the
retirement board of the annuity and benefit fund herein provided for, and
all claims accrued, pending or ungranted prior to such date shall be
allowed or disallowed by said retirement board, according to the law
governing the superseded fund on December 31, 1965, and if allowed shall be
paid from the annuity and benefit fund herein provided for.
The assets of the superseded Public Library Employes' Pension Fund,
transferred to the annuity and benefit fund herein provided for, shall be
distributed and credited to appropriate fund accounts otherwise described
in this Article 8, and all liabilities, payments of pensions and benefits
arising out of the merger of said superseded fund into said annuity and
benefit fund shall be reflected in, paid from, and charged to such
accounts, in the same manner as provided for in the case of a superseded
Municipal Pension Fund.
(Source: Laws 1965, p. 2300.)
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