(40 ILCS 5/9-171) (from Ch. 108 1/2, par. 9-171)
Sec. 9-171.
Additional contributions for age and service annuities for present
employees, future entrants and re-entrants.
(a) From and after September 1, 1935, in addition to the contributions
provided in Section 9-170 for each present employee described in
subdivision (b) of Section 9-109 and each future entrant and each
re-entrant described in subdivision (d) or (e) of Section 9-110, 3 1/4% of
each payment of salary, not in excess of salary of $3,000 per year, shall
be contributed by an employee for age and service annuity. Upon election by
such employee made prior to September 1, 1935, any other integral multiple
of 3 1/4% of such payment shall be contributed.
The contributions shall be made as a deduction from salary and shall be
continued while the employee is in service until the total of the amounts
contributed for age and service annuity with interest at the effective rate
is equal to the sum which would have accumulated under this Article because
of contributions for age and service annuity if such contributions were
made for such purposes during the entire periods of his service for such
county or the retirement board under this Article and improved by interest
at the effective rate.
(b) Concurrently with each such contribution, the county shall
contribute 5 3/4% of each payment of salary, not in excess of $3,000 a
year. Such contributions shall be made until the total of the amounts
contributed by the county on behalf of such employee for age and service
annuity with interest at the effective rate shall be equal to the sum which
would have accumulated from county contributions for age and service
annuity if contributions by the county had been made for such purposes
during the entire periods of service in accordance with this Article and
improved by interest to such time at the effective rate.
(Source: Laws 1963, p. 161.)
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