(40 ILCS 5/11-167) (from Ch. 108 1/2, par. 11-167)
Sec. 11-167. Refunds in lieu of annuity. In lieu of an annuity, an
employee who withdraws, and whose annuity would amount to less than
$800 a month for life may elect to receive a refund of the
total sum accumulated to his credit from employee contributions for
annuity purposes.
The widow of any employee, eligible for annuity upon the death of her
husband, whose annuity would amount to less than $800 a month
for life, may, in lieu of a widow's annuity, elect to receive a refund of the
accumulated contributions for annuity purposes, based on the amounts
contributed by her deceased employee husband, but reduced by any amounts
theretofore paid to him in the form of an annuity or refund out of such
accumulated contributions.
Accumulated contributions shall mean the amounts including interest
credited thereon contributed by the employee for age and service and
widow's annuity to the date of his withdrawal or death, whichever first
occurs, and including the accumulations from any amounts contributed for
him as salary deductions while receiving duty disability benefits; provided
that such amounts contributed by the city after December 31, 1983 while
the employee is receiving duty disability benefits and amounts credited to
the employee for annuity purposes by the fund after December 31, 2000 while the
employee is receiving ordinary disability benefits shall not be included.
The acceptance of such refund in lieu of widow's annuity, on the part of a
widow, shall not deprive a child or children of the right to receive a child's
annuity as provided for in Sections 11-153 and 11-154 of this Article, and
neither shall the payment of a child's annuity in the case of such refund to a
widow reduce the amount herein set forth as refundable to such widow electing a
refund in lieu of widow's annuity.
(Source: P.A. 92-599, eff. 6-28-02; 93-654, eff. 1-16-04.)
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