(40 ILCS 5/15-157)
(from Ch. 108 1/2, par. 15-157)
(a) Each participating employee
shall make contributions towards the retirement
benefits payable under the retirement program applicable to the
employee from each payment
of earnings applicable to employment under this system on and after the
date of becoming a participant as follows: Prior to September 1, 1949,
3 1/2% of earnings; from September 1, 1949 to August 31, 1955, 5%; from
September 1, 1955 to August 31, 1969, 6%; from September 1, 1969, 6 1/2%.
These contributions are to be considered as normal contributions for purposes
of this Article.
Each participant who is a police officer or firefighter shall make normal
contributions of 8% of each payment of earnings applicable to employment as a
police officer or firefighter under this system on or after September 1, 1981,
unless he or she files with the board within 60 days after the effective date
of this amendatory Act of 1991 or 60 days after the board receives notice that
he or she is employed as a police officer or firefighter, whichever is later,
a written notice waiving the retirement formula provided by Rule 4 of Section
15-136. This waiver shall be irrevocable. If a participant had met the
conditions set forth in Section 15-132.1 prior to the effective date of this
amendatory Act of 1991 but failed to make the additional normal contributions
required by this paragraph, he or she may elect to pay the additional
contributions plus compound interest at the effective rate. If such payment
is received by the board, the service shall be considered as police officer
service in calculating the retirement annuity under Rule 4 of Section 15-136.
While performing service described in clause (i) or (ii) of Rule 4 of Section
15-136, a participating employee shall be deemed to be employed as a
firefighter for the purpose of determining the rate of employee contributions
under this Section.
(b) Starting September 1, 1969, each participating employee shall make
additional contributions of 1/2 of 1% of earnings to finance a portion
of the cost of the annual increases in retirement annuity provided under
Section 15-136, except that with respect to participants in the
self-managed plan this additional contribution shall be used to finance the
benefits obtained under that retirement program.
(c) In addition to the amounts described in subsections (a) and (b) of this
Section, each participating employee shall make contributions of 1% of earnings
applicable under this system on and after August 1, 1959. The contributions
made under this subsection (c) shall be considered as survivor's insurance
contributions for purposes of this Article if the employee is covered under
the traditional benefit package, and such contributions shall be considered
as additional contributions for purposes of this Article if the employee is
participating in the self-managed plan or has elected to participate in the
portable benefit package and has completed the applicable one-year waiting
period. Contributions in excess of $80 during any fiscal year beginning before
August 31, 1969 and in excess of $120 during any fiscal year thereafter until
September 1, 1971 shall be considered as additional contributions for purposes
of this Article.
(d) If the board by board rule so permits and subject to such conditions
and limitations as may be specified in its rules, a participant may make
other additional contributions of such percentage of earnings or amounts as
the participant shall elect in a written notice thereof received by the board.
(e) That fraction of a participant's total accumulated normal
contributions, the numerator of which is equal to the number of years of
service in excess of that which is required to qualify for the maximum
retirement annuity, and the denominator of which is equal to the total
service of the participant, shall be considered as accumulated additional
contributions. The determination of the applicable maximum annuity and
the adjustment in contributions required by this provision shall be made
as of the date of the participant's retirement.
(f) Notwithstanding the foregoing, a participating employee shall not
be required to make contributions under this Section after the date upon
which continuance of such contributions would otherwise cause his or her
retirement annuity to exceed the maximum retirement annuity as specified in
clause (1) of subsection (c) of Section 15-136.
(g) A participating employee may make contributions for the purchase of
service credit under this Article.
(h) A Tier 2 member shall not make contributions on earnings that exceed the limitation as prescribed under subsection (b) of Section 15-111 of this Article.
(Source: P.A. 98-92, eff. 7-16-13.)