(40 ILCS 5/9-118) (from Ch. 108 1/2, par. 9-118)
Sec. 9-118.
Effective rate of interest, interest at the effective rate, or interest.
"Effective rate of interest", "interest at the effective rate", or
"interest": Interest at 4% per annum for a present employee, or for a
future entrant or re-entrant who was a participant or contributor on
January 1, 1954; and at 3% per annum for a future entrant or re-entrant who
becomes a contributor after January 1, 1954. In all cases involving
reserves, credits, transfers, and charges, "effective rate of interest",
"interest at the effective rate" or "interest" shall be applied at these
rates.
(Source: Laws 1963, p. 161.)
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