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(40 ILCS 5/5-163) (from Ch. 108 1/2, par. 5-163)
Sec. 5-163. Refund - General. (a) A policeman, without regard to his period of service, who
withdraws before age 50, and a policeman with less than 10 years of
service who withdraws before age 57, is entitled to a refund of the
amount deducted from his salary
for age and service annuity or Tier 2 monthly retirement annuity, for automatic annual increase in annuity as provided in Section 5-167.1, and for widow's
annuity or Tier 2 surviving spouse's annuity, together with interest at 1-1/2% per year on each
deduction from the date of each deduction
until the date of his
withdrawal from the service.
(b) A policeman may receive a refund until the annuity to which he
is entitled has been fixed. Thereafter, he shall have no such right of
refund.
(c) A policeman who withdraws the amount credited to him surrenders
and forfeits all rights to any annuity or other benefit from the fund,
for himself and for any other person or persons who might otherwise have
benefited through him. The rights so forfeited shall be restored to him,
his wife or widow and his children upon full repayment as provided in
Section 5-164.
If the policeman subsequently re-enters service before age 57, and
has not so repaid in full the amounts refunded the rights forfeited
shall not be restored, but the policeman shall retain the right (which
is also secured to the widow) to have the period of service represented
by the refunds counted in the compensation of length of service, except
as otherwise provided in Section 5-164.
(d) A policeman who has served less than 10 years who has not
received a refund shall have all amounts to his credit for purposes on
the date of his withdrawal improved by interest while he is out of
service until he attains age 57, if he subsequently re-enters the
service and attains a right to annuity.
(e) If a policeman elects to make additional contribution for past
service as provided in Section 5-174 and fails to pay such contributions
in full within the time specified in said section, a refund of the
amount so paid, with interest at 1-1/2% per year, compounded annually,
shall be refunded as provided in said section.
(f) If a policeman makes contributions in accordance with the
provisions of Section 5-174(b) and subsequently returns to the position
he holds by certification and appointment as the result of competitive
civil service examination, he shall receive a refund of such
contributions, upon application therefor, together with interest at
1-1/2% per year on each such deduction from the date
it was made to the
date of refund. Application for refund must be made before the annuity
to which he has a right has been fixed.
(Source: P.A. 99-905, eff. 11-29-16.)
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