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(40 ILCS 5/7-173) (from Ch. 108 1/2, par. 7-173)
Sec. 7-173. Contributions by employees.
(a) Each participating employee shall make contributions to the fund as
follows:
1. For retirement annuity purposes, normal |
| contributions of 3 3/4% of earnings.
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2. Additional contributions of such percentages of
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| each payment of earnings, as shall be elected by the employee for retirement annuity purposes, but not in excess of 10%. The selected rate shall be applicable to all earnings paid following receipt by the Board of written notice of election to make such contributions. Additional contributions at the selected rate shall be made concurrently with normal contributions.
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3. Survivor contributions, by each participating
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| employee, of 3/4% of each payment of earnings.
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(b) (Blank).
(c) Contributions shall be deducted from each corresponding payment
of earnings paid to each employee and shall be remitted to the board by
the participating municipality or participating instrumentality making
such payment. The remittance, together with a report of the earnings
and contributions shall be made as directed by the board. For township
treasurers and employees of township treasurers qualifying as employees
hereunder, the contributions herein required as deductions from salary
shall be withheld by the school township trustees from funds available
for the payment of the compensation of such treasurers and employees as
provided in the School Code and remitted to the board.
(d) An employee who has made additional contributions under
paragraph (a)2 of this Section may upon retirement or at any time prior
thereto, elect to withdraw the total of such additional contributions
including interest credited thereon to the end of the preceding calendar
year, to the extent permitted by the federal Internal Revenue Code of 1986, as now or hereafter amended.
(e) Failure to make the deductions for employee contributions
provided in paragraph (c) of this Section shall not relieve the employee
from liability for such contributions. The amount of such liability may
be deducted, with interest charged under Section 7-209, from any
annuities or benefits payable hereunder to the employee or any other
person receiving an annuity or benefit by reason of such employee's
participation.
(f) A participating employee who has at least 40 years of creditable
service in the Fund may elect to cease making the contributions required
under this Section. The status of the employee under this Article shall be
unaffected by this election, except that the employee shall not receive any
additional creditable service for the periods of employment following the
election. An election under this subsection relieves the employer from
making additional employer contributions in relation to that employee.
(Source: P.A. 97-333, eff. 8-12-11; 97-933, eff. 8-10-12; 98-218, eff. 8-9-13.)
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