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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(40 ILCS 5/7-206) (from Ch. 108 1/2, par. 7-206)
Sec. 7-206.
Death Reserve.
All death benefit payments shall be charged
to the Death Reserve, other than $3,000 death benefits paid after December
31, 1988 upon the death of an annuitant. All
contributions for death purposes under Section 7-172(b)4 shall be
credited to the same reserve. Whenever the balance in such reserve at the
close of a year exceeds 100% of the average annual charges to this account
during the 3 preceding calendar years, the basic actuarial assumptions upon
which municipality contribution rates for these purposes are based, shall
be reviewed and revised in such manner as is deemed necessary to reduce
such balance.
(Source: P.A. 89-136, eff. 7-14-95.)
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