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40 ILCS 5/5-148
(40 ILCS 5/5-148) (from Ch. 108 1/2, par. 5-148)
Sec. 5-148.
Maximum annuities.
No annuity in excess of 75% of the
highest salary considered for annuity purposes in accordance with this
Article shall be payable to a policeman, or to the widow of a policeman
whose death results from injury incurred in the performance of an act of
duty. No amount of annuity in excess of $500 per month shall be payable
to the widow of a policeman whose death results from any cause other
than injury incurred in the performance of an act of duty, except as
provided in Section 5-136.1.
If, when a policeman's annuity is fixed, there is to his credit, for
such annuity, an amount in excess of that necessary to provide an
annuity of 75% of his highest salary, 7/24 of such excess shall be
refunded if the policeman is a future entrant; and if he is a present
employee, there shall be refunded, a part of such excess amount
proportionately equal to that part of the entire amount to his credit
for such annuity purposes, which the sum that has resulted from salary
deductions bears to such entire amount.
Until January 1, 1986, if, when a widow's annuity is fixed, there is
to the policeman's
credit, for widow's annuity, an amount in excess of that necessary to
provide an annuity of $500 per month, 1/3 of such excess shall be
refunded to the policeman if he is a future entrant; and, if he is a
present employee, there shall be refunded a part of such excess amount
proportionately equal to that part of the entire amount to his credit
for such annuity purposes which the sum that has resulted from
employee contributions bears
to such entire amount. If the widow's annuity is fixed on or after
January 1, 1986, no refund of excess contributions shall be made under this paragraph.
Until January 1, 1986, if at the time of the death of a policeman
resulting from injury
incurred in the performance of an act of duty, there is to his credit,
for widow's annuity, an amount in excess of that necessary to provide an
annuity of 75% of his highest salary, or $500 per month if death results
from any other cause, 1/3 of such excess shall be refunded to his widow
if he was a future entrant; and, if he was a present employee, there
shall be refunded to his widow a part of such excess amount
proportionately equal to that part of the entire amount to his credit
for such annuity purposes which the sum that has resulted from employee's
contributions bears to such entire amount. If employee dies in service
on or after January 1, 1986, no refund of excess contributions shall be
made under this paragraph.
This amendatory Act of 1972 does not increase the amount of any
widow's annuity which is fixed before the effective date of this
amendatory Act of 1972.
(Source: P.A. 84-1104.)
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